Gross Domestic Product, Slovenia, 2nd quarter 2020

GDP down by 13% in the second quarter of 2020.

In the second quarter of 2020 gross domestic product (GDP) decreased by 13.0% over the second quarter of 2019. In the first half of 2020 GDP decreased by 7.9% compared to first half of 2019. Seasonally adjusted GDP decreased by 9.6% compared to the first quarter of 2020.

31 August 2020 at 10:30
|
no status

Romana Korenič
|
Data inquiry

In the majority of GDP components high decrease was observed. Domestic consumption and within it final household consumption expenditure had the greatest impact on GDP decline.

Domestic consumption

In the second quarter of 2020 domestic expenditure declined by 12.0% due to both components of domestic expenditure: final consumption expenditure and gross capital formation. The former declined by 11.8% and the latter by 12.8%.

Household final consumption expenditure and gross fixed capital formation are the most important components of final domestic expenditure. Household final consumption expenditure decreased by 16.6% and gross fixed capital formation by 16.7%. Decline in construction investment was less prominent than decline of investment in machinery and equipment; construction investment went down by 14.1% and investment in machinery and equipment by 26.2%.

Household final consumption expenditure on the domestic market dropped by 21.2%; the highest decrease was observed in consumption of fuels and services.

High decrease in external demand

In the second quarter of 2020 exports decreased by 24.5% over the second quarter of 2019; exports of goods decreased by 21.9% and exports of services by 35.0%. We observed a similar decrease in imports, which dropped by 25.0%. Imports of goods and imports of services decreased by a similar rate: imports of goods by 24.4%, imports of services by 28.2%. Among services, the largest decrease in both exports and imports was observed in travelling.

Employment in the second quarter down by 2.0%

Total employment in the second quarter of 2020 amounted to 1,023,200; compared to the second quarter of 2019 it decreased by 2.0% or 20,706 persons. Employment decreased the most in administrative and support services, in manufacturing, and in accommodation and food service activities.

Notes

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.

With this publication of quarterly GDP, data for the first quarter were also revised. The GDP estimate for 2019 based on annual data sources and the routine revision for 2016 - 2018, and consequently the adjustment of quarterly GDP, will be published at the end of September due to the delay in data sources (balance sheets, balance of payments data).

More detailed data

More detailed data are available in the SiStat Database.

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

	2019			2020
	IV-VI	VII-IX	X-XII	I-III	IV-VI
Non-seasonally adjusted
Changes on the same quarter of the previous year	2.5	2.4	1.7	-2.5	-13.0
Seasonally adjusted
Changes on the previous quarter	0.0	0.8	0.4	-4.8	-9.6
Changes on the same quarter of the previous year	2.3	2.1	1.7	-3.7	-12.9

Source: SURS

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

	2019			2020
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
Domestic expenditure	2.0	3.8	0.4	-2.6	-12.0
Final consumption expenditure	3.1	3.3	0.5	-2.9	-11.8
Households	3.8	3.2	1.2	-5.8	-16.6
NPISH	1.8	2.8	7.6	-7.2	-9.8
General government	1.1	3.4	-2.0	4.9	1.5
Gross capital formation	-1.5	5.5	0.1	-1.8	-12.8
Gross fixed capital formation	6.7	2.2	-4.5	-5.5	-16.7
Changes in inventories and valuables¹⁾	-1.6	0.8	0.9	0.7	0.7
External trade balance¹⁾	0.6	-1.0	1.3	-0.2	-2.1
Exports of goods and services	6.0	5.3	0.9	-1.9	-24.5
Goods	5.9	5.7	0.9	-1.1	-21.9
Services	6.3	3.9	0.9	-5.1	-35.0
Minus: imports of goods and services	5.9	7.4	-0.8	-1.9	-25.0
Goods	6.2	9.0	-0.6	-1.7	-24.4
Services	3.7	-0.1	-1.4	-3.2	-28.2
Gross domestic product	2.5	2.4	1.7	-2.5	-13.0

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

Source: SURS

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

	2019			2020
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-6.7	-7.1	-6.3	-5.0	-7.6
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	3.5	3.7	1.9	-0.9	-16.4
of which: C Manufacturing	4.4	4.8	2.6	0.2	-16.7
F Construction	7.5	-2.1	-0.7	1.5	-9.8
GHI Trade, transportation and storage, accommodation and food service activities	3.6	3.4	1.5	-4.5	-20.5
J Information and communication	3.3	1.8	1.7	2.8	-8.5
K Financial and insurance activities	5.1	4.6	1.1	-1.1	4.8
L Real estate activities	0.5	1.6	1.9	1.4	0.3
MN Professional, scientific, technical, administrative and support services	0.8	3.8	-0.4	-0.1	-19.6
OPQ Public administration, education, human health and social work	1.5	1.8	1.7	0.9	-1.1
RST Other service activities	1.8	3.7	2.6	-8.7	-29.9
Total value added	2.7	2.5	1.1	-1.1	-12.6
Net taxes on products	1.1	1.9	5.5	-12.5	-15.6
Gross domestic product	2.5	2.4	1.7	-2.5	-13.0