Gross domestic product, Slovenia, 4th Quarter 2015

GDP increased by 3.3% in the fourth quarter of 2015 and by 2.9% in 2015

In the fourth quarter of 2015 gross domestic product (GDP) increased by 3.3% over the fourth quarter of 2014. According to the first estimate, in 2015, GDP increased by 2.9%.

26 February 2016 at 10:30
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Romana Korenič, Anže Podnar
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Seasonally adjusted GDP increased by 0.6% over the previous quarter and by 2.6% over the fourth quarter of 2014.

Domestic demand is strengthening

In the fourth quarter of 2015, the positive growth trend of economic activity strengthened due to greater domestic demand. Domestic consumption increased by 3.7%.

Private consumption continues to have a favourable impact on the economic activity in Slovenia. In the fourth quarter of 2015 it increased by 2.6%. Households in the domestic market increased the consumption of all types of goods. Consumption of durable goods increased by 8.1% and of other goods by 1.8%.

In the fourth quarter of 2015 government increased resources for the execution of collective services (by 2.6%) and individual services (by 3.6%); thus government final consumption this time increased by 3%.

Gross capital formation increased by 8.1%. Changes in inventories (a component of consumption as a whole) had a positive impact on gross capital formation and contributed 0.8 of a percentage point to the economic growth. Gross fixed capital formation increased by 3.4%. Gross fixed capital formation in construction declined for the third consecutive quarter, this time by 3.7%. Gross fixed capital formation in machinery and equipment increased by 13.4% due to the increase in gross fixed capital formation in transport (by 18.6%) and gross fixed capital formation in other machinery and equipment (by 12.1%).

Slowdown of exports continues

External demand had a positive impact on the economic activity also in this quarter. Exports increased by 3.3%: exports of goods went up by 2.9% and exports of services by 5.1%. Imports increased by 3.9%: imports of goods went up by 4.6%, while imports of services went down by 0.4%.

This time imports increased faster than exports; consequently, the contribution of the external trade balance to economic growth was negative (−0.1 of a percentage point). In the last quarter import prices declined more than export prices; therefore, terms of trade were very favourable (index 102.1).

The value added of the whole economy increased by 3.5%

In the fourth quarter of 2015, the total value added of the economy increased by 3.5%, thus more than in the previous two quarters. Value added of manufacturing continues to increase; this time it went up by 5.2%. In wholesale and retail trade it increased by 5.4% and in accommodation and food service activities by 6.3%. On the other hand, value added in construction decreased for the fifth consecutive quarter, this time by 0.4%. Net taxes grew by 2%.

GDP increased by 2.9% in 2015

GDP at current prices amounted to EUR 38,543 million, which is nominally by 3.3% more than in 2014. In volume terms GDP increased by 2.9%. The implicit deflator was 100.4.

As in 2014, external demand was the key generator of economic growth; exports increased by 5.2%. Domestic demand has an increasingly significant role (increase by 2.1%), in the scope of which private consumption increased by 1.7%.

Total value added of the economy increased in 2015 by 2.9%. The greatest contribution to the economic growth came from manufacturing: 1.2 percentage points.

Notes

Unless otherwise specified, all comparisons in this text refer to original adjusted 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 in the SI-STAT database.

Table 1: Gross domestic product, constant prices, growth rates (%)

	2015
	I-III	IV-VI	VII-IX	X-XII	Total
Non-seasonally adjusted
Changes on the same period of 2014	2.8	2.7	2.6	3.3	2.9
Seasonally adjusted
Changes on the previous period	0.7	0.8	0.4	0.6	2.6
Changes on the same period of 2014	3.0	2.6	2.2	2.6	2.6

Source: SURS

Table 2: Gross domestic product by expenditures, constant prices, growth rates (%)

	2015
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2014
Domestic expenditure	2.4	0.9	1.4	3.7	2.1
Final consumption expenditure	0.2	0.9	2.0	2.7	1.5
Households	0.6	1.1	2.5	2.6	1.7
NPISH	3.1	5.1	1.5	2.1	2.9
General government	-1.2	0.2	0.8	3.0	0.7
Gross capital formation	10.9	0.8	-0.6	8.1	4.4
Gross fixed capital formation	1.5	-0.6	-2.0	3.4	0.5
Changes in inventories and valuables¹⁾	1.8	0.3	0.3	0.8	0.8
External trade balance¹⁾	0.6	1.9	1.4	-0.1	0.9
Exports of goods and services	6.2	6.2	5.0	3.3	5.2
Goods	6.8	6.2	4.8	2.9	5.1
Services	4.0	6.5	5.9	5.1	5.4
Minus: imports of goods and services	6.1	4.1	3.7	3.9	4.4
Goods	7.5	4.6	2.9	4.6	4.9
Services	-2.3	1.2	7.7	-0.4	1.8
Gross domestic product	2.8	2.7	2.6	3.3	2.9

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 (%)

	2015
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2014
A Agriculture, forestry and fishing	3.4	8.0	10.7	11.3	8.6
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	5.9	4.5	5.3	4.6	5.0
of which: C Manufacturing	7.1	5.2	5.8	5.2	5.8
F Construction	-0.8	-5.3	-6.0	-0.4	-3.3
GHI Trade, transportation and storage, accommodation and food service activities	4.0	4.2	4.5	4.3	4.3
J Information and communication	1.9	1.2	4.7	5.9	3.5
K Financial and insurance activities	-7.3	1.8	-0.8	5.2	-1.3
L Real estate activities	1.9	0.1	1.7	1.2	1.2
MN Professional, scientific, technical, administrative and support services	3.1	1.6	2.9	4.7	3.1
OPQ Public administration, education, human health and social work	0.2	0.0	0.2	0.7	0.3
RST Other service activities	7.2	3.8	1.9	4.4	4.3
Total value added	2.7	2.4	2.9	3.5	2.9
Net taxes on products	3.7	4.8	1.2	2.0	2.9
Gross domestic product	2.8	2.7	2.6	3.3	2.9

Source: SURS

Table 4: Revision of volume changes in gross domestic product

		First	Previouse	Latest	Revision
		release			%-points
Changes on the same quarter of the previous year, original, %	X-XII 2014	2.4	2.8	2.8	0.0
	I-III 2015	2.9	2.8	2.8	0.0
	IV-VI 2015	2.6	2.7	2.7	0.0
	VII-IX 2015	2.5	2.5	2.6	0.1
Changes on the previous quarter, seasonally adjusted, %	X-XII 2014	0.3	0.3	0.3	0.0
	I-III 2015	0.8	0.7	0.7	0.0
	IV-VI 2015	0.7	0.7	0.8	0.0
	VII-IX 2015	0.4	0.4	0.4	0.1
Changes on the same quarter of the previous year, seasonally adjusted, %	X-XII 2014	2.0	2.5	2.4	0.0
	I-III 2015	3.0	3.0	3.0	0.0
	IV-VI 2015	2.5	2.6	2.6	0.0
	VII-IX 2015	2.1	2.1	2.2	0.1

Source: SURS

Table 5: Implicit deflators, terms of trade, indices

	2015
	I-III	IV-VI	VII-IX	X-XII	Total
	On the same period of 2014
Gross domestic product	100.5	100.2	100.1	101.0	100.4
Domestic expenditure	99.6	99.9	99.2	99.5	99.5
Terms of trade	101.2	100.4	101.2	102.1	101.2