At the end of 2018, EUR 158.1 billion in non-financial assets of the Slovenian economy was 3.5-times the annual GDP. Stocks of fixed assets (net) amounted to EUR 138.1 billion and stocks of inventories to EUR 20 billion.
Non-financial assets are one of the basic factors of production (i.e. capital) and a measure of wealth that we present in the form of a national balance sheet. At the end of 2018, the stock of non-financial assets (i.e. fixed assets and inventories) amounted to EUR 158.1 billion or 3.5-times the annual GDP (EUR 45.8 billion).
Return of the growth of the stock of fixed assets
At the end of 2018, the net stock of fixed assets (i.e. taking into account the consumption of fixed capital or depreciation) of total economy amounted to EUR 138.1 billion. The major part of the value of the fixed assets is represented by buildings and structures (82.3%), followed by machinery and equipment (14.1%), intellectual property products (3.2%) and cultivated biological resources (0.4%).
The net stock of fixed assets increased for the first time since 2010. Removing the effects of inflation, at the annual level the stocks in real terms increased by 0.1% in 2018. This is a consequence of an increase in investments in the past two years. The value of the asset group machinery and equipment increased by 3.8% in real terms. The net stock of intellectual property products increased by 1%. On the other hand, the value of buildings and structures decreased in real terms by 0.5% compared to 2017, where the consumption of fixed capital still continues to exceed new investments.
The value of most inventory stock types higher than in the previous year
In the balance sheet of non-financial assets the stocks of inventories stood at EUR 20 billion at the end of 2018. In the structure of stocks of inventories the largest share was represented by works-in-progress (55%). The stocks of inventories of work-in-progress were expanded in the 2019 revision to include also the value of standing timber. The above were followed by goods for resale (23%), materials and supplies (16%) and finished goods (6%).
As a result of the increased economic activity, we detected growth in the value of stocks of inventories in 2018. The value of stocks of materials and supplies grew by 9%, the value of goods for resale by 7.8% and the value of stocks of finished goods in the balance sheets of corporations by 9.5%. On the other hand, the value of stocks of works-in-progress decreased by 6%.
Non-financial assets as of 31 December, Slovenia
In today’s release of non-financial assets we are publishing the data for 2018 and, in accordance with the national accounts' revision policy, revised data from 2000 onwards. In accordance with ESA 2010 methodology, the stocks of inventories of work-in-progress were expanded in 2019 to include also the value of standing timber. Consequently the complete time series from 2000 on was revised.