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Published: 02/06/2023

Public finance and macroeconomic developments, February 2023

At the end of last year and at the beginning of this year, the economic situation and especially expectations in Slovenia partially stabilised at slightly less unfavourable levels than previously forecast. This year’s economic growth will be much lower than that of the previous year, while many negative risks remain. Price growth remains high and contributes significantly to the strengthening of public revenue, which should be used primarily to reduce the burden of public debt. Last year, the budget deficit totalled 2.4% of GDP and was, as expected, much lower than forecast in the revised budget. The deficit of the Health Insurance Institute of Slovenia was at a record high and municipal spending even exceeded the statutory limit set by the budget drafting framework. The deterioration of the fiscal position has been among the largest in the EU since the onset of the epidemiological crisis, and this year’s deficit is expected to be among the highest in the EU. For this reason, and also due to the uncertainty in the financial markets, economic policy should, to the greatest possible extent, avoid measures that would further permanently worsen the state of public finance.

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