Slovenia Economic Outlook
December 23, 2021Growth slowed considerably in Q3, on the back of weaker growth in private consumption, fixed investment and exports. Momentum was likely dulled by rising Covid-19 cases from September amid relatively low vaccination coverage, as well as supply bottlenecks affecting the country’s auto industry. Turning to Q4, prospects appear to be dimmer still: A rocketing Covid-19 caseload and the arrival of the Omicron variant forced tighter restrictions in November–December. Together with falling consumer confidence and rising inflation through November, this has likely dented private consumption. Nonetheless, Covid-19 cases have fallen since mid-November, removing the need for a full lockdown and thus limiting the damage to the recovery done by the virus this quarter. Moreover, the government proposed new stimulus measures in November, which should offer some support to spending.
Slovenia Economic GrowthGrowth should ease next year on a fading base effect, although strong private consumption as vaccination coverage expands should provide some support. Meanwhile, easing supply constraints should aid the external sector. However, the Omicron variant poses a major risk, as does next year’s election, with the prime minister’s party potentially struggling to form a government. FocusEconomics analysts project the economy to expand 4.0% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the economy is seen growing 3.4%.
Slovenia Economy Data
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|Bond Yield||0.30||-0.79 %||Dec 31|
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Slovenia Economic News
January 10, 2022
Industrial output increased 10.1% compared to the same month of the previous year in November, which followed October's 3.4% increase.
December 30, 2021
Consumer prices fell 0.01% in December over the previous month, swinging from November's 0.70% rise.
December 10, 2021
Industrial output increased 6.1% compared to the same month a year earlier in October, which followed September's 8.6% increase.
November 30, 2021
GDP growth slowed markedly to 5.0% year-on-year in the third quarter, from 16.3% in the second quarter. The downturn was broad-based, with private consumption, public spending, fixed investment and exports all weakening.
November 30, 2021
Consumer prices increased 0.70% over the previous month in November, below the 0.90% increase recorded in October.