By: C. R.
Gross domestic product in the second quarter of this year was, in real terms, 5.0 percent higher than in the same period last year. Growth therefore accelerated compared to the first quarter, when, according to revised data, it reached 3.2 percent. In the first half of the year as a whole, year‑on‑year real GDP growth stood at 4.1 percent, the statistical office reported.
“This is the highest economic growth since the first quarter of 2022,” said Martin Bajželj from the statistical office at a press conference in Ljubljana regarding the year‑on‑year growth in the second quarter.
Domestic consumption strengthened by 5.9 percent compared to last year’s second quarter. Both the increase in final consumption and the increase in gross investment contributed positively.
Household final consumption expenditure rose by 3.4 percent, more than in the previous quarter (2.8 percent) and the most in the last six quarters. Expenditure on purchases in the domestic market increased across all product groups, most notably for durable goods, by 10.1 percent.
Gross fixed capital formation increased by 13.2 percent, the same growth as in the first quarter. The largest contribution came from investments in buildings and structures, which rose by 19 percent, of this, residential buildings increased by 5.8 percent and other buildings and structures by 23.6 percent.
Investments in equipment and machinery increased at a similar rate as in the previous quarter, by 10.1 percent. Among these, investments in transport equipment grew by 14.7 percent, and investments in other equipment and machinery by 8.5 percent.
Exports of goods and services increased by 6.4 percent, while imports rose by 7.6 percent. “The increase in exports and imports of goods in the second quarter of this year was the highest since the third quarter of 2024,” said Bajželj.
The impact of the foreign trade balance remained negative due to faster import growth than export growth, reducing economic growth by 0.5 percentage points.
Total value added increased year‑on‑year by 4.8 percent, most notably in construction, by 15.9 percent. “Value added in construction has been increasing at relatively high rates since last year’s second quarter, and during this period construction has contributed the most to GDP growth,” he explained.
Besides construction, growth strengthened in other major sectors. It was particularly pronounced in the group of trade, transport, and hospitality activities (5.2 percent), and this time also in manufacturing (4.3 percent).
Value added in trade, transport, and hospitality was the highest in the last four years, and in manufacturing the highest in the last year and a half.
In the second quarter, 1.101 million people were employed – 0.3 percent more than in the same period last year. Most new jobs were in professional, scientific, technical, and other business activities, as well as in public administration and defence, education, healthcare, and social care.
According to seasonally adjusted data, economic activity strengthened by 1.8 percent quarter‑on‑quarter, the highest quarterly growth since the third quarter of 2021, and by 4.8 percent year‑on‑year. In the first three months of the year, growth reached 1.1 and 3.5 percent respectively, according to revised data.
From January to June, GDP was 4.1 percent higher than in the same period last year. This is significantly stronger economic momentum than the forecasts of domestic and foreign institutions for Slovenia’s full‑year growth, which hover around two percent.
This also reflects the spontaneous response of the economy to changes and events, including the election of the current government.