Slovenia's economy expanded by 4.6% in Q1
Fuelled by growth in domestic expenditure, Slovenia's economy expanded by 4.6% in the first quarter of the year compared to the same quarter a year ago. Adjusted for season and working days, GDP increased by 5% year-on-year, expanding by 0.6% over the previous quarter.
Tool maker Unior reports lower profit but solid revenue
Forged metals and tooling maker Unior reported EUR 63m in net sales revenue at the level of the group for the first quarter of 2018, a 2% decrease year-on-year. Net profit was down by almost a third to EUR 5.7m.
Inflation rate in Slovenia rose to 2.0
Inflation rate in Slovenia rose to 2.0 percent year-on-year in May 2018, above 1.5 percent in the prior month and hitting the highest level since February 2017. The increase in consumer prices was mainly due to a rebound in prices of transport (0.5 percent vs -0.3 percent in April) and rising prices of housing & utilities (3.3 percent vs 3.2 percent). Cost also rose faster for recreation & culture (2.8 percent vs 1.2 percent), miscellaneous goods & services (2.0 percent vs 1.5 percent) and declined less for clothing & footwear (-1.4 percent vs -1.7 percent). Meanwhile, inflation slowed for food and non-alcoholic beverages (3.4 percent vs 3.7 percent). Monthly, consumer prices went up 1.2 percent, after increasing 0.7 percent in April. Inflation Rate in Slovenia averaged 4.94 percent from 1994 until 2018, reaching an all time high of 22.60 percent in August of 1994 and a record low of -0.90 percent in March of 2016.
Euro Area Inflation Rate Beats Forecasts
Annual inflation rate in the Euro Area is expected to rise to 1.9 percent in May of 2018 from 1.2 percent in April and market expectations of 1.6 percent. It is the highest rate since April of 2017, mainly boosted by rising oil prices, preliminary estimates showed. Inflation Rate in the Euro Area averaged 1.97 percent from 1991 until 2018, reaching an all time high of 5 percent in July of 1991 and a record low of -0.70 percent in July of 2009.
Commission preparing amendment to Law on Protection of Competition
The president of the Commission for Protection of Competition of Serbia, Miloje Obradovic, said on Tuesday, May 29, 2018, that amendments to the Law on protection of Competition were being prepared so that the regulations in this field might be upgraded and harmonized with those in the EU. He said at the conference at which the results of an analysis of the retail sector in Serbia were presented that the amendment pertains to the section of the current law that deals with administrative procedure and court operations.
Serbia's new finance minister vows to cut debt, keep fiscal stability
Serbia's new finance minister, Sinisa Mali, said he will aim to reduce the central government debt-to-GDP ratio to below 50% in 2019. We will have stable public finances but my objective is to ensure money for all development projects, for investments in new infrastructure, new factories, new jobs, reduction of unemployment, Mali said in an interview broadcast live by public television RTS late on Tuesday.
Serbia increasingly interesting to German companies – Investors worried about lack of qualified workforce
German companies in Serbia are facing a lack of qualified workforce more and more, Michael Harms, Managing Director of the German Committee on Eastern European Economic Relations, said on Tuesday, May 29, 2018, and pointed out the excellent development of the economic relations of Germany and Serbia, as well as the fact that Serbia was becoming an increasingly interesting location for investments. As part of the visit of the business delegation headed by Harms, the German-Serbian Chamber of Commerce (AHK Serbia) organized a discussion about new challenges in Serbia's further economic development, and Harms announced that the delegation would point to the need for better qualification of workforce in Serbia in talks with representatives of Serbian authorities.