comparison between slovenia's and uk's economy

8/14/2019 comparison between Slovenia's and UK's economy

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Slovenia!How Does Slovenias Economy

compare to the UKs Economy?


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Slovenia Brief Background

The Slovene lands were part of the Austro-Hungarian Empireuntil the latter's dissolution at the end of World War I. In 1918,

the Slovenes joined the Serbs and Croats in forming a newmultinational state, which was named Yugoslavia in 1929. After

World War II, Slovenia became a republic of the renewedYugoslavia, which though Communist, distanced itself fromMoscow's rule. Dissatisfied with the exercise of power by themajority Serbs, the Slovenes succeeded in establishing their

independence in 1991 after a short 10-day war. Historical ties toWestern Europe, a strong economy, and a stable democracy have

assisted in Slovenia's transformation to a modern state. Sloveniaacceded to both NATO and the EU in the spring of 2004.Nowadays, Slovenia has a small transition economy and

population of approximately two million people.


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Slovenias Economy Overview

Slovenia is a model of economic success and stability from the last 2years.

The country joined the EU in 2004 and has an excellent infrastructure,a well-educated work force, and an excellent central location. It enjoys

a GDP per capita substantially higher than any of the othertransitioning economies of Central Europe.

Slovenia plans to adopt the euro by 2007 and has met the EU'sMaastricht criteria for inflation.

Despite its economic success, Slovenia faces growing challenges. Muchof the economy remains in state hands and foreign direct investment(FDI) in Slovenia is one of the lowest in the EU on a per capita basis.

Taxes are relatively high, the labour market is often seen as inflexible,

and legacy industries are losing sales to more competitive firms inChina, India, and elsewhere.

From late 2005, the Committee's program includes plans for loweringthe tax burden, privatising state-controlled firms, improving theflexibility of the labour market, and increasing the government's

efficiency.


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The UKs Economic Overview The UK, is one of the leading trading power and financial centre, is one of

the quintets of trillion dollar economies of Western Europe. Their Agriculture is intensive, highly mechanised, and efficient byEuropean standards, producing about 60% of food needs with less than

2% of the labour force.

The UK has large coal, natural gas, and oil reserves; primary energyproduction accounts for 10% of GDP, one of the highest shares of any

industrial nation. Services, particularly banking, insurance, and business services, account

by far for the largest proportion of GDP while industry continues todecline in importance.

GDP growth slipped in 2001-03 as the global downturn, the high value ofthe pound, and the bursting of the "new economy" bubble hurt

manufacturing and exports. Output recovered in 2004, to 3.2% growth,then slowed to 1.7% in 2005 and 2.6% in 2006.

During recent months, the government has been speeding up theimprovement of education, transport, and health services, at a cost in

higher taxes and a widening public deficit.


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EconomicalStatistics

Slovenia: Inflation Rate (consumer Prices): 2.4% (estimated in 2006)

Unemployment Rates: 9.6% (estimated in 2006 )

Current Account Balances: -402.60 Million Pounds

The UK

Inflation Rate (consumer Prices): 2.3% (estimated in 2006)

Unemployment Rates: 5.4% (estimated in 2006)

Current Account Balances: -29.5 Billion Pounds


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Slovenias andThe UKs GDP

GDP is the total value of goods and services produced by a particular country.The GDP divided by the population; it gives you an idea of how wealthy the people

are on average.

Slovenias GDP per Capita (per person) is 11,650 (estimated in 2006)

As the UKs GDP per Capita (per person) is 16,000 (estimated in 2006).

There is a difference of 4,350 between The UKs GDP per capita and Slovenias

GDP per capita. This shows that Slovenia is progressing and it is a developingcountry as I predict that Slovenias GDP will increase as I also predict that the UKsGDP per Capita will also increase although the UK is not a developing Country like

Slovenia but it looks to increase and improve in terms of economy such asemployment and education. I also think that on average, the GDP per capita is not a

big difference between The UK and Slovenia as the UK is a very rich country in

terms of economy and economical resources. I am also predicting that in the future,the gap of the GDP per head between these two countries will have a similar gap toas it is now because, although Slovenia is progressing very successfully and quickly, I

don't see the country be as successful and as rich as The UK.


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EmploymentEmployment Structures or Statistics mean how the workforce is divided up between

the three main employment sectors - primary, secondary and tertiary. These three

sectors can be divided using Employment structures as these structures change over

time.

Countries in the early stage of development usually have a high percentage of the

population in primary employment. This is because most people are engaged in

agricultural activities.

As a country begins to develop an industrial base there is an increase in the secondary

sector. An increase in machinery on farms means fewer people are needed. People tend

to migrate to urban areas to get jobs in factories.

When a country becomes more economically developed there is a greater demand for

services such as education, health care and tourism. Therefore the tertiary sector

undergoes growth. By this time computers, machinery and robots replace people in the

secondary sector hence the decrease in secondary jobs.Primary Sectors or jobs involve getting raw materials from the natural environment

e.g. Mining, farming and fishing.

Secondary sectors or jobs involve making things (manufacturing) e.g. making cars and

steel.

Tertiary sectors or jobs involve providing a service e.g. teaching and nursing.


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The UKs Employment Statistics


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Slovenias EmploymentStats

Total Primary Sector Secondary Sector Tertiary Sector

Labour force Persons in employment (Thousands) Registered Unemployed People

total persons in paid employment self-employed persons

Total 915.023 833.721 750.079 83.642 81.302

Men 505.321 468.957 408.429 60.528 36.364

Women 409.702 364.764 341.650 23.114 44.938


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Analysing The UKand Slovenias

EmploymentThe UK: The pie chart shows that most jobs in the UK aretertiary sectors as only less than a quarter contain secondary

sectors with only just 2% or even less work in primarysectors. Education is very high in the UK and the governmentis always looking to keep in progressing in education. The UK

is now a well developed country so that is why the growth intertiary sectors are high while primary and secondary sectors

are lowering down very quickly. I predict that in the nearfuture, the employment in the UK is going to increase in

Tertiary sectors as Secondary and Primary are going to belowered. Also, technology is going to be used to help as

computers, machinery and robots will replace people hencethe decrease in primary and secondary jobs.


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Analysing The UKs and Slovenias

Employment

Slovenia: As you saw from the graph, it shows that Slovenia haveincreased in terms of employment on secondary and tertiary

sectors. The primary sector has decreased since the beginning of2006 as all of these sectors keep having unbalanced statistics

throughout each month of last year. As the second and tertiarysectors keep improving, it means that education is alsoincreasing as different types of qualification are needed in orderto success on both secondary and tertiary sectors. Overall, this

is a good sign in terms of economy. I also predict that in thenear future the stats will become balance as the rates of

primary sectors will decrease and the numbers of the secondaryand tertiary sectors will improve as Slovenia is in a

recuperating stage. Also another good fact is that In October2006 the number of people in employment increased by 0.5% to

833,721.


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Slovenias Exports and Imports

Exports: 11.13 Billion Pounds (estimated in 2006), Exports commodities: manufactured goods,

machinery and transport equipment, chemicals andfood.

Exports partners: Germany 19.8%, Italy 12.7%,Croatia 9.3%, France 8.1% and Austria 8.1% (2005).

Imports: 12.00 Billion Pounds (estimated in 2006)

Imports commodities: machinery and transport

equipment, manufactured goods, chemicals, fuels,lubricants and food.

Imports partners: Germany 19.5%, Italy 18.6%,Austria 12%, France 7.1%, Croatia 4.2% (2005).


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The UKs Exports and Imports

Exports: 238.7 Billion Pounds (estimated in 2006)

Exports commodities: manufactured goods, fuels,chemicals; food, beverages and tobacco.

Exports partners: US 15.1%, Germany 10.5%, France

8.9%, Ireland 7.3%, Netherlands 5.5%, Belgium 5%,Spain 4.4% (2005).

Imports: 308 Billion Pounds (estimated in 2006 )

Imports commodities: manufactured goods, machinery,

fuels and food products. Imports partners: Germany 12.8%, US 8.7%, France

7.1%, Netherlands 6.6%, China 5%, Norway 4.7%,Belgium 4.6%, Italy 4% (2005).


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The Difference between the UKs and

Slovenias Exports and Imports! As you can see, there is a big gap between The UKs and

Slovenias Exports and Imports. It also shows that bothcountries buy or import more rather than they sell or export.The difference between Slovenias Exports and Imports is: -

0.87 Billion Pounds (exports- imports).

The Difference between The UKs Exports and Imports is: -69.3 Billion Pounds (exports- imports)

This shows that the both countries have a negative rate in termsof taking away their exports sales from their imports costs.

The UK has a bigger gap in costs of imports than Slovenia butSlovenia sell and exports a lot less than The UK. The overalldifference rate for exports and imports between The UK and

Slovenia is 68.43 Billion Pounds.


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Thank You For watching this

presentation, If you have any

questions, then please ask!

From me, Thank You Once again andGoodbye!

comparison between slovenia's and uk's economy

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