Gross Domestic Product, Slovenia, 2nd quarter 2021

GDP in the second quarter of 2021 at the annual level up by 16.3%

In the second quarter of 2021, gross domestic product (GDP) increased by 16.3% over the second quarter of 2020. Seasonally adjusted GDP increased by 15.7% compared to the second quarter of 2020 and by 1.9% compared to the first quarter of 2021.

31 August 2021 at 10:30
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Romana Korenič
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In the second quarter of 2021, the household consumption expenditure and gross capital formation contributed the most to GDP growth, while external trade balance had a negative impact.

High increase in household consumption expenditure

Household final consumption expenditure increased by 18.8% in the second quarter of 2021. The increase in 2021 was by 5.7 percentage points larger than the decrease in the same period of 2020. Because of this dynamics, the household consumption expenditure in the second quarter of 2021 was even higher than in the second quarter of 2019. High increase in household expenditure was observed in all types of household consumption.

More investments

Gross fixed capital formation in the second quarter of 2021 increased by 19.2%; the largest growth was observed in gross fixed capital formation in other machinery and equipment (43.2%). Compared to the same period of 2020, we observed an increase in the majority of gross fixed capital formation. Changes of inventories also increased and had a positive impact on GDP growth (3.4 percentage points).

Higher imports and exports

Imports and exports increased: imports by 34.9% and exports by 30.2%. Exports and imports of goods increased more than exports and imports of services. Due to higher growth of imports than exports and worse terms of trade, the contribution of external trade balance to GDP growth was negative (0.3 of a percentage point).

Employment up by 1.4%

Total employment in the second quarter of 2021 was 1,044,000 persons. Compared to the second quarter of 2020, it increased by 1.4% or about 14,000 persons. The majority of new jobs was created in manufacturing, human health and social work activities, administrative and support services, and construction (in each of these activities around 3,000). In some branches employment decreased, the most in accommodation and food service activities. In this branch, employment had been decreasing since the second quarter of 2020, but in the second quarter of 2021, the decrease was less prominent than in the previous two quarters.

More detailed data including time series are available in the SiStat Database.

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

	2020			2021
	IV-VI	VII-IX	X-XII	I-III	IV-VI
Non-seasonally adjusted
changes on the same quarter of the previous year	-11.0	-1.4	-3.1	1.7	16.3
Seasonally adjusted
changes on the previous quarter	-9.5	12.1	-0.2	1.5	1.9
changes on the same quarter of the previous year	-11.4	-2.0	-3.5	2.8	15.7

Source: SURS

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

	2020			2021
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
Domestic expenditure	-9.7	-3.5	-3.4	1.3	18.3
Final consumption expenditure	-8.7	2.3	-7.5	-0.1	13.5
households	-13.1	1.4	-11.2	-0.6	18.8
NPISH	-8.5	-2.5	-7.7	14.0	20.2
general government	3.2	5.0	3.5	0.5	1.4
Gross capital formation	-13.3	-21.7	12.0	6.0	35.9
Gross fixed capital formation	-17.6	-5.7	-2.7	7.8	19.2
Changes in inventories and valuables¹⁾	0.9	-3.7	2.9	-0.2	3.4
External trade balance¹⁾	-2.2	1.8	0.0	0.5	-0.3
Exports of goods and services	-23.5	-8.9	-0.7	1.4	30.2
goods	-20.6	-4.1	3.8	4.6	30.6
services	-34.6	-24.9	-16.7	-12.0	28.2
Minus: imports of goods and services	-23.6	-12.2	-0.8	0.9	34.9
goods	-23.1	-10.5	1.1	3.8	35.8
services	-26.6	-20.5	-10.4	-15.7	29.9
Gross domestic product	-11.0	-1.4	-3.1	1.7	16.3

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

Source: SURS

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

	2020			2021
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	0.3	5.1	8.1	-4.5	6.6
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	-15.0	-2.3	3.6	2.7	26.6
of which: C Manufacturing	-15.4	-1.3	4.5	4.0	27.4
F Construction	-10.5	-0.8	1.9	0.1	8.7
GHI Trade, transportation and storage, accommodation and food service activities	-17.8	-3.1	-8.2	-1.5	20.1
J Information and communication	-4.9	7.7	5.0	5.1	10.9
K Financial and insurance activities	19.5	5.3	-13.5	10.2	0.4
L Real estate activities	-0.7	-0.8	-0.8	0.2	1.8
MN Professional, scientific, technical, administrative and support services	-20.8	-10.0	-7.9	0.2	21.8
OPQ Public administration, education, human health and social work	2.0	4.1	3.2	1.7	2.8
RST Other service activities	-25.3	-5.1	-28.1	-16.6	18.2
Total value added	-10.4	-1.3	-1.8	1.0	15.0
Net taxes on products	-15.2	-2.3	-12.3	7.8	26.9
Gross domestic product	-11.0	-1.4	-3.1	1.7	16.3