Slovenia GDP

Slovenia

Slovenia: GDP records second consecutive expansion in Q1

June 2, 2014

GDP expanded 1.9% over the same quarter last year in Q1, which marked a slight deceleration over the 2.1% increase recorded in Q4. Q1’s figure represented the second consecutive expansion in GDP.

Q1’s result mainly reflects healthy growth in the external sector, whereas domestic demand weakened. Private consumption rose 0.6% over the same quarter last year, which follower zero growth in Q4. Government spending contracted 2.0% in annual terms, which was broadly in line with the 1.9% drop tallied in Q4. Gross fixed investment expanded 2.4% in Q1, which marked a deceleration over the 5.9% increase observed in the previous period.

Exports of goods and services rose 4.7% in Q1, which marked an acceleration over the 3.7% increase recorded in Q4. Imports expanded 2.3% in Q1 following the 4.9% increase tallied in Q4. As a result, the external sector’s net contribution to overall economic growth swung from minus 0.6 percentage points in Q4 to plus 2.2 percentage points in Q1.

On a quarter-on-quarter seasonally- and working-day adjusted basis, GDP recorded a 0.3% contraction in Q1, which contrasted the 1.2% increase recorded in Q4.

The Central Bank expects the economy to expand 0.6% in 2014. Growth is expected to accelerate in 2015, when an expansion of 1.4% is forecast. FocusEconomics Consensus Forecast panelists expect the economy to record zero growth in 2014, which is unchanged from last month’s estimate. In 2015, the panel sees GDP expanding 1.2%.


Author: Ricard Torné, Lead Economist

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Slovenia GDP Q1 2014

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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