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
Slovenia GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 3.5 | -4.1 | 8.4 | 2.7 | 2.1 |
GDP (USD bn) | 53.9 | 53.3 | 61.5 | 59.8 | 69.1 |
GDP (EUR bn) | 48.2 | 46.7 | 52.0 | 56.9 | 64.0 |
Economic Growth (Nominal GDP, ann. var. %) | 5.9 | -2.9 | 11.3 | 9.4 | 12.4 |
GDP records slowest increase in one-and-a-half years in Q2
GDP reading: GDP growth waned to 0.7% year on year in the second quarter from 2.1% in the first quarter, marking the worst result since Q4 2022. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, increasing 0.2% in Q2 and contrasting the previous quarter's 0.1% decrease.
Drivers: Domestically, households continued to feel the pinch of elevated interest rates and falling nominal wage growth: Private consumption growth softened to 1.1% year on year in Q2 (Q1: +1.9% yoy) and fixed investment contracted 1.6% (Q1: +1.4% yoy), marking the worst reading since Q3 2020; capital outlays in the construction sector fell especially sharply. More positively, public spending growth rose 12.3% in the quarter, outpacing the previous quarter’s 7.0% expansion and marking the fastest reading in over a decade. On the external front, exports of goods and services fell 0.8% on an annual basis in the second quarter, matching the first quarter's result. Conversely, imports of goods and services growth sped up to 4.4% in Q2 (Q1: +0.5% yoy). Consequently, the external sector subtracted 4.1 percentage points from GDP—deteriorating from Q1’s minus 1.1 percentage points.
GDP outlook: Our panelists forecast economic growth to gain steam in H2, supported by monetary policy easing, a low unemployment rate and receding inflation. Moreover, post-flood reconstruction efforts will continue to fuel public spending. An expected increase in global vehicle demand should add a further impetus, driving a rebound in exports of goods and services.
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 24 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.
Want to get access to the full dataset of Slovenian GDP forecasts? Send an email to info@focus-economics.com.
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