1Introduction
This publication features the first release of direct investment figures according to the directional principle itemised by country and activity for 2025, and the audited figures for 2024.
The majority of the figures come from annual and monthly reports on direct investments submitted to Banka Slovenije by residents above the reporting threshold. The Direct Investments data series is also available on the Banka Slovenije website under the Data Series section: PX-Web - Select table. As of 2025, the new version of the Standard Classification of Activities (SKD 2025) has replaced the previous version, SKD 2008. Data series broken down by activities according to both versions of the classification are available on the Banka Slovenije website.
In line with the projected release schedule for Banka Slovenije publications (on the website), the expanded publication and analysis of the direct investment figures will also be available this year in the Direct Investment 2024 publication, which will be released in the second half of this year.
2Inward foreign direct investment in Slovenia
The stock of inward FDI in Slovenia amounted to EUR 24.0 billion at the end of 2025, up EUR 0.9 billion or 4.0% on the end of the previous year. The largest factors in the increase were foreign owners’ investments in equity (EUR 0.8 billion) and retained earnings (EUR 0.4 billion), with transactions in debt financing also contributing an additional EUR 0.3 billion. On the other hand, the stock of FDI was reduced by EUR 0.7 billion due to price changes, exchange rate changes and other changes.
Figure 1a: Inward FDI in Slovenia
Note:ST:stocks; TR: transactions; PC: price changes; Other: exchange rate changes and other changes
Source: Banka Slovenije
Profit distributions to foreign owners amounted to EUR 1.6 billion in 2025, up 7.0% on the previous year.
Figure 1b: Inward FDI in Slovenia by activity
Source: Banka Slovenije
Manufacturing remains the largest recipient of foreign direct investment in Slovenia; in 2025, its share further increased to 34.1%. Slightly more than one fifth of inward FDI continued to be directed to the wholesale and retail trade, while foreign investments in telecommunication and information service activities declined slightly (to 15.8%). In 2025, investments also increased in financial and insurance activities, while investments in real estate activities and other activities remained at a similar level as in 2024.
Figure 1c: Inward FDI in Slovenia by country
Source: Banka Slovenije
Among investing countries, Austria remains the most important; its relative share decreased to 20.9% in 2025, although the value of investments increased year-on-year. Investments from Switzerland grew significantly in 2025 (14.3%), nearly reaching the level of those from Luxembourg (14.6%), from where investments remained stable. These were followed by investments from Germany, Croatia, and Italy, while investments from the Netherlands saw a noticeable decline.
3Slovenian outward foreign direct investment
The stock of Slovenia’s outward FDI amounted to EUR 11.9 billion at the end of 2025, up EUR 1.3 billion or 11.9% on the end of the previous year. The overall increase was driven by investments in equity (EUR 0.6 billion) and retained earnings (EUR 0.3 billion), while transactions in debt financing reduced the stock of Slovenia’s outward FDI for EUR 0.1 billion. Price changes also contributed to the stock increase, adding EUR 0.4 billion.
Firms in the rest of the world made profit distributions in the amount of EUR 0.5 billion to Slovenian owners in 2025, up almost 28.1% on the previous year.
Figure 2a: Slovenian outward FDI
Note:ST:stocks; TR: transactions; PC: price changes; Other: exchange rate changes and other changes
Source: Banka Slovenije
Figure 2b: Slovenian outward FDI by activity
Source: Banka Slovenije
In 2025, more than half of the total value of Slovenia’s outward FDI was concentrated in real estate (28.7%) and manufacturing (26.1%). Together with investments in financial and insurance activities and wholesale and retail trade, these sectors accounted for more than 85% of total Slovenian outward direct investment.
Figure 2c: Slovenian outward FDI by country
Source: Banka Slovenije
Slovenian investors’ largest holdings of outward FDI at the end of 2025 continued to be in Croatia (35.7% of the total), followed by Serbia, Bosnia and Herzegovina, North Macedonia and Russian Federation. Compared to 2024, the structure of Slovenian outward direct investment by activity and by country did not change significantly.
4Direct investment according to the directional principle (year-end stock)
Table 1: Direct investment according to the directional principle
|
(EUR billion) |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
INWARD FDI IN SLOVENIA |
16,2 |
16,7 |
18,8 |
20,2 |
22,2 |
23,1 |
24,0 |
|
1.1 Equity |
15,0 |
15,7 |
17,3 |
18,6 |
20,3 |
21,4 |
22,1 |
|
1.2 Debt instruments (liabilities minus assets) |
1,2 |
0,9 |
1,5 |
1,7 |
1,9 |
1,7 |
1,9 |
|
a) Assets |
2,8 |
2,9 |
3,4 |
3,7 |
3,8 |
4,5 |
4,6 |
|
b) Liabilities |
3,9 |
3,8 |
4,8 |
5,3 |
5,7 |
6,2 |
6,5 |
|
SLOVENIAN OUTWARD FDI |
6,8 |
7,0 |
7,9 |
8,6 |
9,5 |
10,6 |
11,9 |
|
1.1 Equity |
5,6 |
6,0 |
6,8 |
7,4 |
8,1 |
9,0 |
10,3 |
|
1.2 Debt instruments (assets minus liabilities) |
1,2 |
1,1 |
1,0 |
1,2 |
1,3 |
1,6 |
1,6 |
|
a) Assets |
1,9 |
1,8 |
1,9 |
2,0 |
2,0 |
2,3 |
2,3 |
|
b) Liabilities |
0,7 |
0,7 |
0,9 |
0,8 |
0,7 |
0,6 |
0,7 |
Source: Banka Slovenije
5Methodology
The figures for direct investment are disclosed according to the directional principle, which entails the separate disclosure of inward foreign direct investment in Slovenia and domestic outward direct investment. The methodological basis of the directional principle is based on the reference definition of foreign direct investment issued by the OECD (BD4).
The criterion for classification as a direct investment, which ensures the international comparability of data, is participation of at least 10% in equity or voting rights. Direct investors may be individuals, firms, groups of individuals or firms, and governments or government agencies that hold direct investments in firms in the rest of the world.
Direct investments comprise equity and debt instruments between direct and indirect affiliates and between fellow enterprises. The figures for investments in real estate are included under equity. Debt instruments comprise assets and liabilities between affiliates and fellow enterprises, and include financial loans, trade credits, deposits, and other assets and liabilities.
The figures for transactions in FDI equity have been compiled at market value, while the figures for the stock of investments are valued at book value in accordance with the equity method. The exception is investments in public limited companies quoted on an exchange, for which the stock is also disclosed at market value. The figures for debt instruments are stated at nominal value.
The figures for direct investment are disclosed as stocks (as at a specific date). Changes in stocks are explained via transactions and other changes (over a specific period). Inward FDI in Slovenia is calculated as the sum of equity and net debt to foreign owners. Slovenian outward FDI is calculated as the sum of equity and net debt to Slovenian owners.
Illustration of composition of direct investment according to the directional principle Figure 1:
Plus/minus sign of figures:
Transactions
Transactions in equity and reinvested (retained) earnings and transactions in debt instruments alike may be positive or negative over the period.
Positive transactions in equity over the period arise when the sum of contributions of equity and positive reinvested earnings is greater than the sum of withdrawals of equity (divestments), negative reinvested earnings and negative equity.
A positive figure for net debt to foreign owners arises when the increase in liabilities from debt instruments is greater than the increase in assets. It is the reverse in the calculation of net debt to Slovenian owners. A positive figure arises when the increase in assets from debt instruments is greater than the increase in liabilities, and vice-versa.
Stocks
Stocks of direct investment may be positive or negative. A negative stock means that the net debt to the owner is greater than the owner’s holding in equity. The equity itself may have a negative value (for investments measured at book value because they are not quoted on an exchange).