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:
“It passes, and we stay:
A quality of loss
Affecting our content,
As trade had suddenly encroached
Upon a sacrament.”
—Emily Dickinson (1830–1886)
“And there is no trade or employment but the young man following it may become a hero.”
—Walt Whitman (1819–1892)
“No king on earth is as safe in his job as a Trade Union official. There is only one thing that can get him sacked; and that is drink. Not even that, as long as he doesn’t actually fall down.”
—George Bernard Shaw (1856–1950)