Slovenia GDP shrinks at slower pace in Q3
Photo by Feng Yu / Shutterstock.com
Sloveniaʼs economic output contracted by a real 2.6% year-on-year in the third quarter of 2020 but was 12.4% higher compared to the second quarter when the country introduced its first coronavirus lockdown, the Statistical Bureau of Slovenia (SURS) said on Monday.
In the third quarter, domestic expenditure declined by 5.0% year-on-year due to both components of domestic expenditure: final consumption expenditure declined by 0.3% and gross capital formation by 19.6%.
Within final consumption, only household expenditure was lower in annual terms, down 0.9%, while general government expenditures rose 1.4%.
The large decline in gross fixed capital formation was mainly a consequence of the decrease in inventories. A decline was also observed in machinery and equipment, while investment in construction rose by 2.7%.
In the third quarter, exports shrank by an annual 9.5%, while imports fell 13.1%. IN a separate report, the Ljubljana-based statistics agency said that consumer prices fell by 0.9% year-on-year in November, after edging down by an annual 0.1% in October. In annual terms, the largest downward impact on the consumer prices of 1.1 percentage points, came from lower prices of petroleum products.
On a monthly basis, consumer prices increased 0.3%. Measured by the EUʼs harmonized index of consumer prices (HICP), Slovenia swung to annual deflation of 1.1% in November, from inflation of 1.4% in November 2019.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.