Slovenia's GDP down 2.3 pct in Q1 2020

Source: Xinhua | 2020-05-30

Slovenia's gross domestic product (GDP) decreased by 2.3 percent in the first quarter of 2020 year-on-year due to a slowdown in domestic consumption and external demand, according to data released Friday by the Statistical Office of Slovenia.

Seasonally adjusted GDP decreased by 3.4 percent compared to the first quarter of 2019 and by 4.5 percent compared to the fourth quarter of 2019.

The quarter, which was already affected by the coronavirus pandemic, particularly after the outbreak in Europe in March, saw both final consumption expenditure and gross capital formation contracted by 3.1 percent and 3.3 percent respectively, despite the 5.8 percent government increase in final consumption expenditure.

Meanwhile, household final consumption expenditure decreased by 6.4 percent and gross fixed capital formation by 6.3 percent, the figures showed.

Exports decreased by 1.6 percent year-on-year, the first decline in a decade with the exception of a 0.1 percent drop in the second quarter of 2012, while imports fell by 2.5 percent. Since exports declined less than imports, the external trade balance had a positive contribution to GDP growth of half a percentage point, according to the Office.

Total employment in the first quarter of 2020 amounted to 1,041,617, up 1.0 percent or 9,890 persons.

Newly employments were observed in construction and in health and social work activities. In some branches employment decreased, mostly in agriculture, administrative and support service activities, as well as in manufacturing.