Slovenia GDP Q2 2020

Slovenia

Slovenia: Economy contracts at record pace in Q2 as the pandemic bites

August 31, 2020

GDP shrank 13.0% on an annual basis in the second quarter, down from the first quarter’s 2.5% decline and marking the sharpest contraction on record.

Household spending plunged 16.6% in Q2 (Q1: -5.8%), while fixed investment dropped 16.7% (Q1: -5.5%) in the same period. Both readings marked the steepest drop on record. Government consumption, meanwhile, was up 1.5% (Q1: +4.9% year-on-year).

Externally, exports of goods and services collapsed, falling 24.5% in Q2, down from Q1’s 1.9% fall. Imports dived 25.0%, significantly down from Q1’s 2.0% decline.

On a seasonally-adjusted quarter-on-quarter basis, economic activity dropped 9.6% in Q2, following a 4.8% drop in Q1.

The export-oriented economy is set to contract markedly this year as a whole, as the pandemic takes its toll. However, the economy should recover somewhat in H2 as exports and domestic consumption rebound. A recent resurgence of Covid-19 cases poses a downside risk.

FocusEconomics Consensus Forecast panelists project GDP to fall 7.9% in 2020, which is down 0.2 percentage points from last month’s projection. For 2021, the panel sees economic growth of 5.2%.


Author:, Junior Economist

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Slovenia GDP Q2  20 20

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Republic of Slovenia (SORS) and FocusEconomics Consensus Forecast.


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