ANNUAL REPORT 2008 - Gorenje Group

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SLOVENIA
• Considerable slowdown of economic growth, which dropped to 3.5% in 2008.
• Markedly lower economic growth forecasted for the 2009-2010 period due to
further weakening of export and investment activities.
• 3.3% growth of exports due to sharp fall in foreign demand (automobile industry).
• Anticipated lower growth of exports to new EU member states, ex-Yugoslav countries,
and the Russian Federation.
• Anticipated slowdown in growth of service exports (transport and tourism).
• Negative impacts on domestic investment activities, particularly in industry.
• Inflation at the end of 2008 reached 2.2%, the yearly average was 5.7%.
• The anticipated inflation rate in 2009 is 3%, and is expected to stabilize in 2010 on a
long-term, balanced level of 3 percent.
• The consequences of the financial crisis are visible primarily on the Stock Exchange.
The lending activities of domestic banks are below the 2007 average, but keep
levelling off on the inter-year level.
• Strengthened borrowings of companies abroad, borrowings of banks are slowing
down.
• The reduction of Euribor leads to the reduction of monthly instalments for
borrowings with variable interest rates, and to the reduction of interest rates for
new borrowings.