Slovenia’s GDP contracted 13% y/y in 2Q20 experiencing the full effect of the crisis

Slovenia’s GDP contracted 13% y/y in 2Q20 experiencing the full effect of the crisis
By bne IntelliNews August 31, 2020

Slovenia’s economy contracted by 13% year on year in the second quarter of 2020, after falling 2.5% y/y in the previous quarter, the statistics office said on August 31.

The huge decline was a result of the coronavirus (COVID-19) epidemic in the country. In the second quarter the country felt the full impact of the crisis. The International Monetary Fund (IMF) projects Slovenia's economy to contract 8% in the full year 2020 due to the pandemic.

Slovenia's seasonally adjusted GDP decreased by 9.6% compared to the first quarter of 2020. 

In the second quarter, domestic expenditure in Slovenia declined by 12% due to both components of domestic expenditure - final consumption expenditure (-11.8%) and gross capital formation (-12.8%).

Household final consumption expenditure went down by 16.6% and gross fixed capital formation by 16.7%.

The decline in construction investment was less prominent than the decline of investment in machinery and equipment as the former fell by 14.1% and the latter by 26.2%.

In the second quarter, Slovenia's exports dropped by an annual 24.5%, while imports decreased by 25%.

In the first half of 2020, Slovenia’s GDP fell by 7.9% over the same period last year.

Data

Dismiss