Slovenia: GDP in the second quarter of 2021 on an annual basis increased by 16.3%

In the second quarter of 2021, Slovenia’s gross domestic product (GDP) increased by 16.3% during the second quarter of 2020. Seasonally adjusted GDP increased by 15.7% compared to the second quarter of 2020 and with 1.9% compared to the first quarter of 2021, the national statistics agency announced.

In the second quarter of 2021, household consumption expenditures and gross capital formation contributed the most to GDP growth, while the foreign trade balance had a negative impact.

Household final consumption expenditures increased by 18.8% in the second quarter of 2021. The increase in 2021 was 5.7 percentage points higher than the decline in the same period of 2020. Due to these dynamics, household consumption expenditures in the second quarter of 2021 was even higher than in the second quarter of 2019. A high increase in household spending was observed in all types of household consumption.

Gross fixed capital formation in the second quarter of 2021 increased by 19.2%; The largest increase was observed in the gross fixed capital formation in machinery and other equipment (43.2%). Compared to the same period of 2020, we have observed an increase in most gross fixed capital formation. Changes in inventories also increased and had a positive impact on GDP growth (3.4 percentage points).

Imports and exports increased: imports by 34.9% and exports by 30.2%. Exports and imports of goods increased more than exports and imports of services. Due to higher growth of imports than exports and worse trade conditions, the contribution of the foreign trade balance to GDP growth was negative (0.3 percentage points).

Total employment in the second quarter of 2021 was 1,044,000 people. Compared to the second quarter of 2020, it increased by 1.4% or about 14,000 people. Most new jobs were created in manufacturing, human health and social work activities, administrative and support services and construction (in each of these activities about 3,000). In some branches employment decreased, mostly in accommodation and food service activities. In this branch, employment was declining since the second quarter of 2020, but in the second quarter of 2021, the decline was less pronounced than in the previous two quarters.

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