Slovenia's economy expanded by 2.1% in real terms last year, according to the annual estimate released by the national Statistical Office on 30 August, an upgrade on the previous estimate of a 1.6% growth that was based on the aggregation of quarterly data.

After the annual revision of the estimate, Slovenia's gross domestic product (GDP) amounted to €63.951 billion in 2023, up by 12.4% in nominal terms and 2.1% higher in real terms than the year before, Apolonija Oblak Flander, director-general of the Statistical Office, told reporters in Ljubljana.

In 2022 the economy expanded by 9.4% in nominal terms and by 2.7% in real terms.

The GDP growth in 2023 was boosted by construction (0.8 percentage points), energy (0.7 percentage points), manufacturing (0.3 percentage points) and information and communication (0.3 percentage points) industries.

Financial and insurance activities, mining and agriculture, forestry and fishing all had a negative effect on GDP of 0.1 percentage points.

The external trade balance contributed 2.3% to the GDP growth as external demand fell by 2% and imports of goods and services decreased by even more, 4.5% in real terms. Export prices rose by 1.6% on average and import prices dropped by 2%.

The final consumption by households increased by 0.2% and final consumption by the state grew by 2.4%. Gross fixed capital formation was up by 3.9%. The growth of inventories was down from the year before, decreasing the GDP growth by 1.5 percentage points.