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Economy in focus

Slovenia, a small European nation, continues to make waves on the economic front. In the second quarter of 2022, the country experienced substantial economic growth, fueled by both domestic and foreign demand. This article provides a concise overview of the key insights from the latest economic data, shedding light on the driving forces behind Slovenia's impressive performance. From household expenditure to trade in services, we delve into the factors shaping Slovenia's economic landscape.

Economy in focus

Slovenia's economy showed robust growth in the second quarter of 2022, expanding at an annual rate of 8.2%. This growth was driven by strong domestic and foreign demand, with household expenditure and services trade playing significant roles.

Key Highlights:

  • Domestic consumption increased by 8%, with household expenditure rising by 10.6%.
  • Gross fixed capital formation saw a 6.4% increase, and changes in inventories contributed positively to GDP growth.
  • Exports of services surged by 38.7%, outpacing the growth in imports of services, which increased by 22.4%.
  • Total exports grew by 8.7%, and imports increased by 8.5%, with a favorable impact on the external trade balance.
  • Total value added rose by 8.7%, with trade activity being the primary driver.
  • The services sector, especially information and communication, and professional activities, demonstrated strong growth.
  • Manufacturing showed a positive but slower growth rate of 2.7%.
  • Total employment increased by 3.4% year-on-year, with significant job creation in construction, manufacturing, and professional activities.
  • When adjusted for season and workdays, Slovenia's economy expanded by 8.3% year-on-year and 0.9% compared to the previous quarter, aligning with EU standards.

Slovenia's economy remains resilient and diverse, driven by dynamic sectors and strong trade, contributing positively to its overall growth.

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