Gross Domestic Product, Slovenia, 3rd quarter 2020

GDP down by 2.6% in the third quarter of 2020.

GDP in the third quarter of 2020 decreased by 2.6%; in the first 9 months of 2020 it decreased by 6.0% over the same period of 2019. Seasonally adjusted GDP in the third quarter of 2020 decreased by 2.9% compared to the third quarter of 2019. Compared to the previous quarter GDP increased by 12.4%.

30 November 2020 at 10:30
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Romana Korenič
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Domestic consumption

In the third quarter of 2020, domestic expenditure declined by 5.0% due to both components of domestic expenditure: final consumption expenditure declined by 0.3% and gross capital formation by 19.6%.

Within final consumption expenditure, only household final expenditure decreased and even this decrease was less prominent than in the first two quarters of 2020. Household final expenditure on the domestic market decreased by 6.0%. The highest decrease among household expenditure was observed in consumption of fuels and services.

Expenditure for durables increased by 4.3%, which had a positive effect on household expenditure in total.

General government expenditure also increased; by 1.4%.

The high decrease in gross capital formation is a consequence of the decrease in inventories. Gross fixed capital formation decreased by 1.8%. A decline was observed in machinery and equipment, while construction investment increased (by 2.7%).

Higher decrease in imports than exports

In the third quarter of 2020, exports decreased by 9.5% over the third quarter of 2019: exports of goods by 4.6% and exports of services by 25.8%. Imports decreased by 13.1%: imports of goods by 11.2% and imports of services by 22.4%. Among services, at both exports and imports, the largest decrease was observed in travelling.

Employment in the third quarter down

Total employment in the third quarter of 2020 was 1,034,564; in one year it decreased by 1.8% or 19,237 persons. Employment decreased the most in administrative and support services (employment activities) and manufacturing.

Notes

Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes and to changes compared with the same quarter of the previous year.

More detailed data

More detailed data are available in the SiStat Database.

Gross domestic product, constant prices, growth rates (%)

	2019		2020
	VII-IX	X-XII	I-III	IV-VI	VII-IX
Non-seasonally adjusted
Changes on the same quarter of the previous year	3.1	2.0	-2.4	-13.0	-2.6
Seasonally adjusted
Changes on the previous quarter	0.9	0.4	-4.7	-9.8	12.4
Changes on the same quarter of the previous year	2.7	2.1	-3.5	-12.9	-2.9

Source: SURS

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

	2019		2020
	VII-IX	X-XII	I-III	IV-VI	VII-IX
	Changes on the same quarter of the previous year
Domestic expenditure	5.1	1.0	-3.2	-12.5	-5.0
Final consumption expenditure	4.9	1.6	-3.5	-13.0	-0.3
Households	5.8	2.2	-6.3	-17.4	-0.9
NPISH	2.0	5.7	-7.2	-9.8	1.6
General government	2.5	-0.3	4.1	-1.1	1.4
Gross capital formation	5.8	-1.3	-2.2	-10.5	-19.6
Gross fixed capital formation	4.8	-1.2	-3.2	-14.2	-1.8
Changes in inventories and valuables¹⁾	0.3	0.0	0.2	0.8	-4.0
External trade balance¹⁾	-1.5	1.1	0.6	-1.6	2.0
Exports of goods and services	4.9	1.1	-1.0	-23.4	-9.5
Goods	5.7	1.0	-0.4	-21.4	-4.6
Services	2.7	1.2	-3.2	-31.6	-25.8
Minus: imports of goods and services	7.6	-0.3	-1.9	-24.2	-13.1
Goods	9.0	-0.5	-1.3	-23.5	-11.2
Services	1.6	0.4	-4.8	-28.1	-22.4
Gross domestic product	3.1	2.0	-2.4	-13.0	-2.6

1) As contribution to GDP volume growth (in percentage points).

Source: SURS

Value added by activities and gross domestic product, constant prices, growth rates (%)

	2019		2020
	VII-IX	X-XII	I-III	IV-VI	VII-IX
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-6.8	-7.3	-4.9	-9.1	-6.4
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	7.0	5.0	-0.9	-15.8	-2.9
of which: C Manufacturing	8.7	6.2	0.2	-16.1	-2.6
F Construction	0.7	2.0	1.6	-8.9	1.4
GHI Trade, transportation and storage, accommodation and food service activities	3.3	0.8	-3.9	-20.5	-7.2
J Information and communication	8.2	12.4	2.8	-6.9	2.1
K Financial and insurance activities	5.9	1.4	-2.0	5.8	14.5
L Real estate activities	1.6	1.8	1.6	0.4	0.6
MN Professional, scientific, technical, administrative and support services	-1.1	-4.2	0.1	-19.5	-8.5
OPQ Public administration, education, human health and social work	2.0	0.9	0.1	-4.1	1.5
RST Other service activities	6.2	4.9	-8.3	-30.4	-8.9
Total value added	3.4	1.9	-1.1	-12.8	-2.6
Net taxes on products	1.3	3.2	-11.0	-14.3	-2.6
Gross domestic product	3.1	2.0	-2.4	-13.0	-2.6