Gross domestic product, 1st quarter 2024

GDP up by 2.1% at the annual level

In the first quarter of 2024, gross domestic product (GDP) increased by 2.1% over the same period of 2023.

15 May 2024 at 10:30
|
20 May 2024 at 12:40
|
no status

Romana Korenič, Rok Gabrič
|
Data inquiry

Domestic expenditure up

Domestic expenditure increased by 1.7%, which is the highest increase in the last six quarters (i.e. the past year and a half). Final consumption expenditure increased by 2.0%, which is a slightly lower increase than in the last quarter. Fixed capital formation increased by 0.9%, after four consecutive quarters of decreasing. Changes in inventories contributed positively. Gross fixed capital formation increased by 0.6%, which is significantly less than in 2023 when quarterly growth rates were between 7.7% and 11.2%. The most prominent slowdown was observed in investment into buildings and structures. Household consumption expenditure went up by 0.9%.

Decrease in imports, exports down, too

In the first quarter of 2024, compared to the same period of 2023, we observed a decrease in external trade, yet the decline was smaller than in the previous three quarters. Imports decreased by 0.9%; imports of goods went down by 0.1% and imports of services by 4.8%. Exports decreased as well, namely by 0.6%. Exports of services decreased by 7.1%, while exports of goods increased by 1.1%. The external trade surplus contributed 0.2 of a percentage point to GDP growth.

Revision announcement

In September 2024, quarterly GDP data will be revised in the whole series, i.e. from 1995 onwards.

Tables with the latest data are available in the SiStat Database.

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

	2023				2024
	Q1	Q2	Q3	Q4	Q1
Non-seasonally adjusted
annual growth	1.1	1.7	1.3	2.2	2.1
Seasonally adjusted
quarterly growth	0.6	0.9	-0.1	0.9	0.0
annual growth	1.3	1.8	1.8	2.4	1.8

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

	2023				2024
	Q1	Q2	Q3	Q4	Q1
	Changes on the same period of the previous year
Domestic expenditure	-2.8	-2.7	-0.3	0.7	1.7
final consumption expenditure	2.1	1.2	0.9	2.2	2.0
households	3.4	0.4	0.3	1.2	0.9
NPISH	2.3	0.9	0.4	2.7	0.3
general government	-1.0	3.2	2.4	4.8	5.1
gross capital formation	-16.0	-13.9	-3.9	-4.2	0.9
gross fixed capital formation	7.7	11.2	9.9	9.1	0.6
changes in inventories and valuables¹⁾	-6.1	-5.8	-3.1	-2.9	0.1
External trade balance¹⁾	4.1	4.2	1.6	1.5	0.2
exports of goods and services	4.0	-0.4	-8.6	-2.3	-0.6
goods	2.0	-0.5	-9.1	-2.5	1.1
services	11.5	-0.3	-5.8	-1.1	-7.1
minus: imports of goods and services	-0.4	-5.0	-10.6	-4.0	-0.9
goods	-1.6	-6.0	-12.2	-4.0	-0.1
services	5.8	0.6	-0.8	-3.7	-4.8
Gross domestic product	1.1	1.7	1.3	2.2	2.1

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

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

	2023				2024
	Q1	Q2	Q3	Q4	Q1
	Changes on the same period of the previous year
A Agriculture, forestry and fishing	-4.2	-1.5	-1.6	7.4	-0.2
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	-1.4	2.4	0.6	0.5	1.8
of which: C Manufacturing	-0.4	3.9	-0.5	-0.1	1.2
F Construction	15.1	21.0	18.4	17.3	1.6
GHI Trade, transportation and storage, accommodation and food service activities	-0.1	-1.0	-1.5	-1.4	0.3
J Information and communication	8.6	-1.5	2.1	6.0	3.9
K Financial and insurance activities	-2.1	9.1	-3.6	-10.0	-4.6
L Real estate activities	0.5	0.7	1.8	1.7	2.3
MN Professional, scientific, technical, administrative and support services	5.4	1.1	1.0	-1.4	1.0
OPQ Public administration, education, human health and social work	0.0	1.7	1.7	1.0	1.5
RST Other service activities	16.3	3.8	0.9	4.8	3.0
Total value added	1.7	2.6	1.6	1.4	1.4
Net taxes on products	-2.5	-4.7	-1.1	8.7	7.5
Gross domestic product	1.1	1.7	1.3	2.2	2.1

METHODOLOGICAL NOTE

The release was updated on 20 May 2024. Corrections of statistical data are in the table "Gross domestic product, constant prices, growth rates (%), Slovenia" regarding data on seasonally adjusted quarterly and annual growth in 2023. We apologise for any inconvenience and thank you for your understanding.

Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes, and to changes compared with the same quarter of the previous year.

Additional explanations are available in the methodological explanations.

When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright .

SiStat

Methodological explanations

Quality reports