Republic of Slovenia: Staff Report for the 2004 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 150

Publication date: May 2004

ISBN: 9781451835748

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Labor , Public Finance , ISCR , CR , monetary policy , demand , inflation projection , Maastricht inflation criterion , wage drift , fiscal policy , disinflation record , exchange rate objective , Inflation , Wages , Exchange rates , Disinflation , Europe

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Summary

This 2004 Article IV Consultation highlights that domestic demand in Slovenia rebounded strongly in 2003 after three anemic years. All components of domestic demand strengthened appreciably, fueled by declines in interest rates and the associated pickup in bank credit to the private sector. Progress with disinflation was better than expected. Year-over-year inflation declined from 7.2 percent at end-2002 to 3.5 percent in March 2004. IMF staff analysis suggests that the widening of the output gap associated with the economic slowdown was the dominant driving force behind disinflation in 2003.