Business News

Economy Picks Up Speed, Expanding 2.9% Y/Y in Q2, as Consumption Up (I)

Ljubljana, 29 August (STA) - Slovenia's economy picked up speed in the second quarter, growing by 2.9% at an annual level, as domestic consumption continued to recover. In the first half of the year, GDP grew by 2.5% over the same period a year ago, the Statistics Office said on Friday.

Adjusted for season and working days, the EU gauge, the country's economy expanded by 1% on the first quarter and 2.8% year-on-year.

While exports remained the engine of Slovenia's economy, an important contributing factor to the third consecutive quarter of year-on-year growth - the fastest rate so far since the end of the recession - was domestic consumption.

With employment rising by 0.7% and gross capital formations surging 8%, domestic consumption was up by 1.4% overall.

Slovenian exports expanded by 5.2%, outpacing the growth of imports at 3.3% to contribute a 1.6% net positive external trade balance.

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