Main Aggregates of the General Government (October EDP reporting), Slovenia, 2012–2015

After regular revision, the general government deficit in 2015 at 2.9% of GDP, debt at 83.1% of GDP

After regular revision, the general government deficit for Slovenia in 2015 amounted to EUR 1,118 million or 2.9% of GDP. Final impact of the revision for 2014 and 2015 will be known after the regular Excessive Deficit Procedure in October 2016.

  • 30 September 2016 at 10:30
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After regular revision of data for the 2012-2015 period, the general government deficit in 2015 amounted to EUR 1,118 million or 2.9% of GDP and was thus EUR 13 million lower than at the April EDP release. Consolidated debt increased by 0.1 p.p. to EUR 32,071 million or 83.1% of GDP. Due to late receipt of data for a significant government unit, these data are still under the verification of Eurostat and therefore not included in the September revision. Final estimation of the general government deficit for 2014 and 2015 will be known in October, after the regular EDP notification procedure for Slovenia.

The general government deficit in 2015 2.1 p.p. lower than in 2014

The total revenue of the general government continued to increase in 2015. Compared to 2014 it went up in nominal terms by EUR 619 million or by 3.7%. Most of it (EUR 510 million or 3.6%) came from taxes and social security contributions. Investment grants, mostly from EU funds, increased by EUR 73 million or 11.5% compared to the previous year and amounted to EUR 705 million.

After 2013, when due to the capital injections into banks the general government deficit was at the record high (EUR 5,396 million or 15% of GDP), expenditure has been gradually decreasing. Compared to 2014, expenditure in 2015 was EUR 147 million or 0.8% lower in nominal terms. The government decreased gross fixed capital expenditure by 4.2% to EUR 1,832 million, capital transfers by 34.9% to EUR 566 million and stabilised interest expenditure, which declined by 3.9% to EUR 1,137 million. Reduction in interest expenditure resulted in the first primary surplus (EUR 19 million or 0.1% of GDP) after 2008.

As regards expenditure, in 2015 the government spent the most on social benefits and compensation of employees (61.2% of total expenditure). Compared to 2014, they increased (by EUR 159 million or 1.4%) for the first time after the economic crisis; this means that the government started to ease austerity measures, since in the last two years it has also slightly increased intermediate consumption expenditure (by EUR 74 million or 3.3% compared to 2014).

Local government units generated EUR 120 million of surplus in 2015

Deficit at the central government level amounted to EUR 1,283 million or 3.3% of GDP in 2015. The increase in 2014 and 2015 was mostly the result of the bad bank’s (Bank Asset Management Company) operations, primarily cancellation of claims, conversion of bad loans into equity shares of companies and conversions of debt into real estate. The local government and social security funds generated a surplus; local government EUR 120 million and social security funds EUR 45 million.

Forecast of the general government deficit and debt for 2016

The data were published in line with the Excessive Deficit Procedure (EDP) and sent to Eurostat with the regular second annual report on general government deficit and debt in the 2012–2015 period. SURS prepared the report in cooperation with the Bank of Slovenia and the Ministry of Finance (MoF). The report includes the MoF’s forecast of general government deficit and debt for 2016. Deficit is estimated at EUR -878  or -2.2% of GDP. Data on consolidated gross debt of the general government were not available by the release date.
Table 1: Main aggregates and categories of the general government, Slovenia
201220132014201520161)
mio. EUR
Revenue16,02316,26716,78717,407
Less: Expenditure17,49921,66318,67118,525
Surplus (+) / Deficit (-)2)-1,476-5,396-1,884-1,118-878
  Central government-1,391-5,409-1,913-1,283-843
  Local government19-51-4412014
  Social security funds-104657345-49
Less: interest expenditure7309201,1831,1371,168
Primary deficit/surplus-747-4,476-70119290
D.99 Important exceptional transfers613,7996090
  capital injections into banks613,6333520
  compensation to erased persons013000
  3rd part of wage reform in public sector03700
  repayments of LB deposits in Croatia and Bosnia002570
Deficit without exceptional transfers-1,415-1,597-1,275-1,118
Debt at the end of the year2) 19,40425,50530,19932,071
  Central government18,81724,95129,59231,481
  Local government708734788786
  Social security funds52221
  Intra subsector consolidation (-)-173-181-182-198
Gross domestic product36,00235,91737,33238,57040,004
… no data available
1) Forecast.
2) Some totals and calculations do not add up due to rounding.
Source: SURS
Table 2: Main aggregates and categories of the general government, Slovenia
201220132014201520161)
% of GDP
Revenue44.545.345.045.1
Less: Expenditure48.660.350.048.0
Surplus (+) / Deficit (-)2)-4.1-15.0-5.0-2.9-2.2
  Central government-3.9-15.1-5.1-3.3-2.1
  Local government0.1-0.1-0.10.30.0
  Social security funds-0.30.20.20.1-0.1
Less: interest expenditure2.02.63.22.92.9
Primary deficit/surplus-2.1-12.5-1.90.10.7
D.99 Important exceptional transfers0.210.61.60.0
  capital injections into banks0.210.10.90.0
  compensation to erased persons0.00.40.00.0
  3rd part of wage reform in public sector0.00.10.00.0
  repayments of LB deposits in Croatia and Bosnia0.00.00.70.0
Deficit without exceptional transfers-3.9-4.4-3.4-2.9
Debt at the end of the year2)53.971.080.983.1
  Central government52.369.579.381.6
  Local government2.02.02.12.0
  Social security funds0.00.00.00.0
  Intra subsector consolidation (-)-0.5-0.5-0.5-0.5
… no data available
1) Forecast.
2) Some totals and calculations do not add up due to rounding.
Source: SURS
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