The Slovenia Times

Slovenia's GDP Up 2.6% Y/Y in Q2, 2014 Growth Upgraded to 3%


Adjusted to working days and season (the gauge used by the EU statistics office Eurostat), GDP rose by 2.5% from the second quarter of 2014 and by 0.7% on the first quarter, the Statistics Office has reported.

The growth was spurred by manufacturing and wholesale and retail sectors, which contributed a combined 1.6 percentage points, both on account of growth in the automotive industry.

The value added in manufacturing rose by 5.7% year-on-year, mainly due to strong growth of automobile, pharmaceutical and metalworking production.

In wholesale and retail trade the value added grew by 4%. As in the previous quarters, the highest growth was observed in retail trade of motor vehicles.

Again a significant increase was recorded in accommodation and food service activities, where the value added increased by 6.2%.

Releasing the figures on Monday, the Statistics Office also upgraded its growth estimate for 2014 by 0.4 percentage points to 3%.

Slovenia's gross domestic product (GDP) in 2014 was EUR 37.3bn, up 3.9% in nominal and up 3.0% in real terms from the year before, the office said.

The amount of growth will affect decisions on indexation of social transfers and pensions. Under the coalition agreement, the latter are to be adjusted on condition growth has exceeded 2.5%.

The adjustment would be made in January 2016.


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