Slovenia's Q3 GDP Shrinks by 0.2 Percent

In Q3, gross domestic product (GDP) rose by 1.1 percent year-on-year, down from an annual growth of 1.6 percent in the previous quarter. Growth in the first three quarters of 2023 was 1.3 percent year-on-year.

"In the third quarter, we observed a slowdown in economic activity and ... a decrease in external trade," the office said in a statement.

It said exports of goods and services fell by 9.2 percent year-on-year, versus a fall of 1.3 percent in the second quarter. Imports were down by 12.1 percent, compared to a decrease of 6.2 percent in the previous quarter. Household spending fell by 0.8 percent year-on-year compared to a growth of 0.3 percent in the second quarter.

In the past months, many Slovenian companies reported lower demand for their products due to an economic slowdown in the European Union, which impacted Slovenia's main trading partners Germany, Italy, Croatia and Austria.

Slovenia exports over 70 percent of its production. Its main exports include cars, car parts, pharmaceutical products and household appliances.

The government said in September that it expected the country's GDP to grow 1.6 percent this year. The figure was 2.5 percent in 2022.

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