November 30 (SeeNews) - Slovenia's annual economic growth slowed to 2.7% in the third quarter from a revised 2.8% in the preceding three months, chiefly due to decreased gross capital formation and household consumption, non-seasonally adjusted data from the statistics office showed on Wednesday.
On a seasonally-adjusted basis, Slovenia's gross domestic product (GDP) expanded by 1.0% over the previous quarter and grew by 3.0% over the third quarter of 2015, following a revised 0.7% quarterly rise and a 2.2% annual growth in the second quarter of 2016, the data indicated.
Gross capital formation declined by 0.4% after increasing by a revised 1.7% in the previous quarter. Gross fixed capital formation growth decreased by 3.6%, versus a 3.4% decline in the second quarter of 2016. Similarly to the previous quarters of 2016, lower construction investment had a negative impact on the growth of gross fixed capital formation.
At the annual level, the growth of domestic expenditure decelerated to 1.8% in the third quarter from a revised 2.7% in the previous quarter. Growth in general government expenditure also decreased, to 1.6% from a revised 2.0%. Growth in household consumption slowed down to 2.6% in July-September, from 3.4% in April-June.
Foreign trade surplus contributed 1.1 percentage points to GDP growth in the July-September period, versus 0.4 percentage point in the second quarter. Exports rose 5.4% year-on-year in the third quarter, slowing down from a 7.7% increase in the second quarter, while imports grew by 4.5% in July-September, compared with an 8.2% increase in April June.
Manufacturing contributed 1.3 percentage points to Slovenia's economic growth in the third quarter of 2016. Value added in manufacturing increased by 6.5%.
The highest growth of value added was observed in accommodation and food service activities, up 11%. The total value added of the economy increased by 2.5%.
GDP components (pct change):
|
Q3'16 |
Q2'16 |
Q3'15 |
Domestic expenditure |
1.8 |
2.7 |
1.7 |
Final consumption expenditure |
2.5 |
3.0 |
1.7 |
-households |
2.6 |
3.4 |
1.1 |
-NPISH |
10.2 |
2.1 |
2.7 |
-General govt |
1.6 |
2.0 |
3.2 |
Gross capital formation |
-0.4 |
1.7 |
2.0 |
-Gross fixed capital formation |
-3.6 |
-3.4 |
-0.2 |
-Changes in inventories and valuables (contribution to GDP in pp) |
0.4 |
1.0 |
0.6 |
External trade balance (contribution to GDP in pp) |
1.1 |
0.4 |
0.4 |
Exports of goods and services |
5.4 |
7.7 |
5.0 |
Imports of goods and services |
4.5 |
8.2 |
5.1 |
GDP |
2.7 |
2.8 |
2.0 |
Slovenia's statistics office has revised up the GDP growth data for the second quarter of 2016 to 2.8% from 2.7% reported earlier.
In 2015, Slovenia's GDP growth slowed down to a revised 2.3% from a revised 3.0% increase a year earlier.