Trade
Slovenia's trade is orientated towards other EU countries, mainly Germany, Austria, Italy, and France. This is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets. Slovenia's economy is highly dependent on foreign trade. Trade equals about 120% of GDP (exports and imports combined). About two-thirds of Slovenia's trade is with EU members.
This high level of openness makes it extremely sensitive to economic conditions in its main trading partners and changes in its international price competitiveness. However, despite the economic slowdown in Europe in 2001-03, Slovenia maintained 3% GDP growth. Keeping labour costs in line with productivity is thus a key challenge for Slovenia's economic well-being, and Slovenian firms have responded by specializing in mid- to high-tech manufacturing. Industry and construction comprise about one quarter of GDP. As in most industrial economies, services make up an increasing share of output (57.1 percent), notably in financial services.
Read more about this topic: Economy Of Slovenia
Famous quotes containing the word trade:
“The glory of the farmer is that, in the division of labors, it is his part to create. All trade rests at last on his primitive activity.”
—Ralph Waldo Emerson (1803–1882)
“Unless we do more than simply learn the trade of our time, we are but apprentices, and not yet masters of the art of life.”
—Henry David Thoreau (1817–1862)
“Every trade has its master.”
—Chinese proverb.