The Slovenia Times

Slovenian Economy Contracts 2.2% Y/Y in Q2


Unadjusted data show even more pronounced contraction in Slovenia's GDP in the second quarter of the year at an annual rate of 3.2% and by 1.6% quarter-on-quarter.

The statisticians recorded a fall in all final consumption expenditure year-on-year: government expenditure fell by 2%, and household consumption dropped by 3%, as a result of a 8.4% decrease in spending on durable goods and 1.5% lower expenditure on other products.

Moreover, investment spending collapsed by 22.1% year-on-year. Gross fixed capital formation fell by 8.9%, investment in buildings and structures contracted by 14.9%, and investment in machinery and equipment dropped by 3%. Investments in inventories had a very negative impact on GDP growth.

Meanwhile, external trade balance had a positive effect on GDP at 3.4 percentage points. However, both exports and imports fell. Due to reduced external demand, exports dropped by 0.5% and imports slumped by 5.4% as a result of lower domestic consumption.

Value added fell in nearly all activities, shrinking by 2.2% overall in the second quarter on the same quarter a year ago.

The Statistics Office today also amended GDP data for the first quarter. Season and working days unadjusted data show a 0.2% growth at the annual level, while adjusted data point to a 0.7% contraction year-on-year and a stagnation on the final quarter of 2011.


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