Gross domestic product, Slovenia, 3rd quarter 2015

Gross domestic product, Slovenia, 3rd quarter 2015

In the third quarter of 2015 gross domestic product (GDP) increased by 2.5% over the third quarter of 2014. Seasonally adjusted GDP increased by 0.4% over the previous quarter and by 2.1% over the third quarter of 2014.

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Positive impact of private consumption continues

Private consumption continues to have a favourable impact on the economic activity in Slovenia. In the third quarter it increased by 1.3%. Households in the domestic market mainly increased the consumption of durable goods (by 8.1%); and after a long period of saving, the consumption of non-durable goods and services is slowly increasing. Government final consumption in the third quarter increased by 0.9%, mainly due to higher government expenditure for individual services (by 2.3%), while government expenditure for collective services is still decreasing, this time it went down by 1.1%. The total final consumption increased by 1.2%.

Decrease in gross capital formation due to lower construction investment

Investment consumption in the third quarter went down by 2.6%. Gross fixed capital formation (GFCF) decreased by 3.9%, due to lower construction investment (decline by 11.6%). On the other hand, investment in machinery and equipment increased by 5.5%, due to a significant increase (by 12.8%) in GFCF in transport equipment, which has been increasing since the beginning of 2013. In the current year also GFCF in other machinery and equipment is increasing. This quarter an increase by 3.6% was observed.

In the third quarter the balance of inventories increased. Changes in inventories (a component of consumption as a whole) had a positive impact on gross capital formation and contributed 0.2 of a percentage point to the economic growth.

Slowdown of exports and imports

Exports in the third quarter increased by 4.5%; exports of goods went up by 4.1% and exports of services by 5.8%. In the previous quarter exports grew by 6.1%. Imports increased by 1.7%; imports of goods went up by 2% and imports of services remained at the same level as one year ago. The growth of exports and imports slowed down after significant growths at the end of the previous year. Due to faster slowdown of growth of imports than growth of exports, the external trade surplus in this quarter was again significant. This time it contributed 2.3 percentage points to the economic growth.

The prices of the exported products and imported products decreased in the third quarter. The drop of import prices was more significant (lower prices of oil), so terms of trade were favourable (index 101.2). Consequently, the implicit GDP deflator was higher than in the previous quarter (it was 100.5) despite deflation in Slovenia in the third quarter.

The total value added of the Slovenian economy is strengthening

The total value added of the economy increased by 2.7%, i.e. slightly more than in the previous quarter. In the third quarter manufacturing contributed 1.2 percentage points to the economic growth – value added in manufacturing increased by 6%. Again a significant increase was recorded in accommodation and food service activities, where value added increased by 9.3%. On the other hand, value added in construction decreased by 7.5%, and thus reduced the total value added of the whole economy and negatively contributed 0.4 percentage points to the economic growth. Net taxes on products again increased, this quarter by 1.1%.

Total employment up by 1.3%

In the third quarter total employment was up by 1.3%, i.e. slightly less than in the previous quarter. In manufacturing employment increased by 1.6% and in accommodation and food service activities by 3.7%. In the public administration activity employment again decreased, this time by 1.4%. Employment in this activity has been decreasing since 2010.

Notes

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 (%)
20142015
VII-IXX-XIII-IIIIV-VIVII-IX
Non-seasonally adjusted
  Changes on the same quarter of the previous year3.62.82.82.72.5
Seasonally adjusted
  Changes on the previous quarter0.80.30.70.70.4
  Changes on the same quarter of the previous year3.62.53.02.62.1
Source: SURS
Table 2: Gross domestic product by expenditures, constant prices, growth rates (%)
20142015
VII-IXX-XIII-IIIIV-VIVII-IX
Changes on the same quarter of the previous year
Domestic expenditure2.8-0.62.50.90.3
Final consumption expenditure0.40.20.20.91.2
  Households0.7-0.20.61.11.3
  NPISH6.45.73.15.00.9
  General government-0.50.8-1.00.40.9
Gross capital formation11.8-3.611.20.6-2.6
  Gross fixed capital formation6.6-4.11.5-0.7-3.9
  Changes in inventories and valuables1)1.00.11.90.30.2
External trade balance1)1.03.40.51.92.3
Exports of goods and services6.47.86.16.14.5
  Goods7.78.56.66.14.1
  Services1.65.23.96.45.8
Minus: imports of goods and services5.63.66.04.01.7
  Goods6.93.97.44.42.0
  Services-1.51.7-2.21.30.0
Gross domestic product3.62.82.82.72.5
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 (%)
20142015
VII-IXX-XIII-IIIIV-VIVII-IX
Changes on the same quarter of the previous year
A Agriculture, forestry and fishing7.67.83.07.78.9
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management 5.05.65.84.75.4
of which: C Manufacturing5.77.57.15.56.0
F Construction9.3-3.3-0.8-6.0-7.5
GHI Trade, transportation and storage, accommodation and food service activities4.03.64.04.03.8
J Information and communication1.73.01.91.24.2
K Financial and insurance activities-9.112.8-7.61.53.2
L Real estate activities3.01.42.00.21.7
MN Professional, scientific, technical, administrative and support services13.05.43.11.73.1
OPQ Public administration, education, human health and social work0.71.10.20.10.3
RST Other service activities3.21.87.23.91.7
Total value added4.23.72.72.42.7
Net taxes on products-0.2-2.53.74.71.1
Gross domestic product3.62.82.82.72.5
Source: SURS
Table 4: Revision of volume changes in gross domestic product
FirstPreviouseLatestRevision
release%-points
Changes on the same quarter of the previous year, original, %VII-IX 20143.23.63.60.0
X-XII 20142.42.82.80.0
I-III 20152.92.82.80.0
IV-VI 20152.62.62.70.1
Changes on the previous quarter, seasonally adjusted, %VII-IX 20140.70.70.80.1
X-XII 20140.30.40.30.0
I-III 20150.80.70.70.0
IV-VI 20150.70.70.70.0
Changes on the same quarter of the previous year, seasonally adjusted, %VII-IX 20143.13.53.60.0
X-XII 20142.02.42.50.0
I-III 20153.02.93.00.0
IV-VI 20152.52.52.60.1
Source: SURS
Table 5: Implicit deflators, terms of trade, indices
20142015
VII-IXX-XIII-IIIIV-VIVII-IX
On the same quarter of the previous year
Gross domestic product100.6100.6100.6100.2100.5
Domestic expenditure99.899.999.799.999.7
Terms of trade101.0101.0101.2100.4101.2
Source: SURS
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.