Obligation Slovenija 5.5% ( XS0847086237 ) en USD

Société émettrice Slovenija
Prix sur le marché 100 %  ▲ 
Pays  Slovenie
Code ISIN  XS0847086237 ( en USD )
Coupon 5.5% par an ( paiement semestriel )
Echéance 26/10/2022 - Obligation échue



Prospectus brochure de l'obligation Slovenia XS0847086237 en USD 5.5%, échue


Montant Minimal 200 000 USD
Montant de l'émission 2 250 000 000 USD
Description détaillée La Slovénie est un pays d'Europe centrale, membre de l'Union européenne et de l'OTAN, connu pour ses paysages alpins, sa côte adriatique, ses grottes karstiques et sa riche histoire et culture.

L'Obligation émise par Slovenija ( Slovenie ) , en USD, avec le code ISIN XS0847086237, paye un coupon de 5.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/10/2022







THE REPUBLIC OF SLOVENIA
U.S.$2,250,000,000
5.500 per cent. Notes Due 2022
The issue price of the U.S.$2,250,000,000 5.500 per cent. Notes due 2022 (the "Notes") of the Republic of Slovenia ("Slovenia", the
"Republic" or the "Issuer") is 98.491 per cent. of their principal amount.
Unless previously redeemed or cancelled, the Notes will be redeemed at their principal amount on 26 October 2022. See "Terms and
Conditions of the Notes ­ Redemption and Purchase".
The Notes will bear interest from and including 26 October 2012 (the "Issue Date") at the rate of 5.500 per cent. per annum payable
semi-annually in arrear on 26 April and 26 October in each year, commencing on 26 April 2013. Payments on the Notes will be made
in U.S. dollars without deduction for or on account of any Slovenian taxes and the Republic will pay additional amounts if any such
taxes are imposed, subject to certain exceptions as described under "Terms and Conditions of the Notes­Taxation".
Application has been made to list the Notes on the Official List of the Luxembourg Stock Exchange and to admit the Notes to trading
on the Luxembourg Stock Exchange's regulated market pursuant to the rules and regulations of the Luxembourg Stock Exchange.
This Offering Circular neither constitutes a prospectus pursuant to Part II of the Luxembourg law on prospectuses for securities
(loi relative aux prospectus pour valeurs mobilières) dated 10 July 2005 (the "Luxembourg Prospectus Law") which implements
Directive 2003/71/EC, as amended (the "Prospectus Directive") nor a simplified prospectus pursuant to Part III of the Luxembourg
Prospectus Law. Accordingly, this Offering Circular does not purport to meet the format and the disclosure requirements of the
Prospectus Directive and Commission Regulation (EC) No. 809/2004 implementing the Prospectus Directive, as amended, and it has
not been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Directive and, in
particular, the Supervisory Commission of the Financial Sector (Commission de Surveillance du Secteur Financier), in its capacity as
competent authority under the Luxembourg Prospectus Law. The Notes issued pursuant to this Offering Circular will, therefore, not
qualify for the benefit of the single European passport pursuant to the Prospectus Directive.
The Notes are expected to be rated "A-" by Fitch Ratings Limited ("Fitch"), "Baa2" by Moody's Investors Service, Inc. ("Moody's")
and "A" by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P"). A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning
rating organisation. As at the date of this Offering Circular, each of Fitch, Moody's and S&P is established in the European Union and
is registered under Regulation (EU) No. 1060/2009 on credit rating agencies (the "CRA Regulations").
The Notes have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act")
or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold
or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. Accordingly, the Notes are being offered, sold or
delivered: (a) in the United States only to qualified institutional buyers ("QIBs") (as defined in Rule 144A ("Rule 144A") under
the Securities Act) in reliance on, and in compliance with, Rule 144A; and (b) outside the United States in reliance on
Regulation S ("Regulation S") under the Securities Act. Each purchaser and prospective purchasers of the Notes will be
deemed to have made the representations described in "Subscription and Sale" and is hereby notified that the offer and sale
of Notes to it is being made in reliance on the exemption from the registration requirements of the Securities Act provided by
Rule 144A. In addition, until 40 days after the commencement of the offering, an offer or sale of any of the Notes within the
United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the
Securities Act if the offer or sale is made otherwise than in accordance with Rule 144A. For a description of this and certain
further restrictions on offers, sales and transfers of the Notes and distribution of this Offering Memorandum; see
"Subscription and Sale" and "Transfer Restrictions".
The Notes will initially be represented by two or more global certificates in registered form (the "Global Certificates"), one or more
of which will be issued in respect of the Notes offered and sold in reliance on Rule 144A (the "Restricted Global Certificate") and
will be registered in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), and one of which will be
issued in respect of the Notes offered and sold in reliance on Regulation S (the "Unrestricted Global Certificate") and will be
registered in the name of a common safekeeper (the "Common Safekeeper") for Euroclear Bank SA/NV ("Euroclear") and
Clearstream Banking, société anonyme ("Clearstream, Luxembourg") and/or any other relevant clearing system. It is expected that
delivery of the Global Certificates will be made on 26 October 2012 or such later date as may be agreed (the "Closing Date") by the
Republic and the Joint Lead Managers (as defined under "Subscription and Sale").
JOINT LEAD MANAGERS
BNP PARIBAS
DEUTSCHE BANK
J.P. MORGAN
22 October 2012


To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such
is the case), this Offering Circular contains all information with respect to the Issuer and the Notes which is
material in the context of the issue and offering of the Notes, the information contained in this Offering
Circular is true and accurate in every material respect and is not misleading, the opinions and intentions
expressed in this Offering Circular are honestly held and there are no other facts the omission of which
makes misleading any statement herein, whether of fact or opinion. The Issuer accepts responsibility for the
information contained in this Offering Circular accordingly.
This Offering Circular neither constitutes a prospectus pursuant to Part II of the Luxembourg law on
prospectuses for securities (loi relative aux prospectus pour valeurs mobiliéres) dated 10 July 2005
(the "Luxembourg Prospectus Law") which implements Directive 2003/71/EC of the European Parliament
and of the Council of 4 November 2003 (the "Prospectus Directive") nor a simplified prospectus pursuant
to Chapter 2 of Part III of the Luxembourg Prospectus Law. Accordingly, this Offering Circular does not
purport to meet the format and the disclosure requirements of the Prospectus Directive and Commission
Regulation (EC) No. 809/2004 implementing the Prospectus Directive, and it has not been, and will not be,
submitted for approval to any competent authority within the meaning of the Prospectus Directive and, in
particular, the Supervisory Commission of the Financial Sector (Commission de Surveillance du Secteur
Financier), in its capacity as competent authority under the Luxembourg Prospectus Law.
No person has been authorised in connection with the offering of the Notes to give any information or make
any representation regarding the Issuer or the Notes other than as contained in this Offering Circular. Any
such representation or information should not be relied upon as having been authorised by the Issuer or any
agency thereof or the Joint Lead Managers (as defined in "Subscription and Sale"). Effective from the date
of commencement of discussions concerning the Issuer or the sale of Notes, prospective purchasers of Notes
and each of their employees, representatives or other agents may disclose to any and all persons, without
limitation of any kind, the U.S. federal income tax treatment and tax structure of the offering and all
materials of any kind, including opinions or other tax analyses that the Issuer has provided to such
prospective purchasers relating to such U.S. federal income tax treatment and tax structure. Neither the
delivery of this Offering Circular nor any sales made in connection with the issue of the Notes shall, under
any circumstances, constitute a representation that there has been no change in the affairs of the Issuer since
the date hereof.
To the fullest extent permitted by law, the Joint Lead Managers do not accept any responsibility for the
contents of this Offering Circular or for any other statement made or purported to be made by the Joint Lead
Managers in connection with the Issuer or the issue and offering of the Notes. The Joint Lead Managers
accordingly disclaim all and any liability whether arising in tort or contract or otherwise which any of them
might otherwise have in respect of this Offering Circular or any such statement. Each person receiving this
Offering Circular acknowledges that such person has not relied on any Joint Lead Manager or any person
affiliated with any Joint Lead Manager in connection with its investigation of the accuracy of such
information or its investment decision. Each person contemplating making an investment in the Notes must
make its own investigation and analysis of the creditworthiness of the Issuer and its own determination of
the suitability of any such investment, with particular reference to its own investment objectives and
experience and any other factors which may be relevant to it in connection with such investment.
The Notes have not been approved or disapproved by the U.S. Securities and Exchange Commission,
any State securities commission in the United States or any other U.S. regulatory authority, nor have
any of the foregoing authorities passed upon or endorsed the merits of the offering of the Notes or the
accuracy or adequacy of this Offering Circular. Any representation to the contrary is a criminal
offence in the United States.
This Offering Circular has been prepared by the Issuer for use in connection with the offer and sale of the
Notes outside the United States, the resale of the Notes in the United States in reliance on Rule 144A and
the admission of the Notes for listing on the Luxembourg Stock Exchange. The Issuer and the Joint Lead
Managers reserve the right to reject any offer to purchase the Notes, in whole or in part, for any reason. This
Offering Circular does not constitute an offer to any person in the United States other than any QIB to whom
an offer has been made directly by one of the Joint Lead Managers or its U.S. broker-dealer affiliate.
Distribution of this Offering Circular to any person within the United States, other than any QIB and those
ii


persons, if any, retained to advise such QIB with respect there to, is unauthorised and any disclosure without
the prior written consent of the Issuer of any of its contents to any such person within the United States, other
than any QIB and those persons, if any, retained to advise such QIB, is prohibited.
This Offering Circular does not constitute an offer of, or an invitation by or on behalf of, the Issuer or any
agency thereof or any Joint Lead Manager to subscribe or purchase any of the Notes. The distribution of this
Offering Circular and the offering of the Notes in certain jurisdictions may be restricted by law. Persons into
whose possession this Offering Circular comes are required by the Joint Lead Managers to inform
themselves about and to observe any such restrictions. For a description of certain further restrictions on
offers and sales of Notes and distribution of this Offering Circular, see "Subscription and Sale" and
"Transfer Restrictions".
In this Offering Circular, unless otherwise specified or unless the context otherwise requires, references to
"EUR", "" or "euro" are to the currency introduced at the start of the third stage of European Economic and
Monetary Union pursuant to the Treaty establishing the European Community (as amended from time to
time). On 1 January 2007, the euro became legal tender in Slovenia. It replaced the Slovenian tolar ("SLT")
at the fixed exchange rate of 1 = 239.64. References to "billions" are to thousands of millions.
References to "Uradni list RS" are to the official gazette of the Republic of Slovenia.
Information contained herein that is identified as being derived from a publication of the Republic of
Slovenia or one of its agencies or instrumentalities is included herein on the authority of such publication as
an official public document of the Republic of Slovenia. All other information contained herein is included
as an official public statement made on the authority of the Minister of Finance of the Republic of Slovenia.
Statistical data appearing in this Offering Circular has, unless otherwise stated, been obtained from
the Statistical Office of the Republic of Slovenia (the "SORS") and the Bank of Slovenia. On the basis of
these calculations, where appropriate, projections were made by the SORS, the Bank of Slovenia, and the
Institute for Macroeconomic Analysis and Development (IMAD/UMAR). Budget data, including pension
fund data, and data relating to indebtedness has been obtained from the Ministry of Finance of the Republic
of Slovenia (the "Ministry of Finance"). The same databases are used for regular reporting. Similar
statistics may be obtainable from other sources, although the underlying assumptions and methodology, and
consequently the resulting data, may vary from source to source. Although every effort has been made to
include in this Offering Circular the most reliable and the most consistently presented data, no assurance can
be given that such data was compiled or prepared on a basis consistent with international standards and
practices. However, as far as the Issuer is aware and is able to ascertain from the information published by
these entities, the information has been accurately reproduced and no facts have been omitted which would
render the reproduced information inaccurate or misleading in any material respect. In this Offering Circular,
the data is presented as having been provided by the relevant responsible source. The relevant interim period
in 2012 for which, and/or the relevant date in 2012 as at which, data is presented may differ depending on
the most recent information available from the relevant responsible source.
Unless otherwise stated, all annual information, including budgetary information, is based on calendar years.
Gross Domestic Product ("GDP") is a measure of the total value of final products and services produced in
the country. Gross Value Added ("GVA") is a measure of the total value of products and services before
taking account of taxes and subsidies. Unless otherwise stated, all references to "GDP" or "GVA" are to "real
GDP" or "real GVA", which measures the total value in constant prices, thus allowing historical GDP
comparisons that exclude the effect of inflation. For the purposes of this Offering Circular, real GDP figures
are calculated by reference to previous year prices. Nominal GDP measures the total value in current prices.
Certain figures included in this Offering Circular have been subject to rounding adjustments; accordingly,
figures shown for the same category presented in different tables may vary slightly and figures shown as
totals in certain tables may not be an arithmetic aggregation of the figures which precede them. Certain
statistical information relating to periods in 2012 should be treated as preliminary and any statistical
information may be subject to future adjustment.
This Offering Circular is based upon statistics from 2007 to 2011 and certain statistical information for
periods in 2012. Statistical information for interim periods shorter than one year may not be directly
comparable to full-year data.
iii


Certain revisions of historical data were undertaken by the SORS in 2011 in order to implement the
Commission Regulation (EU) No. 715/2010 of 10 August 2010. The aim of these revisions was to bring
the statistical methods applied within the Republic of Slovenia in line with the approach adopted throughout
the rest of the European Union ("EU") in accordance with the applicable Eurostat rules. The Eurostat
methodology includes more detailed subclassifications in the general government sector and introduces non-
material changes in the classification of some source items, including, for example, certain labour market
data.
STABILISATION
In connection with the issue of the Notes, Deutsche Bank AG, London Branch (the "Stabilising
Manager") or any person acting on behalf of the Stabilising Manager may over-allot Notes or effect
transactions with a view to supporting the market price of the Notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager (or any persons
acting on behalf of the Stabilising Manager) will undertake stabilisation action. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the terms of the offer of
the Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of
30 days after the Issue Date of the Notes and 60 days after the date of the allotment of the Notes. Any
stabilisation or over-allotment must be conducted by the Stabilising Manager (or persons acting on
behalf of the Stabilising Manager) in accordance with all applicable laws and rules.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR
A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES ("RSA") WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT
A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF
NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND
NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR
EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR
QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a foreign sovereign state outside the United States and the United Kingdom, and a substantial
portion of the assets of the Issuer are located outside the United States and the United Kingdom. As a result,
it may not be possible for investors to effect service of process within the United States or the United
Kingdom upon the Issuer or to enforce against the Issuer in or through courts located in the United States or
the United Kingdom judgments obtained in courts located in the United States or the United Kingdom,
respectively, or elsewhere, including judgments predicated upon the civil liability provisions of the securities
laws of the United States or any state or territory within the United States.
The Republic of Slovenia reserves the right to plead sovereign immunity under the United States Foreign
Sovereign Immunities Act of 1976 (the "Immunities Act") with respect to actions brought against it under
United States federal securities laws or any state securities laws. In the absence of a waiver of immunity by
the Republic of Slovenia with respect to these actions, it would not be possible to obtain a United States
judgment in such an action against the Republic of Slovenia unless a court were to determine that the
Republic of Slovenia is not entitled under the Immunities Act to sovereign immunity with respect to such
action.
It may not be possible to enforce in the courts of the Republic of Slovenia certain foreign court judgments
(including a judgment obtained from a United States court) against the Republic of Slovenia that is
predicated upon the laws of a foreign jurisdiction in certain circumstances.
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There is a risk that, notwithstanding the limited waiver of sovereign immunity by the Republic of Slovenia
in connection with the Notes, a foreign court judgment would not be recognised in the Republic of Slovenia
or enforced against certain assets of the Republic of Slovenia in certain jurisdictions, including the Republic
of Slovenia (including the imposition of any arrest order or the attachment or seizure of such assets and their
subsequent sale), without the Republic of Slovenia having specifically consented to such enforcement at the
time when the enforcement is sought.
It should be noted that regardless of any waiver of immunity by the Republic of Slovenia, certain assets of
the Republic of Slovenia may not be subject to execution under the provisions of Slovenian law, including,
but not limited to, mineral and other natural resources; real property, installations, equipment and other
property necessary for the performance of the functions of the Republic of Slovenia; real property and other
movables designated for use for national defence purposes; real property, installations, equipment and other
property necessary for the performance of public services; and receivables of the Republic of Slovenia in
respect of taxes and other mandatory duties.
FORWARD-LOOKING STATEMENTS
This Offering Circular includes forward-looking statements. All statements other than statements of
historical fact included in this Offering Circular regarding, among other things, Slovenia's economy, fiscal
condition, politics, debt or prospects may constitute forward-looking statements. In addition, forward-
looking statements generally can be identified by the use of forward-looking terminology such as "may",
"will", "expect", "project", "intend", "estimate", "anticipate", "believe", "continue", "could", "should",
"would" or the like. Although the Issuer believes that expectations reflected in its forward-looking statements
are reasonable as at the date of this Offering Circular, there can be no assurance that such expectations will
prove to have been correct. The Issuer undertakes no obligation to update the forward-looking statements
contained in this Offering Circular or any other forward-looking statement it may make.
For the Issuer, in addition to the factors described in this Offering Circular, including, but not limited to,
those discussed under "Risk Factors", the following factors, among others, could cause future conditions to
differ materially from those expressed in any forward-looking statements made herein:
External factors, such as:
· the impact of the international economic environment on the Slovenian economy, including liquidity
in the international financial markets and volatility in international equity, debt and foreign exchange
markets;
· interest rates in financial markets outside the Republic of Slovenia;
· the impact of any changes in the credit rating of the Republic of Slovenia;
· the impact of changes in the international prices of commodities; and
· economic conditions in the Republic of Slovenia's major export markets.
Internal factors, such as:
· general economic and business conditions in the Republic of Slovenia;
· the level of domestic debt;
· an ageing population and an expansive pension system;
· the level of foreign direct and portfolio investment; and
· the level of Slovenian domestic interest rates.
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EXCHANGE RATES
The table below shows the high and low European Central Bank ("ECB") rates for the euro versus the U.S.
dollar for each respective year and the rate at the end of the year. The average amounts set forth below under
"Average" are calculated as the average of the ECB rates for the euro versus the U.S. dollar on the last
business days of each month for each respective year.
Low High Average End of Year
(U.S. dollars per euro)
2007 1.2893 1.4874 1.3797 1.4721
2008 1.2460 1.5990 1.4726 1.3917
2009 1.2555 1.5120 1.3963 1.4406
2010 1.1959 1.4563 1.3257 1.3262
2011 1.2889 1.4882 1.4000 1.2939
The table below shows the high and low ECB rates for the euro versus the U.S. dollar for each month during
the six full months prior to the date of this Offering Circular.
Low High
(U.S. dollars per euro)
April 2012 1.3024 1.3319
May 2012 1.2403 1.3132
June 2012 1.2322 1.2704
July 2012 1.2089 1.2593
August 2012 1.2245 1.2611
September 2012 1.2548 1.3095
October 2012 (through 19 October) 1.2877 1.3120
The euro versus the U.S. dollar ECB exchange rate on 19 October 2012 was U.S.$1.3035 per 1.00.
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TABLE OF CONTENTS
Page
OVERVIEW 1
RISK FACTORS 7
TERMS AND CONDITIONS OF THE NOTES 14
THE GLOBAL CERTIFICATES 26
USE OF PROCEEDS 30
THE REPUBLIC OF SLOVENIA 31
THE SLOVENIAN ECONOMY 37
PUBLIC FINANCE 48
PUBLIC DEBT 57
MONETARY AND FINANCIAL SYSTEM 62
BALANCE OF PAYMENTS AND FOREIGN TRADE 78
TAXATION 83
CLEARING AND SETTLEMENT ARRANGEMENTS 87
SUBSCRIPTION AND SALE 91
TRANSFER RESTRICTIONS 94
GENERAL INFORMATION 96
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OVERVIEW
The following is an overview of certain information contained in this Offering Circular. It does not purport
to be complete and is qualified in its entirety by the more detailed information appearing elsewhere in this
Offering Circular. Prospective investors should also carefully consider the information set out in the section
entitled "Risk Factors" in this Offering Circular prior to making an investment decision. Capitalised terms
not otherwise defined in this overview have the same meaning as elsewhere in this Offering Circular. See
"The Republic of Slovenia", "The Slovenian Economy", "Public Finance", "Public Debt", "Monetary and
Financial System" and "Balance of Payments and Foreign Trade" for a more detailed description of the
Issuer.
Overview of the Republic of Slovenia
General
Slovenia is a European country with a total land area of 20,256 square kilometres. It is bordered by the
Republic of Croatia to the south and southeast, Austria to the north, Italy to the west and Hungary to the
northeast and has a coastline on the Adriatic Sea of 48 kilometres to the southwest. Slovenia has a population
of approximately 2.05 million and its capital, Ljubljana, has a population of approximately 280,600.
On 23 December 1991, Slovenia adopted a constitution (the "Constitution") that established it as a
parliamentary republic with a National Assembly (drzavni zbor) and a National Council (drzavni svet), a
Government (vlada) which holds executive power and is elected by the National Assembly, a President as
head of state and an independent judicial system. A two-thirds vote of all members of the National Assembly
is required to amend the constitution.
Slovenia became a member of the North Atlantic Treaty Organisation ("NATO") on 29 March 2004 and the
EU on 1 May 2004. In 2005, Slovenia held the presidency of the Organization for Security and Co-operation
in Europe. It adopted the euro as its official currency on 1 January 2007. It joined the Schengen Agreement
(providing for the removal of systematic border controls between the participating countries) on
21 December 2007 and became a member of the Organisation for Economic Co-operation and Development
(the "OECD") on 21 July 2010.
Economy
Prior to its independence in June 1991, Slovenia benefited from the high tariffs of the SFRY and a protected
internal market within the SFRY. However, the gradual stagnation of the SFRY economy during the 1980s
and the subsequent break-up of the SFRY had a marked impact on Slovenian trade with the other republics
of the SFRY.
Following independence, Slovenia began a transformation into a modern market economy. After the first two
years of coping with a recession resulting from its transition into a market economy and establishing its own
sovereignty, the economy experienced positive growth from 1993 until 2008. The main driver of growth in
this period was exports, whose share of GDP increased from approximately 50 per cent. in 1993 to almost
70 per cent. in 2008, while investment also recorded notable growth. As measured by "value added" to the
Slovenian economy, the main contributor to growth was manufacturing, while market services, such as retail
trade, also contributed significantly to growth.
The Slovenian economy is highly export-oriented and has been significantly affected by the global financial
crisis. With the sharp fall of the global economy, exports and investment initially decreased substantially,
falling 16.7 per cent. and 23.2 per cent., respectively in 2009 GDP fell 7.8 per cent. The decrease in
investment was mainly a consequence of falling construction investment, which had recorded substantial
growth in the pre-crisis years. Following the sharp decline in 2009, economic activity recovered in 2010 and
2011, although the recovery was slow. The rebound in 2010 was primarily due to a somewhat more
favourable international economic environment, with exports increasing 10.1 and 7.0 per cent. year-on-year
in 2010 and 2011 respectively, although domestic demand remained weak, largely as a result of reduced
activity in the construction sector and related activities. The real economy has declined year-on-year over the
first half of 2012, with GDP falling 1.6 per cent., mainly as a result of a continued decrease in investment
1


activity, while government and private consumption also fell due to continued labour market tensions and
implementing the first stages of the government's fiscal consolidation plan. Over the past year, Slovenian
enterprises have been deleveraging and unemployment levels have been increasing. In addition, risks of
recession continue to stem from Slovenia's trade links to the Eurozone, its GDP growth determinants and its
integration into global financial markets.
Statistical Data
The following selected economic information is qualified in its entirety by, and should be read in conjunction
with, the detailed information appearing elsewhere in this Offering Circular:
Six months
ended
Year ended 31 December 30 June
2008 2009 2010 2011 2012(1)
( millions, except for percentages)
Nominal GDP 37,244 35,556 35,607 36,172 17.701
Real GDP growth (%) 3.4 (7.8) 1.2 0.6 (1.6)
Real exports growth (%) 4.0 (16.7) 10.1 7.0 0.7
Real imports growth (%) 3.7 (19.5) 7.9 5.2 (3.3)
Unemployment
(ILO methodology) (%) 4.4 5.9 7.3 8.2 8.4
Consumer prices growth (%) 2.1 1.8 1.9 2.0 2.3
General government
balance (694.8) (2,145.6) (2,127.1) (2,289.1) N/A(1)
as a % of GDP (1.9) (6.0) (6.0) (6.3) N/A(1)
Total revenues 15,796.8 15,257.5 15,670.2 15,859.5 N/A(1)
as a % of GDP 42.4 42.9 44.0 43.8 N/A(1)
Total expenditures 16,491.6 17,403.1 17,797.2 18,148.6 N/A(1)
as a % of GDP 44.3 48.9 50.0 50.2 N/A(1)
General government debt 8,181.1 12,449.5 13,736.7 16,954.4 N/A(1)
as a % of nominal GDP 22.0 35.0 38.6 46.9 N/A(1)
Source: SORS; Ministry of Finance, the Excessive Deficit Procedure, April 2012, First Notification; calculations by the Institute for
Macroeconomic Analysis and Development.
Note:
(1) Due to internal accounting procedures, semi-annual comparisons are not possible with regard to budget revenue and expenditure.
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