February 28 (SeeNews) - Slovenia's gross domestic product (GDP) increased by 5.0% in 2017, according to preliminary estimates released by the country's statistical office on Wednesday.
According to the latest available data, Slovenia's GDP grew 2.5% in 2016.
At current prices, Slovenia's GDP totalled 43.3 billion euro ($52.9 billion) in 2017, up by a nominal 7.1% over 2016, the statistical office said in a statement.
As in 2016, external demand was the key driver of economic growth, as exports increased by 10.6%. Domestic demand had an increasingly significant role (up 4.0%), in the scope of which private consumption grew by 3.2%.
Construction had the largest contribution to GDP growth, having increased 11.4% on the year in 2017. Agriculture, forestry and fishing declined the most, by 9.2%.
According to seasonally adjusted data, Slovenia's GDP grew by 5.4% on the year in 2017.
In the fourth quarter alone, Slovenia's GDP expanded by 6.0% year-on-year, compared to a growth rate of 4.5% in the third quarter.
Seasonally-adjusted fourth quarter GDP increased by 2.0% over the previous quarter and by 6.2% over the same quarter of 2016.
GDP by expenditures, constant prices, growth rates (%):
|
2017 |
Q4 |
Q3 |
Domestic expenditure |
4.1 |
4.5 |
2.9 |
Final consumption expenditure |
3.0 |
3.8 |
2.7 |
Gross capital formation |
8.4 |
7.7 |
3.8 |
External trade balance |
1.3 |
1.7 |
1.9 |
Exports of goods and services |
10.6 |
12.3 |
11.9 |
Gross domestic product |
5.0 |
6.0 |
4.5 |
($=0.818483 euro)