Slovenia’s GDP grew by 2.1% last year

Slovenia‘s GDP stood at €63,951 million last year, growing by 2.1% in volume terms and by 12.4% in nominal terms, the country’s national statistics office (stat.si) has said, following a revision of annual estimates.

The growth in nominal terms was largely due to rising product prices, the statistics office said, while overall, economic growth was slower than expected.

Both output and intermediate consumption fell, though intermediate consumption dropped more significantly (by 2.5%) than output (0.3%).

Sectors contributing to GDP growth

Key sectors contributing to GDP growth were construction (0.8 percentage points), electricity, gas, and air conditioning (0.7 p.p.), manufacturing (0.3 p.p.), and information and communication (0.3 p.p.).

In contrast, financial and insurance activities, mining and quarrying, and agriculture each negatively impacted GDP by −0.1 p.p. each.

While external demand fell by 2.0%, imports dropped even more sharply, resulting in a positive contribution from external trade (+2.3 p.p.), the statistics office said.

‘The decrease in exports and imports was in goods, whereas services had a moderate growth,’ it noted.

Household consumption and employment

Household consumption grew modestly by 0.2%, and government spending increased by 2.4%. Gross fixed capital formation saw a 3.9% rise.

In terms of income distribution, the share of employee compensation in GDP decreased to 51.2%, while the net operating surplus and mixed income share rose to 20.1%.

Employment continued to rise, with a 1.6% increase, reaching a record of 1.1 million people employed, split between employees (80.2%) and self-employed (19.8%).

‘This was again the highest employment in the entire time series of Slovenian national data,’ the statistics body said.