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Slovenia Overseas business risk
Information on key security and political risks which UK businesses may face when operating in Slovenia.
1. Political
The Republic of Slovenia is a parliamentary republic with a multi-party system, governed by a coalition government. The parliament consists of two chambers: the National Assembly, consisting of 90 members, and the National Council, consisting of 40 members. The majority of power lies with the National Assembly. The National Council represents social, economic, professional and local interest groups, and plays an advisory role only. A centre-left coalition government has been in power since 2022.
Slovenia has been a member of NATO since March 2004 and the European Union since May 2004, and hosts the EU’s energy agency ACER. It is also a member of the Organisation for Security and Cooperation in Europe (OSCE), the Organisation of Economic Development (OECD), and the Council of Europe. From January 2024 to December 2025 Slovenia will be a non-permanent member of the UN Security Council.
2. Economic
There are 2.1 million inhabitants in Slovenia (2024). Population density is 105 people per square kilometre, with the highest density in and around Ljubljana. According to the Republic of Slovenia Statistical Office unemployment stands at 4.4% (Q3, 2024).
Slovenia adopted the euro in 2007. The Bank of Slovenia supervises Slovenia’s banking system and exchange rates. Annual inflation in December 2024 stood at 1.9% (up slightly from 1.4% in June). While inflation has slowed, it remains elevated in services, largely driven by strong wage growth.
According to the European Commission GDP growth is forecast to accelerate to 2.5% in 2025 and 2.6% in 2026 (from 1.4% in 2024). In 2024, investment weakened slightly, driven by lower investment in machinery and non-residential construction. Investment is set to accelerate in 2025 due to the deployment of EU Recovery and Resilience Funds. Investment in machinery and equipment is also expected to increase due to improving financial conditions and higher exports demand. At the same time, imports are set to pick up, in line with higher consumption and investment.
An OECD economic survey (July 2024) highlights the need for Slovenia to lower labour taxes to encourage labour market participation, and to lift barriers in retail trade and restrictions on professional services to help stimulate growth. The survey also highlights a need for continued efforts to fight corruption to reduce the risk of corruption in public procurement.
GDP per capita (at the end of 2023) stood at 30,158 euros.
According to the Slovenian government statistical office Slovenia’s general government deficit stood at 89 million euros in the third quarter of 2024, or 0.5% of Slovenia’s GDP, down 0.8 percentage points year-on-year. General consolidated government debt stood at 44.25 billion euros, or 66.9% of GDP, down 4.1 points year-on-year. Revenue grew for the fifteenth quarter in a row to 7.64 billion euros, up by 7.7% year-on-year, while expenditure grew by 5.7% to 7.73 billion euros. Revenue increases can be attributed to the introduction of compulsory health contributions in 2024, taxes on production and imports and property income.
3. Trade
Slovenia ranks 37 globally on the World Bank’s 2020 ease of doing business ranking, up by 0.1% from 2019. It ranks number 1 for trading across borders, while dealing with constructions permits and getting credit both rank 119 globally.
The trade balance for 2024 (January to October) showed a deficit value of €6 billion euros (more imports than exports).
According to the Slovenian statistical office in the first ten months of 2024, the value of exports with non-EU member countries increased by 38.3% and with EU Member States by 1.2%. The value of imports from EU Member States went down by 2.7% and with non-EU member countries increased significantly, by 193.6%.
Key trading countries for Slovenia (based on the total value of exports and imports in the first ten months of 2024 - provisional data taken from the Slovene statistical website) shows that Switzerland ranked first, followed by Germany and then China. Slovenia’s neighbours Italy, Austria, Croatia and Hungary ranked 4th, 6th, 7th and 8th respectively, with India at 5th place. The UK ranked 29th.
Total trade with the UK (PDF, 3.6MB) stood at GBP 1.3 billion in the four quarters to the end of Q2 2024. An increase of 8.3% or £103 million in current prices from the four quarters to the end of Q2 2023.
Total UK exports to Slovenia amounted to £481 million in the four quarters to the end of Q2 2024 (an increase of 7.1% or £32 million in current prices, compared to the four quarters to the end of Q2 2023).
Total UK imports from Slovenia amounted to £868 million in the four quarters to the end of Q2 2024 (an increase of 8.9% or £71 million in current prices, compared to the four quarters to the end of Q2 2023).
Goods exported from the UK to Slovenia up to Q2 2024 included medicinal and pharmaceutical products, specialised machinery, and plastics in non-primary form. Goods imported to the UK from Slovenia in 2024 included medicinal and pharmaceutical products, cars, and miscellaneous metal manufactured goods.
Services exported from the UK to Slovenia up to Q2 2024 included intellectual property, travel, other business services. Services imported to the UK from Slovenia included other business services, travel, insurance and pensions.