Macroeconomic Forecast Slovenia

Slovenian industrial production continued to fall by the double digits (in year-on-year terms) through to October, bringing the January-October average contraction to 20.0%. As a result of the latest data, we have revised down our full-year industrial output growth average forecast to -17.0% y-o-y from -15.0%. Weak Slovenian economic data in the early part of the fourth quarter has been reinforced by a rise in unemployment to 10.0% in October, from 9.4% in the previous month. We hold to our forecast for the jobless rate to increase further to 11.0% by end-2009.

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