August 31 (SeeNews) - Slovenia's annual economic growth quickened to 2.7% in the second quarter from 2.3% in the preceding three months, driven mainly by household consumption, non-seasonally adjusted data from the statistics office showed on Wednesday.
On a seasonally-adjusted basis, the gross domestic product (GDP) expanded by 0.5% over the previous quarter and by 1.9% over the second quarter of 2015, following a 0.5% quarterly rise and a 2.1% annual growth in the first quarter of 2016, the data indicated.
The annual growth in household consumption accelerated to 2.6% in April-June from 1.2% in January-March. Investments also had a positive impact, with the contraction in gross fixed capital formation narrowing to 3.6% from 7.8%. This was partly offset by a deceleration in government expenditure to 2.1% from 3.4%.
The contribution of net exports to GDP growth declined to 0.9 percentage points from 1.2 percentage points in the first quarter, as a quickening in exports growth to 7.5% from 5.9% was more than offset by a pick up in import growth to 7.2% from 4.9%.
By industry, manufacturing contributed 1.7 percentage points to economic growth in April-June. Trade, accommodation and food service activities, and real estate activities together contributed 0.9 percentage points. On the other hand, construction and the finance and insurance sector had negative contribution to the overall development.
|
Q2'16 |
Q1'16 |
Q2'15 |
Domestic expenditure |
2.0 |
1.3 |
0.5 |
Final consumption expenditure |
2.5 |
1.8 |
0.3 |
- Households |
2.6 |
1.2 |
-0.4 |
- NPISH |
2.1 |
3.5 |
6.1 |
- General govt |
2.1 |
3.4 |
1.8 |
Gross capital formation |
0.6 |
-0.7 |
1.5 |
- Gross fixed capital formation |
-3.6 |
-7.8 |
0.6 |
- Changes in inventories and valuables (contribution to GDP in pp) |
0.8 |
1.4 |
0.2 |
External trade balance (contribution to GDP in pp) |
0.9 |
1.2 |
1.6 |
Exports of goods and services |
7.5 |
5.9 |
6.5 |
Imports of goods and services |
7.2 |
4.9 |
4.8 |
GDP |
2.7 |
2.3 |
2.0 |
In 2015, Slovenia's GDP growth eased to a revised 2.3% from a revised 3.0% a year earlier.