In the second quarter, GDP fell 3.2% over the same period last year, which contrasted the 0.2% expansion observed in the previous quarter. The decline marked the sharpest contraction recorded since the last quarter of 2009 and exceeded market expectations of a 1.2% drop, as the government's austerity measures dented consumption and investment. The deterioration in Q2 was driven by a sharp contraction in domestic demand (Q1: -2.1% year-on-year; Q2: -6.8% yoy). Private consumption fell 3.0% over the same quarter last year, contrasting the 0.6% increase recorded in the previous quarter, while government spending contracted 2.0% (Q1: 0.0% yoy). Moreover, fixed investment plunged 8.9% in the second quarter, which nonetheless represented a slight improvement from the 10.5% contraction seen in the first quarter. Meanwhile, the external sector, which has been Slovenia's main growth engine, continued to slow on the back of the deteriorating economic situation in Europe. That said, the external sector's net contribution to overall economic growth stepped up from 2.2 percentage points in the first quarter to 3.4 percentage points in the second. Exports of goods and services fell 0.5% (Q1: +2.0% yoy), while imports contracted a steeper 5.4% (Q1: -1.1% yoy). A quarter-on-quarter analysis corroborates the deterioration seen in the annual figures, as GDP fell 1.0% over the previous quarter in seasonally and working-day adjusted terms, down from the flat reading recorded in Q1.
GDP contracts as austerity measures bite in
September 4, 2012
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Slovenia Economic News
October 17, 2016
Industrial production in August expanded 5.9% from the same month last year, decelerating from the revised 7.0% expansion in July (previously reported: +7.4% year-on-year).
September 30, 2016
In September, consumer prices edged up 0.1% from the previous month, which was above the flat growth recorded in August.
September 22, 2016
GDP expanded 2.7% in the second quarter over the same quarter of the previous year.
September 9, 2016
Industrial production in July expanded 7.4% over the same month last year, accelerating from the revised 6.3% expansion in June (previously reported: +6.1% year-on-year).
September 7, 2016
In August, consumer prices did not change over the previous month.