Gross Domestic Product, Slovenia, 4th Quarter 2020

In the fourth quarter of 2020, the Slovenian economy declined by 4.5% and by 5.5 in 2020.

In the fourth quarter of 2020, gross domestic product (GDP) decreased by 4.5% over the same period of 2019. In 2020, Slovene GDP decreased by 5.5 %.

26 February 2021 at 10:30
|
no status

Romana Korenič
|
Data inquiry

Domestic consumption

In the last quarter of 2020, domestic expenditure declined by 6.1%; final consumption expenditure declined by 10.1%, while gross capital formation increased by 8.2%.

Household final consumption expenditure on the domestic market decreased by 14.5%, which is a slightly smaller decrease than in the second quarter (−17.3%). Within household final consumption expenditure, the majority of expenses decreased, the most prominently expenditure for fuels, cars, clothes and various services.

Gross fixed capital formation increased by 2.0%, mainly due to increase in gross fixed capital formation in construction. Also some other gross fixed capital formation increased, e.g. electric machines and computer hardware.

Higher decrease in imports than exports

In the last quarter of 2020, exports decreased by 0.4% and imports by 2.0% over the last quarter of 2019. Exports and imports of goods in the same period increased: exports of goods by 4.1% and imports of goods by 0.1%. Among services, at both exports and imports, the largest decrease was observed in travelling.

Slovene economy in 2020 down by 5.5%

GDP at current prices amounted to EUR 46,297 million, which is nominally 4.3% less than in 2019. In real terms GDP decreased by 5.5%.

Domestic expenditure in 2020, compared to 2019, decreased by almost 6.5%, which was strongly influenced by the decrease in household consumption expenditure (−9.8%).

External demand also decreased; exports decreased by 8.7%, imports decreased by 10.2%. Decrease in exports and imports of services (by about 20%) was more prominent than decrease in exports and imports of goods. Exports of goods dropped by 5.6% and imports of goods by 8.9%. External trade balance at the end of 2020 amounted to EUR 4,574 million and was higher than in 2019.

Total employment in 2020 was 1,036,600 persons; in one year it decreased by 1.0% or 10,000 persons. Employment decreased the most in administrative and support services, manufacturing, and 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.

More detailed data

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

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

	2020
	I-III	IV-VI	VII-IX	X-XII	Total
Original data
Changes on the same period of 2019	-2.3	-12.9	-2.4	-4.5	-5.5
Seasonally adjusted
Changes on the previous period	-4.8	-10.1	12.2	-1.0	-6.1
Changes on the same period of 2019	-3.3	-13.0	-3.0	-5.0	-6.1

Source: SURS

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

	2020
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2019
Domestic expenditure	-3.3	-12.3	-4.3	-6.1	-6.5
Final consumption expenditure	-3.6	-13.0	-0.1	-10.1	-6.7
Households	-6.4	-17.3	-0.6	-14.5	-9.8
NPISH	-8.9	-10.4	1.6	-8.7	-6.6
General government	4.1	-1.1	1.3	2.8	1.8
Gross capital formation	-2.4	-10.1	-17.4	8.2	-5.8
Gross fixed capital formation	-3.5	-13.8	-0.8	2.0	-4.1
Changes in inventories and valuables¹⁾	0.2	0.8	-3.7	1.2	-0.4
External trade balance¹⁾	0.8	-1.7	1.6	1.2	0.4
Exports of goods and services	-0.8	-23.4	-9.5	-0.4	-8.7
Goods	-0.1	-21.2	-4.5	4.1	-5.6
Services	-3.2	-32.1	-26.1	-16.7	-20.2
Minus: imports of goods and services	-1.9	-24.0	-12.5	-2.0	-10.2
Goods	-1.3	-23.2	-10.5	0.1	-8.9
Services	-4.8	-28.1	-22.5	-13.1	-17.5
Gross domestic product	-2.3	-12.9	-2.4	-4.5	-5.5

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
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2019
A Agriculture, forestry and fishing	-2.1	-5.6	-2.8	-0.5	-2.8
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	-0.9	-15.8	-3.1	0.8	-4.9
of which: C Manufacturing	0.1	-16.0	-2.7	1.3	-4.5
F Construction	1.6	-8.9	1.3	3.8	-0.5
GHI Trade, transportation and storage, accommodation and food service activities	-3.9	-20.8	-6.9	-13.4	-11.3
J Information and communication	2.8	-6.9	2.5	0.2	-0.5
K Financial and insurance activities	-2.0	5.8	14.5	8.3	5.7
L Real estate activities	1.6	0.4	0.8	0.4	0.8
MN Professional, scientific, technical, administrative and support services	0.1	-19.5	-8.1	-6.4	-8.7
OPQ Public administration, education, human health and social work	0.1	-4.1	1.5	1.1	-0.3
RST Other service activities	-8.3	-30.1	-8.7	-30.8	-19.8
Total value added	-1.1	-12.7	-2.4	-3.3	-4.9
Net taxes on products	-10.9	-14.2	-2.0	-12.2	-9.7
Gross domestic product	-2.3	-12.9	-2.4	-4.5	-5.5