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Slovenia's economy returns to growth in Q1

Ljubljana, 31 May - After contracting by an estimated 5.5% in real terms last year, Slovenia's economy returned to growth in the first quarter of the year as GDP expanded at an annual rate of 1.6% in real terms or by as much as 2.3% when adjusted for season. It rose by 1.4% from the final quarter of 2020, data from the Statistics Office show.

Nazarje
Slovenia's economy expanded by 1.6% y/y in the first quarter of the year.
Photo: Lili Pušnik/STA
File photo

The year-on-year growth was driven most prominently by gross fixed capital formation, as well as by exports and household consumption expenditure.

Gross fixed capital formation increased by 7.6%, mainly due to a 20% surge in investment in machinery and equipment as investment in transport equipment soared by 31.7%.

Meanwhile, investment in construction declined by 3.9% compared with the same quarter a year ago.

Exports and imports grew at annual rates of 0.8% and 0.5%, respectively, but only exports and imports of goods increased (+4.2% and +2.7%, respectively), while trade in services declined (-14.1% for exports and -12.2% for imports) due to a slump in travel.

Household final consumption expenditure increased by 0.4%, but household final consumption expenditure on the domestic market decreased by 3%, due to lower expenditure for services.

Household expenditure for durable goods increased the most, mainly for cars.

Total employment decreased by 1% year-on-year to 1,035,000 people. Most jobs were lost in accommodation and hospitality industries, administrative and support services, and manufacturing. In some sectors employment increased, most notably in human health and social work activities.

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© STA, 2021