Nonfinancial Sector Accounts, Slovenia, 4th quarter 2020
In the fourth quarter of 2020, households in Slovenia saved the most to date
The corona crisis in 2020 was reflected in the exceptional values of some macroeconomic aggregates. The surplus of the total economy was the largest to date, households saved a record high share of disposable income and the general government deficit was lower only compared to the 2013 deficit.
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 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%).
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.
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.
SiStat tables with the latest data
Account of Slovenia with the Rest of the World, current prices, Slovenia
Main aggregates of national accounts by institutional sectors, current prices, Slovenia
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.