Nonfinancial Sector Accounts, Slovenia, 4th quarter 2020

Total economy
In the fourth quarter of 2020, the total economy surplus (net lending) amounted to EUR 863 million or 7.2% of GDP (in the entire 2020 EUR 3,222 million or 7.0% of GDP). Total economy thus generated in 2020 the highest surplus to date. Compared to 2019, it was almost a quarter higher, which reflects the fact that during the corona crisis, Slovenia's foreign trade on the export side decreased less than it decreased on the import side.

Non-financial corporations
Non-financial corporations ended the fourth quarter with a deficit (net borrowing) of EUR 31 million or 0.3% of GDP. The relatively low deficit in the fourth quarter did not significantly affect the annual surplus. In 2020, non-financial corporations generated a surplus in the amount of EUR 1,207 million or 2.6% of GDP (in 2019: EUR 793 million or 1.6% of GDP).
In the fourth quarter of 2020, the non-financial corporations’ investment rate was 22.3% (fourth quarter of 2019: 21.7%) and in the entire year 20.7% (2019: 21.4%).

Financial corporations
In the fourth quarter of 2020, the financial corporations’ deficit amounted to EUR 35 million or 0.3% of GDP. In contrast to 2019, financial corporations generated a surplus in the entire 2020, which amounted to EUR 130 million or 0.3% of GDP.

General government
The corona crisis had a significant impact on the public finances both in the fourth quarter and in the entire 2020. In the fourth quarter of 2020, general government deficit amounted to EUR 1,101 million or 9.2% of GDP, while in the entire 2020 it amounted to EUR 3,868 million 8.4% of GDP. The corona crisis had a strong impact on both general government revenue and expenditure. Decrease on the revenue side was mostly due to lower tax revenue, while on the expenditure side the value of most categories increased, among them subsidies, social benefits and other current transfers.

Households and NPISH
In the fourth quarter of 2020, households’ gross disposable income increased in nominal terms by 9.8% or EUR 716 million compared to the fourth quarter of 2019 and amounted to EUR 8,040 million (in 2020 it was nominally higher by 3.8% or EUR 1,100 million compared to 2019).
In crisis periods, gross disposable income usually declines or stagnates, but this time general government transfers as part of measures to mitigate the social and economic consequences of the coronavirus pandemic prevented this potential decline at the aggregate level.

In the fourth quarter of 2020, households’ final consumption expenditure nominally decreased by 15.4% (EUR 1,031 million) compared to the fourth quarter of 2019 and amounted to EUR 5,665 million. In the entire 2020, households’ final consumption expenditure was nominally lower by 10.3% compared to the entire 2019, which is the largest reduction until now and the first since 2013. We observe that the coronavirus pandemic and measures to mitigate its consequences significantly affect households’ consumption and saving behaviour.

With much lower final consumption expenditure, households’ savings increased more sharply. The gross household saving rate (share of gross saving in gross disposable income) increased by 20.8 percentage points compared to the fourth quarter of 2019 and was 30.2%. According to the first annual estimate, households in Slovenia in 2020 saved 25.1% of their disposable income, which is 11.7 percentage points more than in 2019. The increase in the gross household saving rate in the fourth quarter and in the entire 2020 was the largest so far. 

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