• Tue. May 28th, 2024

Slovenia’s economy grows by 2.1% year-on-year in the first quarter of 2024, according to bne IntelliNews

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May 15, 2024

Slovenia’s economy saw growth of 2.1% in the fourth quarter of 2024 according to data released by the statistics office, SURS. Seasonally adjusted data showed a year-on-year increase of 1.8%, while the GDP remained unchanged quarter-on-quarter.

In the first quarter of the year, domestic expenditure rose by 1.7%, the highest increase in the last six quarters. Final consumption expenditure increased by 2.0%, a slight decrease from the previous quarter. Fixed capital formation also rebounded with a 0.9% increase, after four consecutive quarters of decline, with positive contributions from changes in inventories.

However, there was a notable slowdown in gross fixed capital formation, rising by only 0.6%, significantly less than growth rates seen in 2023. Household consumption expenditure also saw a modest increase of 0.9%. Import and export numbers decreased in the first quarter of 2024 compared to the same period in 2023, but the decline was less pronounced than in previous quarters. Imports dipped by 0.9%, with goods imports falling by 0.1% and services imports by 4.8%.

Exports also fell by 0.6%, with services exports experiencing a larger drop of 7.1% while goods exports saw a slight increase of 1.1%. Despite this, the external trade surplus contributed 0.2 percentage points to GDP growth.

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