August 31 (SeeNews) - Slovenia's gross domestic product (GDP) growth slowed to 3.8% year-on-year in the second quarter from 4.5% in the preceding three-month period, according to non-seasonally adjusted statistical data released on Friday.
On a seasonally adjusted basis, second-quarter GDP increased by 0.8% over the previous quarter and was 4.3% higher year-on-year, data of Slovenia's Statistical Office indicated.
This compared to a seasonally adjusted 0.5% quarter-on-quarter rise and a 4.9% annual expansion in the first quarter of 2018.
In the second quarter, alike the first, external demand had a positive effect on Slovenia's economic growth.
Exports increased by 9.3%, exports of goods went up by 9.1% and exports of services added 10.5%. Imports increased by 8.3%, imports of goods went up by 8.6% and imports of services gained 6.1%.
The external trade surplus contributed 1.7 percentage points to the economic growth.
Domestic consumption in the second quarter of 2018 increased by 2.3% year-on-year. Final consumption expenditure increased by 2.2% and gross fixed capital formation by 2.9%.
The lower growth of gross fixed capital formation was to a large extent the result of changes in stocks, which had a negative impact on GDP growth, the stats agency explained.
The most important components of final consumption expenditure are household final consumption expenditure and gross fixed capital formation, which expanded 1.1% and 8.2%, respectively.
In the second quarter of 2018 total employment was 1,013,618 persons and increased by 3% over the second quarter of the previous year. Most people were employed in manufacturing, followed by construction, trade, and professional, scientific and technical activities.
In the second quarter of 2017, Slovenia's GDP growth rate was 4.2%, according to non-seasonally adjusted data.