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Business news in Slovenia

Slovenia's GDP up 2.1% in Q1

Ljubljana, 15 May (STA) - Slovenia's GDP grew by 2.1% in real terms in the first quarter of 2024 compared to the same period last year. Seasonably adjusted data show an increase of 1.8% year-on-year, while compared to the previous quarter, the GDP remained level, the Statistics Office said on Wednesday.

While unadjusted data suggest the economy was roughly level with the final quarter of last year and much better than the first three quarters of 2023, adjusted data show it was actually below the last three months of 2023. According to these data, GDP increased by 2.6% year-on-year in Q4, and 1.1% in quarter-on-quarter comparison.

Domestic consumption increased by 1.7% in the first three months of the year, the most significant growth over the past year and a half, according to the Statistics Office.

Final consumption, which includes both households and the state, was up 2.0%, a decrease of 0.2 percentage points over the previous quarter and 0.1% less year-on-year.

Final consumption of households increased 0.9% year-on-year, 0.3 points less than in the previous quarter, but significantly more than in the second and third quarters of 2023. In the first three months of 2023, growth was at a sturdy 3.4%.

Final consumption of the state in the first quarter of 2024 was up by 5.1%, 0.3 points more than in the last three months of 2023 and significantly more than in the preceding quarters.

After four consecutive quarters of negative growth, gross investments increased by 0.9% in the first quarter of 2024, pushed up by stock trends, which contributed 0.1 percentage points to the GDP after dragging it down in the previous quarters.

Gross investments in fixed assets were up 0.6%, a considerable decrease over the dynamics of growth in 2023, when the figure stood between 7.7% and 11.2%. The slowdown was the most pronounced in construction projects.

Imports and exports were somewhat lower than in the first three months of 2023, but the drop was less pronounced than in the past three quarters.

Imports were down 0.9% - 0.1% in goods and 4.8% in services. Exports were down 0.6%, dropping 7.1% in services and increasing 1.1% in goods. The trade surplus contributed 0.2 percentage points to the GDP growth.

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