Gross domestic product, Slovenia, 4th Quarter 2016

GDP increased by 2.6% in the fourth quarter of 2016 and by 2.5% in 2016

In the fourth quarter of 2016 gross domestic product (GDP) increased by 2.6% over the fourth quarter of 2015. According to the first estimate, in 2016 GDP increased by 2.5%.

  • 2/28/2017
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Seasonally adjusted GDP increased by 1.2% over the previous quarter and by 3.6% over the fourth quarter of 2015.

Accelerated growth of domestic consumption

In the fourth quarter of 2016 we observed substantial growth of domestic consumption; it increased by 3.7% over the fourth quarter of 2015. Household consumption increased by 4.1%. Similarly high growth rates were last recorded in the first half of 2008.

Gross capital formation increased by 3.8%. Gross fixed capital formation increased by 0.9%. Gross fixed capital formation in other machinery and equipment went up by 9.4%. Gross fixed capital formation in construction declined by 6.8%, albeit gross fixed capital formation in residential buildings increased by 3%.

Slowdown of exports

In the fourth quarter of 2016 we observed lower growth of exports than in the previous quarters. Exports increased by 4.6%: exports of goods went up by 3.1%. This time imports increased faster than exports; they increased by 6.3%, while imports of goods went up by 5.4%.

GDP increased by 2.5% in 2016

GDP at current prices amounted to EUR 39,769 million, which is nominally by 3.1% more than in 2015. In volume terms GDP increased by 2.5%.

As in 2015, external demand was the key generator of economic growth; exports increased by 5.9%. Domestic demand has an increasingly significant role (increase by 2.4%), in the scope of which private consumption increased by 2.8%.

Total employment in 2016 was 960,000 persons and increased by 2% or 19,000 persons over the previous year.

Notes

Estimated growth rates of GDP for all quarters of 2016 are lower than originally estimated due to significantly lower estimate of agriculture production. GDP growth in the third quarter of 2016 was additionally lower due to different way of paying VAT on imports.

Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes and to changes compared with the same quarter of the previous year.

More detailed data

More detailed data including time series are available on the SI-STAT data portal.

Table 1: Gross domestic product, constant prices, growth rates (%)
2016
I-IIIIV-VIVII-IXX-XIITotal
Original data
  Changes on the same period of 20152.22.72.52.62.5
Seasonally adjusted
  Changes on the previous period0.60.71.01.22.6
  Changes on the same period of 20152.02.12.93.62.6
Source: SURS
Table 2: Gross domestic product by expenditures, constant prices, growth rates (%)
2016
I-IIIIV-VIVII-IXX-XIITotal
Changes on the same period of 2015
Domestic expenditure1.32.81.73.72.4
Final consumption expenditure2.23.12.03.72.8
  Households1.53.52.14.12.8
  NPISH3.52.12.03.52.8
  General government3.92.01.72.82.6
Gross capital formation-1.81.60.53.81.0
  Gross fixed capital formation-7.7-3.5-2.50.9-3.1
  Changes in inventories and valuables1)1.11.00.60.50.8
External trade balance1)1.00.20.9-0.80.3
Exports of goods and services5.87.65.64.65.9
  Goods5.49.05.13.15.7
  Services7.72.16.810.76.8
Minus: imports of goods and services5.18.45.06.36.2
  Goods5.59.75.75.46.6
  Services3.11.01.211.34.1
Gross domestic product2.22.72.52.62.5
1) As contribution to GDP volume growth (in percentage points).
Source: SURS
Table 3: Value added by activities and gross domestic product, constant prices, growth rates (%)
2016
I-IIIIV-VIVII-IXX-XIITotal
Changes on the same period of 2015
A Agriculture, forestry and fishing-0.2-2.9-1.80.3-1.2
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management 4.96.85.74.85.6
of which: C Manufacturing5.98.16.55.26.5
F Construction-18.2-13.2-9.2-9.2-12.3
GHI Trade, transportation and storage, accommodation and food service activities5.54.62.95.94.6
J Information and communication5.42.63.3-1.52.4
K Financial and insurance activities-10.7-2.27.43.3-2.0
L Real estate activities3.02.80.9-0.41.5
MN Professional, scientific, technical, administrative and support services3.62.72.81.52.6
OPQ Public administration, education, human health and social work1.61.82.13.52.3
RST Other service activities3.21.71.10.61.6
Total value added2.12.82.62.72.6
Net taxes on products2.71.71.72.32.1
Gross domestic product2.22.72.52.62.5
Source: SURS
METHODOLOGICAL NOTE
For seasonal adjustment of time series we started to use JDemetra+ software instead of Demetra+ software. Time series models were carefully revised and, if necessary, changed. The entire period was taken into account. Due to software replacement and changed models, larger revisions in seasonal adjustment results are possible.
Detailed data and time series are available on the SI-STAT data portal.
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