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Slovenian Economy Growth GDP growth accelerated to 2.2% year on year in the final quarter of 2023 from 1.3% in the third. The reading, which marked the best result since Q2 2022, partly reflected a low base of comparison. The economy returned to growth on a seasonally adjusted quarter-on-quarter basis, posting a 1.1% expansion in Q4, improving from Q3’s flat result and marking the best result in two years. The annual upturn reflected private consumption expanding 1.2% year on year in the final quarter of 2023 (Q3: +0.3% yoy), the best reading since Q1 2023. Additionally, government spending growth accelerated to 4.8% (Q3: +2.4% yoy). That said, annual fixed investment growth fell to 9.1% in Q4 (Q3: +9.9% yoy). On the external front, exports of goods and services fell 2.3% on an annual basis in the fourth quarter, which was above the third quarter’s 8.6% contraction. In addition, imports of goods and services dropped at a more moderate pace of 4.0% in Q4 (Q3: -10.6% yoy). Looking ahead, the economy should gain further momentum in the coming quarters. Inflows of EU relief funds and the gradual normalization of activity after historic floods hit the economy in Q3 2023—with factory output, particularly in the automotive industry, projected to return to pre-flood levels as soon as Q1—will support growth. Moreover, multi-month low inflation and a looser monetary policy backdrop later this year will bolster domestic demand throughout 2024. Analysts at the EIU commented on the outlook: “Activity in the large automotive and tourism sectors was hit by the severe floods in August 2023 and localised disruption will continue in 2024. Overall however, we estimate that the aggregate macroeconomic impact will be limited, with the stimulative impact on construction and investment activity largely offsetting negative effects on trade, industry and consumers.” https://lnkd.in/gc8Nnvrm

Business news from Slovenia Ten of the best innovations receive the national Golden Innovation Award: the winners come from some of the country's largest companies, Slovenia based R&D centers owned by global groups, as well as from family businesses and entrepreneurs. The pharmaceutical industry has been one of the sectors receiving the largest number of awards since the prize’s beginnings. This year is no exception: three gold medals went to Slovenian pharma developers. Lek, a Sandoz company, received the National Gold Award for the development of Sugammadex, “an injection solution used for the reversal of neuromuscular blockade after anaesthesia”. Krka, a Slovenian generic drug manufacturer, won first place for its range of medicines for type 2 diabetes. A Slovenian subsidiary of Novartis convinced the jury with its breakthrough technology for more environmentally sustainable and efficient production of biological molecules. Two golden innovation awards were won by members of Slovenian Steel Industry (SIJ) group. SIJ Ravne Metal developed two special steels and one alloy used in the International Thermonuclear Experimental Reactor (ITER), described as “the most complicated engineering project in human history”. Very few companies around the world can develop materials for a reactor where plasma reaches a temperature of 150 million degrees Celsius. SIJ Acroni won the gold for its SINOXX 1100 very high strength premium steel used in constructions where a high strength-to-weight ratio is crucial. The automotive sector is represented by Hidria. The tech company received the top award for its electrical connection of the exhaust gas system which “drastically reduces harmful emissions during a cold engine start”. BSH Nazarje, Slovenian subsidiary of Bosch Siemens Hausgeräte group, is the largest small home appliances manufacturer in Europe with a prominent R&D center: the company got awarded for its innovative Ergomaster hand blender. Cetis, which specialises in security printing, received the golden award for developing the new Slovenian biometric identity card which combines “cutting edge technology, sophisticated security design, and the highest requirements of international standards”. In Spring Cetis’ design also won the title of “the best new national ID card in Europe, Africa and Middle East” at the High Security Printing EMEA Conference in Abu Dhabi. Another golden award went to family business IQwood: the company constructs buildings with wooden elements without any adhesives, chemicals, or metals. The elements are joined together with wooden dowels not visible from the outside – a perfect solution for healthy and eco-friendly homes. The tenth Golden Innovation Award went to an entrepreneur. Neurobeans is a unique brain training method for adolescents combining movement and brain exercises. The method developed by cognitive trainer Gregor Bohnec aims at bettering performance in school, at work, or in sports https://lnkd.in/dr3XPQE6