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Slovenia: Countries
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Slovenia is a high-income economy which enjoys the highest GDP per capita ($23,250 in 2006 ) of the newly joined EU countries. The country's relatively high rate of inflation (3.6% in 2004) declined to 2.5% in 2005 and is now comparable to the average in the European Union. Slovenia's economy has started to grow more strongly in the last few years (5.1% in Q1 2006, 3.9% in 2005, 4.2% in 2004), after relatively slow growth in 2003 (2.7%). Overall, the country is on a sound economic footing.
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Slovenia has always been the most prosperous region of the former Yugoslavia and has found the transition from a socialist economy to the capitalist free market easier than most. The Slovenian economy has become more and more closely linked to the European partners and competitors. In 2006, Slovenia generated as much as 69% of the total value of exports and 81% of the total value of imports with other EU countries. In terms of development and purchasing power, in 2006 Slovenia stood at 82% of the EU 25 average, which places Slovenia at the top of the new accession countries.
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Slovenia has enjoyed healthy growth figures for the past 8 years, averaging 4.0% annual GDP growth. The European economic slowdown reduced the pace of growth somewhat beginning in 2001. GDP grew by 5.2% in 2006. Slovenia's economy is highly dependent on foreign trade. About two-thirds of Slovenia's trade is with the EU. Additionally, the country has penetrated successfully the south and east markets, including the former Soviet Union region.
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Slovenia has a multiparty system of government. The country’s leading parties include the Liberal Democracy of Slovenia (LDS), the Slovenian People’s Party, the Social Democratic Party of Slovenia, the Christian Democratic Party, United List, the Slovenian National Party, the Democratic Party of Slovenia, and Greens of Slovenia.
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Slovenia, with its historical ties to Western Europe, enjoys a GDP per capita substantially higher than that of the other transitioning economies of Central Europe. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. Privatization of the economy proceeded at an accelerated pace in 2002-3, and the budget deficit dropped from 3.0% of GDP in 2002 to 1.6% in 2003. Despite the economic slowdown in Europe in 2001-03, Slovenia maintained 3% growth. Structural reforms to improve the business environment allow for greater foreign participation in Slovenia's economy and help to lower unemployment. Further measures to curb inflation are ... needed.
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On the international front, Slovenia has rapidly integrated into the Euro-Atlantic community of nations. With successful NATO (66% in favor) and EU (91% in favor) referenda in March 2003, Slovenia achieved upon accession in 2004 its two primary foreign policy goals--membership in the EU and NATO. In 2005, Slovenia served as the Organization for Security and Cooperation in Europe (OSCE) Chairman-in-Office. Slovenia ... participates in the Stability Pact and the Southeast Europe Cooperation Initiative (SECI). Slovenia is one of the focus countries for the U.S. southeast European policy aimed at reinforcing regional stability and integration. The Slovenian Government is well-positioned to be an influential partner for other southeast European governments at different stages of reform and integration, and has introduced initiatives towards this goal, including the establishment of the Center for European Perspective and the Bled Strategic Forum.
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