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Nonfinancial Sector Accounts, Slovenia, 3rd quarter 2018

In the third quarter of 2018 all sectors with a surplus

In the third quarter, trade in goods and services growth slowed down, but the total economy generated the largest surplus to date. Once again, non-financial corporations generated a surplus, which is now gradually decreasing. The households’ saving rate was 13.8%.

  • 12/28/2018
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Total economy
In the third quarter of 2018 the total economy surplus amounted to EUR 1,079 million or 9.1% of GDP and increased compared to the third quarter of 2017 by EUR 140 million. This is the highest surplus with the rest of the world so far. The surplus was generated entirely on the goods and services account; the value of exports exceeded the value of imports by EUR 1,432 million or 12.1% of GDP.
Compared to the third quarter of 2017 exports increased by 9.5% and imports by 8.6%. In the first three quarters of 2018, the growth continued, but slowed down; in all quarters of 2017 two-digit growth-rates were recorded.

Non-financial corporations
Non-financial corporations generated a surplus in the amount of EUR 381 million or 3.2% of GDP. After the first quarter deficit, this is the second consecutive quarter which non-financial corporations finished with a surplus. Yet, the surplus is decreasing; in the first three quarters it amounted to EUR 125 million. This is lower than the EUR 574 million recorded in the same period of 2017.
The investment rate (share of gross fixed capital formation in gross value added) was 21.7% and it was 1.3 percentage points higher than in the third quarter of 2017.

Financial corporations
Following the deficit in the second quarter of 2018, financial corporations generated a surplus in the amount of EUR 74 million or 0.6% of GDP.  In the first three quarters the deficit amounted to EUR 39 million which is much less than in the first three quarters of 2017 when it amounted to EUR 232 million.

General government
General government surplus amounted to EUR 42 million or 0.4% of GDP. This is the sixth consecutive quarter with general government surplus. As in the previous quarters, both revenues and expenditures increased also in this quarter. Revenues increased by 6.7%, expenditures by 6.0%. In the first three quarters general government generated a surplus in the amount of EUR 259 million or 0.8% of GDP, while in the first three quarters of 2017 it generated a deficit in the amount of EUR 31 million or 0.1% of GDP. 

Households and NPISH
Households’ gross disposable income increased compared to the third quarter of 2017 by 4.6%. Compensation of employees was the largest contributor to the growth (5.3 percentage points), while net property income and current taxes on income slowed down the increase by 0.9 of a percentage point and 1.0 percentage point, respectively.
The households’ saving rate (share of gross savings in gross disposable income) was 13.8% and was 1.6 percentage points higher than in the third quarter of 2017.

Net lending (+) / net borrowing (-) by institutional sector, current prices, Slovenia
Net lending (+) / net borrowing (-) by institutional sector, current prices, Slovenia
Source: SURS
Account of Slovenia with the Rest of the World, current prices, Slovenia
VII–IX 2017X–XII 2017I–III 2018IV–VI 2018VII–IX 2018
mio. EUR
External balance of goods and services1,243.5904.2953.81,199.31,432.4
Balance of primary incomes1,081.8727.6847.91,058.61,213.6
Current external balance1,003.6642.5739.4956.91,108.5
Net lending (+)/net borrowing (-)938.1564.9693.8927.01,078.6
Source: SURS
Main aggregates of national accounts by institutional sectors, current prices, Slovenia
VII–IX 2017X–XII 2017I–III 2018IV–VI 2018VII–IX 2018
mio. EUR
Non-financial corporations
Gross value added5,908.55,938.65,540.36,329.46,391.7
Gross disposable income1,971.21,755.51,525.91,845.62,099.1
Gross saving1,971.21,755.51,525.91,845.62,099.1
Net lending (+)/net borrowing (-)492.7293.6-309.853.6381.2
Financial corporations
Gross value added333.6348.5355.0332.5405.9
Gross disposable income77.356.8106.8-119.6147.9
Gross saving43.29.084.7-148.295.1
Net lending (+)/net borrowing (-)19.8-9.458.0-170.673.9
General government
Gross value added1,476.21,526.11,518.61,586.71,533.4
Gross disposable income2,278.22,456.42,351.22,670.92,519.0
Gross saving355.2414.9404.2531.2505.6
Net lending (+)/net borrowing (-)6.459.266.9149.642.4
Households and NPISH
Gross value added1,834.91,903.01,788.81,968.81,956.1
Gross disposable income6,428.66,670.66,390.47,039.86,722.8
Gross saving786.9618.21,177.51,240.4935.3
Net lending (+)/net borrowing (-)419.2221.5878.7894.4581.2
Total economy
Gross value added9,553.39,716.39,202.810,217.410,287.1
Gross disposable income10,755.310,939.210,374.211,436.811,488.8
Gross saving3,156.42,797.63,192.23,469.13,635.1
Net lending (+)/net borrowing (-)938.1564.9693.8927.01,078.6
Source: SURS
METHODOLOGICAL NOTE

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.

 

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