August 22, 2022
According to preliminary data issued by the Statistics Office, domestic and international demand drove Slovenia’s economy to grow at an annual pace of 8.2% in the second quarter of the year. According to the most recent data, the rate has decreased from the nominal annual rate of 9.6% in the previous quarter.
Domestic consumption was mostly driven by household spending because trade in services had the best impact on global demand.
Household spending climbed by 10.6% while domestic consumption rose by 8%. The growth in gross fixed capital creation was 6.4%. Inventory changes boosted GDP growth by 1.1 percentage points. The substantial rise in service exports caused an outpace in export growth over import growth. Over the second quarter of 2021, total exports increased by 8.7%, and total imports increased by 8.5%. While service imports surged by 22.4%, service exports increased by 38.7%. As opposed to the previous four quarters, merchandise exports increased more slowly than goods imports.
GDP growth was boosted by 0.6 percentage points by the external trade balance. Comparing the second quarter of 2021 to the current period, total value added grew by 8.7%. The third consecutive quarter saw the highest favorable effects from trade activity, which increased by 20.8%. Professional, scientific, and technical activities saw a 12.4% increase, while the information and communication sector saw a 13.7% increase. Services overall continued to rise well.
At 2.7% year-over-year in the second quarter, manufacturing growth continued to be solid despite slowing for the sixth consecutive quarter.
A total of 1,080,000 people were employed in the second quarter, up 3.4% over the same period last year. Construction, manufacturing, and professional, scientific, and technological activities produced the majority of the new jobs.
Source: Total Slovenia News
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