Business News

Revised GDP Data Turn 2011 Contraction into Growth

Ljubljana, 31 August (STA) - Slovenia's economic output expanded by 0.6% last year rather than contracted by 0.2%, revised GDP data from the Statistics Office show. The main growth factor was exports.

A regular annual revision of GDP at current prices for 2007-2011 put the value of GDP at current prices for 2011 at EUR 36.172bn, 1.6% up nominally on the year before, the office revealed on Friday.

"Based on the current data we can say the economic situation last year was better than assessed in February this year," the head of the department for macroeconomic statistics Karmen Hren told reporters in Ljubljana.

"The current estimate is that GDP last year rose by 0.6% rather than fell by 0.2%," Hren said, pointing to a 7% rise in exports as the key growth factor plus a 1% rise in consumption by households.

The negative factor for the third year running was gross fixed capital formation, which last year contracted by 8.1%. Government expenditure fell by 1.2%.

The new GDP estimate is EUR 35.607bn for 2010 and EUR 35.556bn for 2009. The revised figure for 2011 is EUR 533m higher than the estimate after quarterly calculations.

The new estimates for GDP growth rates are 7% instead of 6.9% for 2007 and 3.4% instead of 3.6% for 2008, while in 2009 GDP is now estimated to have contracted by 7.8% and not by 8%. GDP growth rate for 2010 was downgraded to 1.2% from 1.4%.

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