Slovanian GDP Growth at 4% in Last 10 Years

Slovenia’s GDP has grown at an average of just over 4% for the past decade, and while there is concern that this may make inflation difficult to contain now that Slovenia is a bona fide Euro zone member, where GDP growth averaged 2.7% last year, it is precisely this growth that has underpinned Slovenia’s economic transformation in the decade.

According to Eurostat, the EU’s statistics office, Slovenian per capita GDP on 2005 final figures stands at 82% of the EU-25 average, compared to 63% for Hungary, 50% for Poland and 74% for the Czech Republic.

Unsurprisingly, for such a small nation, Slovenia’s GDP is largely driven by exports, accounting for over 60% of economic output. The EU is Slovenia’s biggest export (and import) market, accounting for about 70% and 80% respectively, with a significant 20% of remaining exports finding their way to former Yugoslavia.

Within this dynamic export sector, three domestic companies stand out as punching way above the weight of the host nation, namely pharmaceutical manufacturer Krka d.d., car maker Revoz d.d., and household appliance manufacturer Gorenje d.d. While operating in differing markets, the very high level of their exported production characterizes all three companies.

Revoz stands out for two main reasons. First, it is the only car manufacturer in Slovenia and second, as a 100%-owned member of France’s Renault Group, it is Slovenia’s number one exporter, accounting for 5.8% of exports in 2006. This latter position is one that Revoz has held for the past 14 years.

Revose is the top Slovenian company when ranked by revenue, and in 2005 its workforce of 2,600 produced 177,945 cars at a rate of some 700 a day. The plant produces the Renault Clio II and, not surprisingly, the Clio is Slovenia’s number one-selling automobile, though the majority of the plant’s production is exported to the European market. Around 95% of total production is exported, with fellow EU members France and Italy the main market for Revoz-produced Renaults.

According to Renault, in future the Revoz plant will focus on the production of the new Renault X44, for which preparations are in progress and a large part of planned investments, estimated at €400 million, have been realized.

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