Nonfinancial sector accounts, Slovenia, 2016

The national economy generated a lower surplus in transactions with the rest of the world than a year before

In 2016 the national economy again generated a surplus in transactions with the rest of the world, which, however, was lower than in the previous year. Households were the only sector that recorded growth of surplus.

  • 9/29/2017
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Gross national income 4.3% higher than in 2015

In addition to the income of residents created on the territory of Slovenia, gross national income also includes income generated by domestic workers and income from capital. In 2016 gross national income amounted to EUR 39,289 million, i.e. EUR 1,620 million or 4.3% more than a year earlier.

Another surplus in transactions with the rest of the world

In 2016 the national economy generated a surplus (net lending) in transactions with the rest of the world in the amount of EUR 1,826 million (4.5% of GDP), which is less than in 2015 when the surplus amounted to EUR 2,190 million or 5.6% of GDP. A lower surplus was mostly the result of lower income from investment grants, since less funds for capital formation were absorbed from EU funds. Another factor of declining surplus was property income, largely interest, dividends and reinvested income from foreign direct investment.

Exports continue to grow more than imports; in 2016 exports grew by 0.8 of a percentage point more than imports, which is less than in the previous year when the gap was 1.6 percentage points. The external balance of goods and services amounted to EUR 3,701 million, which is 11.0% more than in 2015.

Non-financial corporations lowered their surplus from 2015, financial corporations generated a deficit

Non-financial corporations lowered their surplus from 2015 by a third, from EUR 1,337 million in 2015 to EUR 906 million in 2016. The general government deficit (net borrowing) decreased to EUR 754 million (1.9% of GDP); in 2015 it was EUR 1,122 million or 2.9% of GDP. For the first time after 2007 financial corporations generated a deficit in the amount of EUR 82 million (in 2015 they generated a surplus in the amount of EUR 227 million). The reasons for the deficit are higher dividends paid by banks to the rest of the world and higher reinvested income from foreign direct investment in Slovenia. Households were the only sector that recorded growth of surplus; from EUR 1,728 million in 2015 to EUR 1,754 million in 2016.

The household saving rate higher than a year before and higher than the EU-28 average

The household saving rate increased by 0.2 of a percentage point to 12.8%, meaning that in 2016 households in Slovenia saved 12.8% of their disposable income. The household saving rate in Slovenia was thus above the EU-28 average of 10.3% and the euro area average of 12.2%.

The household investment rate slightly lower than a year before and still lower than the EU-28 average

Households in Slovenia invested 5.5% of disposable income in 2016; this is 0.3 of a percentage point less than in 2015. The household investment rate in Slovenia was thus below the EU-28 average of 8.1% and the euro area average of 8.5%.

We are publishing revised annual non-financial sector accounts for the 1995–2015 period

Because of the routine annual revision of GDP and other revisions in non-financial sector accounts, we are publishing revised annual non-financial sector accounts for the 1995–2015 period.

For the entire 1995–2015 period compensation of employees, income taxes and households’ social contributions were revised due to the revision of data on income from work for Slovenian residents working abroad (a new source).

The impact of revision on gross national income was the largest in 2012 (a 0.7% decline). The decline was mainly the result of less compensation of employees received from abroad. The revision was smaller in the first few years, while after 2012 its impact was neutralised by other revisions having impact in the opposite direction.

Chart 1: Household saving rates, Slovenia, EU-28, Euro area, 2002-2016
Chart 1: Household saving rates, Slovenia, EU-28, Euro area, 2002-2016
Sources: SURS, Eurostat (http://ec.europa.eu/eurostat, 25. 9. 2017).
Chart 2: Household investment rates, Slovenia, EU-28, Euro area, 2002-2016
Chart 2: Household investment rates, Slovenia, EU-28, Euro area, 2002-2016
Sources: SURS, Eurostat (http://ec.europa.eu/eurostat, 25. 9. 2017).
Table 1: Main aggregates of national accounts by institutional sectors, Slovenia
20122013201420152016
mio EUR
Gross value added1)31,29931,29432,51533,57835,009
  Non-financial corporations18,17818,29419,37620,02920,966
  Financial corporations1,2821,1831,2261,3171,308
  General government5,5985,4075,3375,4215,755
  Households6,0476,2176,3796,5966,757
  NPISH194193197215224
Gross national income1)35,51535,75337,27337,66939,289
  Non-financial corporations4,6405,2196,3336,0076,507
  Financial corporations909658670460196
  General government5,6145,6855,5055,7345,986
  Households24,29724,13624,70725,41226,542
  NPISH5454585658
Gross disposable income1)35,16435,38037,01037,26438,866
  Non-financial corporations4,2114,7835,8775,4615,915
  Financial corporations757613638464159
  General government7,2576,9837,1557,6578,105
  Households22,66722,63922,96523,29724,310
  NPISH273361375384377
Gross saving1)7,3588,2169,5459,2859,707
  Non-financial corporations4,2114,7835,8775,4615,915
  Financial corporations85058858535990
  General government-40-91155451527
  Households2,3712,8802,8782,9653,130
  NPISH-3456505046
Changes in net worth due to saving in capital transfers1)-1076671,8541,7501,277
  Non-financial corporations-2691981,3289221,035
  Financial corporations6653,978692136-150
  General government-1,014-4,705-1,209-389-662
  Households5601,1611,0191,0561,051
  NPISH-493625263
Net lending (+) / Net borrowing (-)1)8041,3192,2572,1901,826
  Non-financial corporations4055861,7051,337906
  Financial corporations6734,068884227-82
  General government-1,459-5,319-1,992-1,122-754
  Households1,2291,9341,6271,7281,754
  NPISH-435034193
1) Some totals do not add up due to rounding.
Source: SURS
Detailed data and time series are available on the SI-STAT data portal.
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