This paper studies cyclic patterns in the Slovene economy with spectral analysis. It examines if the transition in Slovenia was marked by a statistically significant movement of aggregate economic activity, which corresponds to the definition of business cycle proposed by Mitchell and Burns (1946). It finds that in the period 1992–2000 a statistically significant cyclic component is present. The cyclic component oscillates with the frequency of 33.3 months. The results obtained in this paper suggest, that in the observed period two full-length cycles can be identified.