External Statistics
External statistics provide information on Slovenia's economic relations with the rest of the world. They serve as key indicators of the situation and trends in the economy, and are vital component of the national accounts system.
The balance of payments discloses transactions, and consists of three main accounts: the current account, the capital account, and the financial account. The primary criterion for capturing a transaction is a change of ownership.
The international investment position reflects the total stock of financial assets and liabilities held by the domestic economy vis-à-vis the rest of the world. The net international investment position is defined as the difference between these assets and liabilities.
The external debt position represents the value of debt instruments (excluding equity instruments and financial derivatives) owed to or lent to the rest of the world by the domestic economy. Net external debt is defined as the difference between non-residents’ holdings of these liabilities and assets.
Direct investment statistics by direction of investment show the stock of inward investments from the rest of the world and outward investments by the domestic economy, where the investor has a lasting interest and significant influence over the governance of a foreign enterprise.
The methodological framework for external statistics is based on the sixth edition of the Balance of Payments Manual (BPM6) published by the IMF (International Monetary Fund). It also incorporates specialised manuals related to external debt, direct investment, services statistics and international monetary reserves, all of which are aligned with the BPM6.
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Balance of Payments | International Investment Position and External Debt | Direct Investments | International Reserves |
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Financial indicators of foreign companies ultimately controlled by Slovenian companies | |||
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For the first time, we are publishing on our website the initial release of the 2023 performance indicators for foreign firms controlled by Slovenian ultimate investors, and revised figures for 2022.
The majority of the data is taken from direct reporting by Slovenian investors about the performance of their controlled firms in the rest of the world.
The data series entitled Performance indicators of foreign firms controlled by Slovenian ultimate investors is also available on the Banka Slovenije website under data series section (Link).
There were a total of 402[1] Slovenian firms controlling a total of 1,154 firms in the rest of the world in 2023. The number of investors was down 16% on 2022, while the number of controlled firms was down 7%. The main reason for the fall in the number of investors was the partial easing of the reporting requirements, but the impact on other indicators was negligible (at between 0.5% and 1.5%). Slovenian firms generated EUR 14.7 billion of sales revenues at their controlled firms in the rest of the world in 2023, while employing 60,593 people. These figures were down 14% and 16% respectively on the previous year. Of these 402 Slovenian firms, 310 (77% of them) were under ultimate Slovenian ownership, while 92 (23%) were themselves under foreign ownership.
Table 1: Performance indicators according to residency of ultimate investor
Source: Banka Slovenije
Slovenian firms for whom Slovenia is the ultimate investing country held a controlling influence (direct or indirect) in a total of 862 foreign firms in 2023. They generated EUR 10.6 billion of sales revenues and had 40,108 employees, and incurred labour costs of EUR 876 million. Their sales revenues were down 11% on the previous year. The decline in revenues was not attributable to the fall in the number of controlled firms in the rest of the world, as it was firms captured in both the 2022 and 2023 data that saw their revenues decline. The decline in revenues mostly relates to the activity of electricity, gas, steam and air conditioning supply. The headcount at the controlled firms in the rest of the world in 2023 remained broadly unchanged from the previous year, while labour costs increased by 8%, most notably in wholesale and retail trade and repair of motor vehicles and motorcycles and in manufacturing.
For Slovenian firms as the ultimate beneficial owners, the most important recipients of FDI are the former Yugoslav republics (most notably Croatia and Serbia), where their subsidiaries generated sales revenues of EUR 7.4 billion, equivalent to fully 70% of the sales revenues generated by all controlled firms in the rest of the world. This region is even more important in terms of headcount (it accounts for 30,822 employees, or 77% of the total), and capital expenditure (EUR 256 million or 80% of the total). Average labour costs per employee in subsidiaries in the region stood at EUR 18,580 in 2023, significantly less than the EUR 43,675[2] seen at the parent firms in Slovenia. In addition to proximity and familiarity with the economic environment, it is evident that labour costs are one of the major factors in the scale of investment in the former Yugoslav republics.
Figure 1: Selected indicators for the four most important recipients of outward FDI in 2023
Source: Banka Slovenije
The largest number of foreign firms controlled by Slovenian investors in 2023 were in wholesale and retail trade and repair of motor vehicles and motorcycles. These firms generated sales revenues of EUR 4.1 billion (39% of the total), and had 10,361 employees (26%). The largest headcount at controlled firms was recorded in manufacturing, in the amount of 15,133 employees (38% of the total), where the firms generated sales revenues of EUR 2.2 billion (21% of the total). This activity also recorded the largest capital expenditure, in the amount of EUR 130 million (41% of the total). There are two other activities of importance to Slovenian investors: electricity, gas, steam and air conditioning supply, and financial and insurance activities. The first activity is important in terms of sales revenues (EUR 1.4 billion), while the second is notable for its 8,828 employees and sales revenues of EUR 1.6 billion.
Figure 2: Indicators for most important activities in 2023
Source: Banka Slovenije
[1] The calculation covers Slovenian firms that invest in firms from the former Yugoslav republics for which there is financial statement data for labour costs and headcount (AOP139 and AOP188; source: AJPES).
[2] The investors included in the analysis for 2022 were Slovenian firms with total assets of more than EUR 2 million, while for 2023 it was firms with total assets of more than EUR 5 million.
Section 1 of the publication illustrates the performance indicators of foreign firms controlled by Slovenian firms. The indicators are based on the 2012 Foreign Affiliates Statistics (FATS) Recommendations Manual.
The data source for the indicators is the SN11 annual report, within the framework of which indicators are reported for firms in the rest of the world in which the reporter holds (direct/indirect) control, i.e. where the reporter’s interest exceeds 50%. The data relates to the overall performance of the firms in the rest of the world, and not solely to the holding pertaining to the reporter.
SN11 reports are required to be submitted by residents whose total assets exceed EUR 5 million on any day of the reporting period and who hold a participating interest of 10% or more in the shares or other equity of legal persons in the rest of the world on any day of the reporting period, investors in investment funds in the rest of the world, founders of a branch in the rest of the world (that pursues profit-making activities), and residents who own real estate in the rest of the world (Official Gazette of the Republic of Slovenia, No. 157/22).
The report on indicators includes the following data:
the country of the controlled foreign firms;
the activities of the controlled foreign firms;
the number of controlled foreign firms;
the number of employees (the average headcount at controlled firms in the rest of the world in the reporting year based on hours worked);
employee costs (labour costs incurred by controlled firms in the rest of the world);
sales revenues, where the content depends on the activity as illustrated in the table below:
Table 2: Sales revenue according to activity
Source: Banka Slovenije
exports of goods and services (total exports of goods and services of controlled firms in the rest of the world), including itemisation of exports of goods and services to firms in the group;
imports of goods and services (total imports of goods and services of controlled firms in the rest of the world), including itemisation of imports of goods and services from firms in the group;
capital expenditure, including:
purchases of (physically generated) own non-current assets,
upgrades, reconstruction and renovation of existing non-current assets,
own construction of non-current assets and acquisition thereof without payment,
historical cost of non-current assets in finance leasing,
investment property, if it is evident that it will bring economic rewards in the form of rents or an increase in value, and if its historical cost can be measured.