The total economy ended the first half of 2017 with a high surplus with the rest of the world. Non-financial corporations and households generated a surplus, while general government and financial corporations generated a deficit.
Total economy surplus (net lending) in 2016 amounted to EUR 1,826 million or 4.5% of GDP. In the first half of 2017 the surplus amounted to EUR 1,246 million or 6.0% of GDP (first half of 2016: EUR 1,086 million or 5.5% of GDP).
The imports and exports of goods and services continued to grow in the first half of 2017. Exports of goods and services increased compared to the first half of 2016 by 12.3%, while imports of goods and services increased by 13.6%. Surplus on the goods and services account amounted to EUR 1,991 million or 9.5% of GDP (first half of 2016: EUR 1,932 million or 9.8% of GDP). Total net impact of primary incomes, current transfers and capital transfers was negative: in the first half of 2017 it amounted to EUR 750 million or 3.6% of GDP (first half of 2016: EUR 816 million or 4.2% of GDP).
Non-financial corporations generated a surplus in 2016 in the amount of EUR 906 million or 2.2% of GDP, which was lower almost by a third compared to 2015 (EUR 1,337 million or 3.4% of GDP) In the first half of 2017 the surplus amounted to EUR 120 million (first half of 2016: EUR 171 million). The surplus continues to decrease: the highest surplus was recorded in 2014 when it amounted to EUR 1,705 million or 4.5% of GDP.
Financial corporations ended the year with a deficit (net borrowing) for the first time since 2007. It amounted to EUR 82 million or 0.2% of GDP. Financial corporations recorded a deficit also in the first half of 2017 in the amount of EUR 63 million, which was higher than in the first half of 2016 (EUR 43 million). The deficit in 2016 and in the first half of 2017 was mostly due to the increase in paid distributed income.
General government deficit amounted to EUR 754 million or 1.9% of GDP in 2016 (2015: EUR 1,122 million or 2.9% of GDP) and decreased further in the first half of 2017; it amounted to EUR 124 million or 0.6% of GDP (first half of 2016: EUR 383 million or 2.0% of GDP). The deficit decreased in 2016 due to the decrease in expenditures (compared to 2015 by 2.0%), while in the first half of 2017 compared to the first half of 2016 due to the faster growth of revenues than expenditures. Revenues increased by 6.2% and expenditures by 3.0%.
Households and NPISH
Households’ disposable income amounted to EUR 24,687 million and was 4.2% higher than in 2015. The major contributor to the growth was compensation of employees, which increased by 5.0%. Disposable income growth further accelerated in the first half of 2017; it increased by 4.7% over the first half of 2016. The households saving rate (share of gross saving in gross disposable income) was 12.8% in 2016 (first estimate: 14.6%) and 15.5% in the first half of 2017 (first half of 2016: 16.7%). The households saving rate was lower compared to the previous releases due to the increase in households’ consumption and the decrease in compensation of employees received from abroad.
Table 1: Account of Slovenia with the Rest of the World, current prices, Slovenia
Table 2: Main aggregates of national accounts by institutional sectors, current prices, Slovenia
Quarterly sector accounts data were revised according to revision policy and are consistent with annual sector accounts data and government finance statistics. Also quartely data of certain transactions (mainly gross capital formation) were revised.
In this release the term households is used for the household sector, incl. the sector of non-profit institutions serving households (NPISH). Data are available only for the two sectors together. The impact of NPISHs on the total value is small and usually negligible.
All the data are stated in nominal values and are not seasonally adjusted.