Slovenia's GDP Rose 8.1% in Real Terms in 2021

By , 28 Feb 2022, 13:20 PM Business
Slovenia's GDP Rose 8.1% in Real Terms in 2021 JL Flanner

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STA, 28 February 2022 - Driven by stimulus-fuelled domestic spending, Slovenia's economy expanded by 8.1% in real terms in 2021 after a 4.2% contraction the year before. In nominal terms it was up 10.9%, show preliminary estimates released by the Statistics Office on Monday. In the fourth quarter GDP grew by a seasonally adjusted 5.4% year-on-year.

Domestic spending surged by 10.8% year-on-year, with final consumption, growing at 9.4%, having a bigger impact on headline growth than investments, although investments expanded by 15.5%, according to the statisticians.

External demand improved as well, but with imports significantly outpacing exports, the trade surplus and hence the impact of exports on GDP actually.

Total employment stood at 1,054,000 at the end of the year, rising by 1.4% over the year before. Employment increased the most in manufacturing, construction, human health and social work activities, and in administrative and support services.

Quarterly figures show GDP growth accelerating, from 1.3% in the third quarter to 5.4% in the final quarter.

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