In its latest monthly bulletin, published on April 3, the Bank of Slovenia outlined the "deteriorating" condition of its economy and forecasted further contraction by 1.2% in 2012.

This compared with a contraction of 0.2% in 2011. The rate of contraction was more pronounced as 2011 progressed, with the economy shrinking by 0.7% in the final quarter of the year, the bulletin said.

Two-thirds of Slovenian economic activity is derived from the services sector, with its position as an important