Slovenia’s GDP increased by 2.5% in the second quarter of 2019, the Republic of Slovenia Statistical Office said on August 30. Seasonally adjusted GDP increased by 2.6% compared to the second quarter of 2018 and was 0.2% higher than in the first quarter of 2019. 

The statistics office noted high growth of both exports (up 9.4%) and imports (up 12.3%) during the quarter, with both values reaching their highest growth rates in the last 6 quarters. The deteriorating trade balance had a negative impact on GDP growth of 1.3 percentage points (pp).

There was also higher growth of domestic expenditure than in previous quarters; domestic expenditure increased by 4.2% in the second quarter of 2019. Both components – final consumption expenditure and gross capital formation – had a positive impact on high domestic expenditure, said the report. 

Gross capital formation increased by 9.2%, of which gross fixed capital formation increased by 6.9%. The increase in gross fixed capital formation was more prominent in construction (13.4%), while the increase in machinery and equipment was quite lower than in the previous quarters (1.3%), said the statistics office. 

“Both components (gross fixed capital formation in transport equipment and in other machinery and equipment) contributed to the lower increase; after more than four years of continuous growth this time gross fixed capital formation in transport equipment decreased (by 6.2%),” according to the statement. 

The statistics office also announced its first annual GDP estimate for 2018, issued following a scheduled major revision of data has been made for the period from 1995. The gross domestic product for 2018 was estimated based on first annual data sources. GDP was €45,755mn in 2018, which is a 6.4% nominal increase over 2017. In volume terms the 2018 GDP grew by 4.1%, it said in a separate statement also on August 30.