GDP of Slovenia: growth thanks to gross investment to the fixed assets
GDP of Slovenia was 1.6% higher in the first quarter of this year. According to the Statistical Office, the GDP was 2.3 % higher than in the same period last year. Annual inflation in May remains the same as in April at 2.1%. This is a good prognosis for doing business in Europe.
Gross investment into the fixed assets
What had the most impact on the GDP of Slovenia? Investments in machinery and equipment contributed the most to the increase in gross investment to fixed assets, which was 7.6%. The investments in buildings and structures were 3.9% lower than in the same period last year. Our legal experts can also explain what counts a fixed asset. The contribution of household exports and consumption was a bit lower.
GDP of Slovenia – exports and imports and household consumption are higher
Exports in the first quarter of the year 2021 increased by 0.8 % and imports by 0.5%. However, only the exports and imports of goods increased. The exports and imports of services decreased largely due to the decline in travel.
Household final consumption in the domestic market also decreased the most, by 3%. The expenditure on other goods increased, with the expenditure on car purchases rising the most. We also post the updates on Slovenia on our Facebook and Instagram.
Employment in the first quarter
What are the other factors of the GDP of Slovenia? Employment fell by 1% in the first quarter of this year, down 10,000 people from the same period last year. Unemployment increased the most in hotels and restaurants and manufacturing. However, it rose in some activities, like in health and social work.
What about annual the inflation?
The yearly inflation was largely due to higher fuel and energy prices, while monthly inflation was driven by higher prices of various products and services. The inflation was mitigated by the cheaper holiday packages and 2.7% cheaper food.