Globalisation indicators, 2020, 2021
The importance of integration into the international environment for Slovenian economy is increasing
In 2021, Slovenia's share of exports of goods and services in GDP was very high again. Slovenia was among the Member States with the highest trade integration in goods, in the middle in trade integration in services, and in the last eight in the share of inward foreign direct investment in GDP.
In 2021, Slovenia's share of exports of goods and services amounted to 83.6% of gross domestic product (GDP). The share of imports of goods and services amounted to 77.3% of GDP. The shares of exports and imports in GDP were thereby 5.9 and 8.8 percentage points higher than in the pandemic year 2020 and almost the same as in 2019. As regards the share of exports and imports of goods and services in the GDP, Slovenia ranked among EU Member States 7th and 9th, respectively.
Slovenia's integration in international trade, measured by the indicator of trade integration of goods, was 66.7% and thus one of the highest among EU Member States. A higher value of the indicator was recorded only in Slovakia, while Hungary’s was about the same as Slovenia’s.
Slovenia's integration in international trade with services was, as in the previous years, lower. With trade integration of services at 13.8%, Slovenia was in the middle among the EU Member States, ranking 13th.
Growth rate of inward foreign direct investment stock in Slovenia and outward direct investment stock of Slovenia abroad higher than in the previous five years
Foreign direct investment in Slovenia at the end of 2021 amounted to EUR 18.4 billion. Compared to the end of 2020, it increased by 10.4%, which is more than the average growth rate in previous five years amounting to 7.5%.
Slovenia’s direct investment abroad at the end of 2021 amounted to EUR 7.8 billion and compared to the end of 2020 increased by 11.8%. The increase was higher than the average increase in the previous five years, which was 5.0%.
Foreign direct investment in Slovenia amounted to 35.2% of GDP and Slovenia’s direct investment abroad to 15.0% of GDP, both of which were approximately the same as in 2020.
OECD data and analysis (source: OECD, Foreign Direct Investment Statistics: Data, Analysis and Forecasts) show that as regards the share of inward and outward foreign direct investment stock in GDP, Slovenia continues to position itself among the last eight EU Member States.
Although few in number, enterprises under foreign control are important for Slovenian economy; in the ten year period their economic importance has increased
Out of 150,261 active enterprises operating in 2020 in Slovenia in non-financial activities (NACE sections B to J, L to N and S95), 142,524 or 94.9% were under domestic control and 7,737 or 5.1% were foreign affiliates. Enterprises under foreign control generated 34.3% of total turnover in non-financial activities in Slovenia, 27.8% of the total value added and employed 23.4% of all persons working in these activities.
In 2020, the share of enterprises under foreign control has slightly decreased (by 0.3 percentage point) compared to five years before. In spite of this, their economic importance has increased in the same period, namely the share of turnover by 4.0 percentage points, share of value added created by 1.5 percentage points and share of persons employed by 2.9 percentage points. Compared to 2010, their importance increased even more as the share of the number of enterprises increased by 1.5 percentage points and the shares of the other three mentioned indicators grew by about 10 percentage points.
Enterprises that are a part of international enterprise groups more successful in trade in goods
Among exporters of goods in 2020, 9.3% were foreign-controlled enterprises yet they generated nearly a half of the total value of goods exports (47.6%). Slovenian international enterprises, i.e. domestically controlled enterprises with units abroad (only 1.6% of all exporters), generated 20.5% of the total value of goods exports.
Foreign-controlled enterprises were even more important on the side of imports as with only 5.6% share in the number of enterprises they generated more than a half (53.0%) of the total value of imports. Slovenian international enterprises were few (0.9%) and generated 15.6% of the total value of imports.
About 60% of the total value of exports in 2020 was generated by the enterprises with the highest rate of exports intensity (exports represent at least 75% of their turnover), while their share in the number of enterprises was minor (8.8%). Among foreign-controlled exporters, there were 23.5% of enterprises with at least 75% exports intensity, while among Slovenian international enterprises there were 18.6%. The former generated 36.9% and the latter 13.0% of the total value of exports.