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Recently released data proves that tourism is one of Slovenia's economic backbones. Tourist numbers for 2015 show an increase that is not only the inevitable consequence of the country's objective to attract tourists, but also the result of constant improvements in the quality of services provided by the industry. The increase was remarkable not only in nominal terms with a spike in foreign tourists, but also in terms of contribution to GDP. Together with its indirect impact, tourism contributes 13 percent of total GDP and represents 40 percent of exports, the largest exporter of services. As the summer season unfolds and many events, festivals and activities are organised across the country, it comes as no surprise that Zdravko Počivalšek, the Economy Minister, highlighted the importance of regional cooperation in tourism to further propel growth. Joining forces with other countries in the region would be useful in markets such as Japan and China as it is difficult to imagine that tourists would take a trans-continental flight to visit only Slovenia. Instead, cooperation in this realm would facilitate the movement of goods and people in the region, especially if bureaucratic obstacles are removed to enable free movement.

Growth could be improved further by increasing productivity, which will also have a positive impact on fiscal consolidation by boosting foreign direct investment and also by continuing to pursue the planned privatisation program. In terms of foreign direct investment, the European Investment Bank (EIB) invested EUR 50m into Gorenje, the whitegoods manufacturer. The investment is geared towards developing Gorenje's business internationally. The EIB funding will be coupled with the opening of an office in Ljubljana in the summer, which should propel both institutional and private investors to follow suit.

With regard to the ongoing privatisation process, the most notable news was related to Nova Ljubljanska Banka (NLB). After a two-day, non-deal roadshow in London in mid-May, the positive feedback from investors indicate a successful listing of the bank rather than a sale to a strategic buyer or a financial investor. As part of the public offer, NLB shares will be listed on the Ljubljana Stock Exchange (LJSE) and on an international stock exchange. The latter listing will allow NLB to attract a wider international investor base, facilitate direct benchmarking with relevant peers, benefit from broader research analyst coverage and achieve the other advantages of a major international stock exchange listing. In light of this, preparatory activities for the launch of the sale process have started, and the commitment of Slovenia to the European Commission to implement the sale process by the end of 2017 should be respected.