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Nonfinancial Sector Accounts, Slovenia, 1st quarter 2020

In the first quarter of 2020: decrease in foreign trade, lower corporate investment and stronger household savings

Exports and imports of goods and services decreased, but the surplus with the rest of the world remained high. Lower economic activity and measures to mitigate the effects of the epidemic increased the government deficit, non-financial corporations generated a surplus, households savings increased.

  • 6/30/2020
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Total economy
In the first quarter of 2020, total economy generated a high surplus: it amounted to EUR 928 million or 8.3% of GDP (first quarter of 2019: EUR 770 million or 6.9 % of GDP). As usual, it was the result of a high surplus in trade in goods and services, which was one of the highest ever and amounted to  EUR 1,167 million  or 10.5% of GDP (first quarter of 2019: EUR 1,023 million or 9.2% of GDP).
In contrast to previous quarters, in the first quarter of 2020 (compared to the first quarter of 2019) a decrease was recorded on the import side (by 4.2%) and the export side (by 2.3%). This marked the end of a long, uninterrupted period of growth in trade in goods and services with the rest of the world, when the economy also reached double-digit growth rates. While imports of goods and services already decreased in the previous quarter, on the export side we need to go back to the fourth quarter of 2009.

Non-financial corporations
In the first quarter of 2020, non-financial corporations generated a surplus of EUR 242 million or 2.2% of GDP, while in the first quarter of 2019 this sector created a deficit in the amount of EUR 48 million or 0.4% of GDP. On the revenue side, the increase in government subsidies received to mitigate the effects of the coronavirus epidemic on the labour market contributed the most to the higher surplus. On the expenditure side, the slowdown in economic activity was reflected in lower taxes and a further decrease in investment activity. For the second quarter in a row, the investment rate (ratio between gross fixed capital formation and gross value added) was much lower compared to the same period of the previous year and was 19.9% (first quarter 2019: 22.9%).

Financial corporations
The surplus of financial companies amounted to EUR 32 million in the first quarter or 0.3% of GDP (first quarter of 2019: EUR 7 million or 0.1% of GDP).

General government
In the first quarter of 2020, the general government deficit amounted to EUR 739 million or 6.6% of GDP (first quarter of 2019: EUR 92 million or 0.8% of GDP). Lower economic activity affected tax revenues, which represent big share of total government revenue; compared to the first quarter of 2019, government revenue decreased by 3.4% (EUR 168 million). In contrast, government expenditure increased by 9.5% (EUR 479 million).

Households and NPISH
In the first quarter of 2020, households´ gross disposable income amounted to EUR 7,120 million and increased by 4.3% in nominal terms compared to the first quarter of 2019. Households final consumption expenditure decreased by 5.3% and amounted to EUR 5,369 million.
Both, the increase of disposable income and the decrease in final consumption expenditure, contributed to an increase in gross household savings. In the first quarter of 2020, the households saving rate (share of gross savings in gross disposable income) thus amounted to 25.0% and was 7.7 percentage points higher than in the first quarter of 2019.

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
I–III 2019IV–VI 2019VII–IX 2019X–XII 2019I–III 2020
mio. EUR
External balance of goods and services1,022.51,205.61,104.61,054.01,167.4
Balance of primary incomes937.3969.2932.6934.11,094.6
Current external balance791.9848.3809.9817.3974.9
Net lending (+)/net borrowing (-)770.0850.1783.0701.6927.5
Source: SURS
Main aggregates of national accounts by institutional sectors, current prices, Slovenia
I–III 2019IV–VI 2019VII–IX 2019X–XII 2019I–III 2020
mio. EUR
Non-financial corporations
Gross value added5,849.06,526.56,669.06,533.75,877.6
Gross disposable income1,552.11,625.02,186.71,895.71,688.3
Gross saving1,552.11,625.02,186.71,895.71,688.3
Net lending (+)/net borrowing (-)-47.725.5288.0309.3242.0
Financial corporations
Gross value added389.1346.3423.6386.6388.5
Gross disposable income85.3-264.4111.632.485.4
Gross saving59.1-293.759.7-22.849.6
Net lending (+)/net borrowing (-)7.3-318.824.8-70.732.4
General government
Gross value added1,631.71,704.21,653.51,702.31,729.4
Gross disposable income2,449.72,753.92,715.12,906.42,060.7
Gross saving282.6510.5501.4684.4-302.0
Net lending (+)/net borrowing (-)-91.691.1115.1145.8-738.9
Households and NPISH
Gross value added1,878.62,049.12,066.12,073.11,872.1
Gross disposable income6,824.87,625.77,079.57,234.47,119.6
Gross saving1,183.31,453.6790.4750.01,786.7
Net lending (+)/net borrowing (-)902.01,052.3355.1317.21,392.0
Total economy
Gross value added9,748.410,626.110,812.210,695.79,867.6
Gross disposable income10,912.011,740.212,092.912,068.910,954.0
Gross saving3,077.13,295.43,538.23,307.33,222.5
Net lending (+)/net borrowing (-)770.0850.1783.0701.6927.5
Source: SURS
METHODOLOGICAL NOTE

The compilation sector accounts data are based on numerous statistical and administrative data sources. Due to the coronavirus epidemic, we are faced with lower quality and less reliable data sources than usually. Hence, the macroeconomic aggregates estimates might be subject to larger further revisions. 

Due to differences in revision policies and release dates, smaller differences occur between sector accounts data and the data from other national accounts domains. The discrepancies are of temporal nature and are reconciled in the September data release.

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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