Lake Bled in Slovenia

Slovenia GDP

Slovenia GDP

Economic Growth in Slovenia

Slovenia's economy recorded an average growth rate of 2.6% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 2.5%. For more GDP information, visit our dedicated page.

Slovenia GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Slovenia from 2014 to 2023.
Source: Statistical Office of Slovenia.

Slovenia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.5 3.5 -4.2 8.2 2.5
GDP (USD bn) 54.1 54.4 53.6 61.8 60.0
GDP (EUR bn) 45.9 48.6 47.0 52.3 57.0
Economic Growth (Nominal GDP, ann. var. %) 6.7 5.9 -3.2 11.1 9.1

Economy records quickest expansion since Q2 2022 in Q4

GDP growth accelerated to 2.2% year on year in the final quarter of 2023 from 1.3% in the third. The reading, which marked the best result since Q2 2022, partly reflected a low base of comparison. The economy returned to growth on a seasonally adjusted quarter-on-quarter basis, posting a 1.1% expansion in Q4, improving from Q3’s flat result and marking the best result in two years.

The annual upturn reflected private consumption expanding 1.2% year on year in the final quarter of 2023 (Q3: +0.3% yoy), the best reading since Q1 2023. Additionally, government spending growth accelerated to 4.8% (Q3: +2.4% yoy). That said, annual fixed investment growth fell to 9.1% in Q4 (Q3: +9.9% yoy). On the external front, exports of goods and services fell 2.3% on an annual basis in the fourth quarter, which was above the third quarter's 8.6% contraction. In addition, imports of goods and services dropped at a more moderate pace of 4.0% in Q4 (Q3: -10.6% yoy).

Looking ahead, the economy should gain further momentum in the coming quarters. Inflows of EU relief funds and the gradual normalization of activity after historic floods hit the economy in Q3 2023—with factory output, particularly in the automotive industry, projected to return to pre-flood levels as soon as Q1—will support growth. Moreover, multi-month low inflation and a looser monetary policy backdrop later this year will bolster domestic demand throughout 2024.

Analysts at the EIU commented on the outlook: “Activity in the large automotive and tourism sectors was hit by the severe floods in August 2023 and localised disruption will continue in 2024. Overall however, we estimate that the aggregate macroeconomic impact will be limited, with the stimulative impact on construction and investment activity largely offsetting negative effects on trade, industry and consumers.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovenian GDP projections for the next ten years from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Slovenian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovenian GDP projections.

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