New Market Research Report: Slovenia Defence & Security Report 2013

New Defense research report from Business Monitor International is now available from Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 05 January 2013

Following a year-on-year (y-o-y) increase of 8.82% in 2011, Slovenia's defence expenditure declined by 5.89% to US$756.56mn in 2012 as the country's government continued to rein in spending to appease its economic recession. However, BMI expects Slovenia's defence budget should rise marginally to US$757.78mn in 2013 and grow steadily from there to US$1.19bn by the end of our forecast period in 2021. The country joined NATO in 2004 and was given until 2014 to have its defence spending account for at least 2% of GDP. This deadline now appears likely to be missed: its defence budget as a percentage of GDP was 1.62% in 2012 and is only expected to grow to 1.64% by 2013 and 1.67% by 2014. Slovenia joined the EU in 2004 but only entered the eurozone in 2007, It has since has suffered as a result of its unfortunate timing, the global economic crisis beginning in September the following year. Previously one of the wealthiest of the former Yugoslav republics, shifting smoothly from communism to free market capitalism, Slovenia's housing and banking sectors are now in a dire state.

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However, Prime Minister Janez Jansa insisted in late September 2012 that his country would not require a bailout from its fellow EU member states, despite the country's ongoing banking crisis. Jansa expressed his confidence that his centre-right coalition government would be able to stabilise the economy and steer the country past the threat of bankruptcy with stringent new reform measures and by spending around US$4bnn in buying up bad debts from its banks. Time will tell.

We estimate that Slovenia had 947,463 men and women aged between 16 and 49 in 2012, meaning that 46.44% of its 2mn population was eligible for the armed forces. Conscription was abolished in 2003 and the country has a small but professional military. The Slovenian Cabinet completed its reforms to the country's pension system in October 2012, allowing men who have served in its armed forces for 40 years to retire at 58 with full benefits and those who have served for 38 years to retire at 63. Since joining NATO Slovene forces have joined peacekeeping operations in Bosnia and Herzegovina, Serbia, Kosovo, Macedonia, Lebanon, Syria, Somalia and Afghanistan. The country also formed a defence co-operation pact with China in July 2011 when former defence minister Ljubica Jelusic visited Beijing.

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