Slovenia's Q1 GDP Growth Slows to 0.7 Percent YoY

Growth has slowed down significantly compared to the same quarter of 2022, when gross domestic product (GDP) expanded by 10.2 percent year-on-year.

On a quarterly basis, GDP rose by 0.6 percent in the first quarter of 2023 versus 0.7 percent in the last quarter of 2022 and 1.2 percent in the first quarter of 2022.

Exports increased by 1.9 percent year-on-year, while imports were 3.8 percent lower.

"The external trade balance in services was positive for the fourth consecutive quarter. On the other hand, the external trade balance in goods was positive for the first time in two years," the office said in a report.

It added that the contribution of the positive external trade balance to GDP was "the highest in the last ten years."

Household spending increased by 2.1 percent year-on-year versus 20.3 percent a year ago. General government expenditure fell by 1.9 percent compared to a growth of 4.8 percent in the same quarter of 2022.

Slovenia exports more than 70 percent of its production, mainly to other European Union states. Local household appliances producer Gorenje, which is owned by China's Hisense, is one of Slovenia's largest exporters.

The European Commission has recently said that Slovenia's economy is projected to grow by 1.2 percent this year compared to a growth of 5.4 percent in 2022.

4155/v