GDP in Slovenia
Slovenia - GDP
Economy records best result since Q4 2019 in the first quarter, but remains below pre-pandemic levels
GDP rebounded in the first quarter, growing 1.6% year-on-year and contrasting the 4.5% contraction recorded in the fourth quarter of last year. Q1's reading marked the fastest expansion since Q4 2019. That said, the print was flattered by a favorable base effect and was not enough to restore the economy to its 2019 levels.
The upturn reflected improvements in private consumption, fixed investment and exports. Despite the tight restrictions in place in the quarter, household spending bounced back amid a rather favorable base effect, growing 0.4% year-on-year in Q1 following a 14.5% contraction in Q4. Notably, consumption of durable goods rose, more than offsetting lower consumption of other goods and services. Meanwhile, public spending contracted 1.7% (Q4 2020: +2.8% yoy). Lastly, fixed investment growth accelerated to 7.6% in Q1 from 2.0% in the prior quarter, thanks to a spike in spending on machinery and equipment, with transport equipment investment up by roughly a third.
On the external front, exports of goods and services rebounded in the first quarter, growing 0.8% year-on-year, which marked the best reading since Q4 2019 (Q4 2020: -0.4% yoy). In addition, imports of goods and services bounced back, growing 0.5% in Q1 (Q4 2020: -2.0% yoy).
On a seasonally-adjusted quarter-on-quarter basis, the economy expanded 1.4% in Q1, rebounding from the 0.6% contraction recorded in Q4 2020.
Looking at Q2, although domestic restrictions were temporarily tightened on 1 April, they have been eased significantly since then, boding well for activity. Indeed, our panelists forecast a marked acceleration in economic momentum in the quarter. Early signs are positive: Retail sales expanded in April, suggesting private consumption might have picked up at the outset of the quarter. In addition, consumer and business sentiment improved in May.
FocusEconomics analysts project the economy to expand 4.3% in 2021, which is unchanged from last month’s forecast. In 2022, the economy is seen growing 4.2%.
Slovenia - GDP Data
|Economic Growth (GDP, annual variation in %)||2.2||3.1||4.8||4.1||2.4|
5 years of economic forecasts for more than 30 economic indicators.
Slovenia GDP Chart
Source: Statistical Office and FocusEconomics calculations.
|Bond Yield||0.30||-0.79 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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July 9, 2021
Industrial output expanded 22.1% compared to the same month of the previous year in May, which followed April's 35.2% increase.
June 30, 2021
Consumer prices increased 0.58% over the previous month in June, coming in below May's 0.93% rise.
June 10, 2021
Industrial output rose 35.9% year-on-year in April (March: +11.5% yoy).
Slovenia: Economy records best result since Q4 2019 in the first quarter, but remains below pre-pandemic levels
May 31, 2021
GDP rebounded in the first quarter, growing 1.6% year-on-year and contrasting the 4.5% contraction recorded in the fourth quarter of last year.
May 31, 2021
Consumer prices rose 0.93% in May over the previous month, coming in below the 1.04% increase seen in April.