February 28 (SeeNews) - Slovenia's gross domestic product (GDP) increased by 2.5% in 2016, preliminary estimates released by the country's statistics office on Tuesday showed.
According to latest available data, GDP growth in 2015 stood at 2.3%.
At current prices, GDP amounted to 39.8 billion euro ($42.1 billion), up by a nominal 3.1% from 2015, the office said in a statement.
As in 2015, external demand was the key driver of economic growth last year, as exports expanded by 5.9%. Domestic demand had an increasingly significant role, growing by 2.4%, and led to an increase by 2.8% in private consumption.
Manufacturing had the largest contribution to GDP growth, having increased 6.5% on the year in 2016. Construction declined the most, by 12.3%.
According to seasonally adjusted data, Slovenia's GDP grew by 2.6% on the year in 2016.
In the fourth quarter alone, gross domestic product expanded by 2.6% year-on-year, speeding up slightly from a growth of 2.5% in the third quarter.
Seasonally adjusted fourth quarter GDP increased by 1.2% over the previous quarter and by 3.6% over the same quarter of 2015.
GDP by expenditures, constant prices, growth rates (%):
|
2016 |
Q4 |
Q3 |
Domestic expenditure |
2.4 |
3.7 |
1.7 |
Final consumption expenditure |
2.8 |
3.7 |
2.0 |
Gross capital formation |
1.0 |
3.8 |
0.5 |
External trade balance |
0.3 |
-0.8 |
0.9 |
Exports of goods and services |
5.9 |
4.6 |
5.6 |
Gross domestic product |
2.5 |
2.6 |
2.5 |
($=0.9449 euro)