Consumption in Slovenia
Slovenia - Consumption
GDP declines at steeper pace in final quarter of 2020
GDP declined at a sharper pace of 4.5% year-on-year in the fourth quarter, below the 2.4% contraction seen in the third quarter. The print meant GDP fell 5.5% in 2020 as a whole after growing 3.2% in 2019, marking the worst drop since the Great Recession.
Household spending fell 14.5% in Q4, which was significantly below Q3’s 0.6% contraction, dragged down by the tightening of restrictions throughout the quarter. However, public consumption improved to a 2.8% increase in Q4 (Q3: +1.3% yoy). Meanwhile, fixed investment rebounded, growing 2.0% in Q4 and contrasting the 0.8% decrease logged in the prior quarter, amid a robust construction sector.
Exports of goods and services contracted at a softer pace of 0.4% year-on-year in the fourth quarter (Q3: -9.5% yoy). In addition, imports of goods and services declined at a milder rate of 2.0% in Q4 (Q3: -12.5% yoy), marking the best reading since Q1 2020. While exports and imports of goods returned to growth, services trade was depressed by muted travel and tourism.
Going into 2021, the economy should benefit from the recent easing of restrictions in February and the likely further lifting of lockdown measures in the coming months, which should drive a rebound in private consumption. However, delays in the vaccine rollout and a slower-than-expected resumption of international trade pose downside risks to the outlook.
FocusEconomics analysts project the economy to expand 4.8% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, the economy is seen growing 3.7%.
Slovenia - Consumption Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 2.1 | 4.5 | 2.0 | 2.8 | 2.6 |
Slovenia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.30 | -0.79 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Slovenia: Industrial output records quickest growth since January 2018 in March, amid a favorable base effect
May 10, 2021
Industrial production rose 8.5% year-on-year in March (February: -0.7% yoy), amid a favorable base effect.
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Slovenia: Inflation picks up in April
April 30, 2021
Consumer prices increased 1.04% in April over the previous month, picking up from the 0.34% rise recorded in March.
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Slovenia: Industrial output deteriorates in February
April 9, 2021
Industrial output decreased 1.5% in year-on-year terms in February, which was a deterioration from January's 1.2% increase, and the worst result since September.
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Slovenia: Inflation returns in March
April 7, 2021
Consumer prices increased 0.34% in March over the previous month, picking up from the 0.29% rise recorded in February.
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Slovenia: Industrial output expands at fastest pace since February 2020 in January
March 10, 2021
Industrial output increased 1.3% in year-on-year terms in January, which contrasted December's -0.8% decrease.
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