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.
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.
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%).
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).
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.
Account of Slovenia with the Rest of the World, current prices, Slovenia
Main aggregates of national accounts by institutional sectors, current prices, Slovenia
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.