November 30 (SeeNews) - Slovenia's economic growth slowed slightly to 4.5% year-on-year in the third quarter, compared with a revised annual increase of 4.6% in the previous quarter, the statistical office said on Thursday, citing non-seasonally adjusted data.
On a seasonally adjusted basis, Slovenia's gross domestic product (GDP) expanded by 1.0% over the previous quarter and grew by 4.9% over the third quarter of 2016, following a revised increase of 1.2% over the first quarter and a revised 5.4% growth over the second quarter of 2016 in the April-June period of 2017, the office of statistics said in a statement.
In the third quarter, like in the second, external demand had a positive impact on economic growth.
Total exports increased by 12.0%; exports of goods went up by 12.6% and exports of services rose by 9.6%.
Imports increased by 10.1%, as imports of goods went up by 10.7% and imports of services grew by 7.2%.
The faster increase of exports resulted in a record trade surplus of 11.6% of GDP, which is the highest share since 1995 when data was first made available.
In the third quarter, domestic consumption increased by 2.4% year-on-year, with slower growth observed in both of its components - final consumption expenditure and gross fixed capital formation.
Gross capital formation went up by 1.9% year-on-year after two quarters of significant increase. Gross fixed capital formation, on the other hand, added 6.1%, compared to growth of 8.7% in the previous quarter.
Construction investment and gross fixed capital formation in other machinery and equipment had a positive impact on gross fixed capital formation growth. In the third quarter, construction investment went up by 6.6%, while gross fixed capital formation in machinery and equipment increased by 5.5%.
Details on GDP by type of expenditures in constant prices follow, y/y change in pct
|
Q3'17 |
Q2'17 |
Q3'16 |
Domestic expenditure |
2.4 |
3.5 |
3.0 |
Final consumption expenditure |
2.5 |
2.4 |
3.8 |
- households |
2.7 |
2.8 |
4.3 |
- NPISH |
2.9 |
0.2 |
-3.1 |
- general government |
1.8 |
1.3 |
2.7 |
Gross capital formation |
1.9 |
7.5 |
0.1 |
- gross fixed capital formation |
6.1 |
8.7 |
-2.5 |
External trade balance |
2.4 |
1.5 |
0.7 |
Exports of goods and services |
12.0 |
8.6 |
5.8 |
Imports of goods and services |
10.1 |
7.7 |
5.6 |
Gross domestic product |
4.5 |
4.6 |
3.4 |
In the third quarter of 2017, total employment increased 2.7% year-on-year to 991,667. Most of the employed people worked in manufacturing, followed by other business activities, transport and trade.