Download First Release Households gross disposable income increased by

First Release
30 junij 2016
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Households gross disposable income increased by 3.7% in the first quarter of
2016
Nonfinancial sector accounts, Slovenia, 1st quarter 2016
In the first quarter of 2016 the growth of exports of goods and services continued, non-financial
corporations extended the series of quarters with surplus, general government deficit decreased
compared to the first quarter of 2015, households recorded higher growth of disposable income.
Total economy
Total economy surplus (net lending) amounted to EUR 874.8 million or 9.1% of GDP (first quarter of 2015:
EUR 644.1 million or 7.2% of GDP). The surplus on the goods and services account amounted to EUR
1,014.6 million (10.9% of GDP), while the joint impact of primary incomes, current transfers and capital
transfers was negative and thus decreased the surplus by EUR 166.7 million. Exports of goods and services
increased over the first quarter of 2015 by 3.6% (exports of goods by 2.4% and exports of services by 9.2%),
while imports remained on the same level (imports of goods decreased by 1.1% and imports of services
increased by 6.7%)
Non-financial corporations
The series of quarters of non-financial corporations surplus extended also in the first quarter of 2016: it
amounted to EUR 28.7 million or 0.3% of GDP (first quarter of 2015: EUR 136.8 million or 1.5% of GDP).
The last quarter that non-financial corporations did not end up with surplus was the first quarter of 2012.
Deleveraging and relatively low investment activity continue. The investment rate of non-financial
corporations, which reflects the ratio between gross fixed capital formation and value added, in the first
quarter of 2016 amounted to 20.9% (first quarter of 2015: 22.0%) and was 1.6 percentage point higher than
in the previous quarter.
Financial corporations
The surplus of financial corporations in the first quarter of 2016 amounted to EUR 246.5 million or 2.7% of
GDP (first quarter of 2015: EUR 191.7 million or 2.1% of GDP). Tackling the consequences of the financial
crisis, which has not yet been fully solved, has in the last years greatly affected the surplus of financial
corporations (and also the deficit of general government) and to a lesser extent affected also the surplus in
the first quarter of 2016 (due to capital transfers of general government in the amount of EUR 43.6 million).
General government
The deficit (net borrowing) of general government sector in the first quarter of 2016 amounted to EUR 313.0
million or 3.4% of GDP (first quarter of 2015: EUR 357.8 million or 4.0% of GDP). Total government revenue
increased over the first quarter of 2015 (mostly due to the increase in taxes on production and current taxes
on wealth), while total expenditure remained on the same level. On the expenditure side, the major decrease
was recorded in gross fixed capital formation (compared to the first quarter of 2015 it decreased by one
third), but it was partially offset by an increase in final consumption. Reducing the investment is otherwise
associated with the utilization of EU funds from the 2007–2013 financial perspective, which is closed, while
the disbursement of funds from a new perspective (2014–2020) is not yet in full swing.
Households and NPISH
The surplus in the households sector in the first quarter of 2016 was high also compared to the usual higher
surpluses, which are typical for households in first quarters: it amounted to EUR 885.7 million or 9.6% of
GDP (first quarter of 2015: EUR 673.3 million or 7.5% of GDP). Most of the increase was due to the growth
of compensation of employees in the non-financial corporations sector (increasing employment and growth in
gross wages) and in the general government sector (promotions), which almost completely streamlined into
the surplus. Gross disposable income increased by 3.7% over the first quarter of 2015, but households did
not (as yet) spend this additional income on final consumption (which stood at the same level as in the first
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quarter of 2015) or to increase the investment activity. The saving rate which reflects the ratio between
savings and disposable income was in the first quarter of 2016 high: it amounted to 20.7% (first quarter of
2015: 17.8%).
More detailed data
More detailed data including time series are available on the SI-STAT data portal.
Chart 1: Net lending (+) / net borrowing (-) by institutional sector, current prices, Slovenia
Source: SURS
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Table 1: Account of Slovenia with the Rest of the World, current prices, Slovenia
I–III 2015 IV–VI 2015 VII–IX 2015 X–XII 2015 I–III 2016
mio. EUR
External balance of goods and services
757.4
943.7
1,069.7
840.1
1,014.6
Balance of primary incomes
751.1
872.2
952.8
724.7
1,045.0
Current external balance
597.9
713.6
811.6
584.4
883.8
Net lending (+)/net borrowing (-)
644.1
783.3
939.2
788.5
847.8
Source: SURS
Table 2: Main aggregates of national accounts by institutional sectors, current prices, Slovenia
I–III 2015 IV–VI 2015 VII–IX 2015 X–XII 2015 I–III 2016
mio. EUR
Non-financial corporations
Gross value added
4,603.3
5,171.4
5,255.8
5,116.4
4,794.5
Gross disposable income
1,291.5
1,463.6
1,507.9
1,382.5
1,394.2
Gross saving
1,291.5
1,463.6
1,507.9
1,382.5
1,394.2
136.8
272.4
380.2
425.1
28.7
Gross value added
308.8
330.7
339.8
293.3
293.9
Gross disposable income
239.9
178.3
260.9
251.3
225.7
Gross saving
226.7
166.8
241.7
221.8
214.3
Net lending (+)/net borrowing (-)
191.7
200.2
196.2
170.0
246.5
Gross value added
1,339.4
1,381.1
1,347.0
1,392.1
1,415.9
Gross disposable income
1,717.6
2,005.8
1,996.4
2,163.6
1,773.4
20.3
200.7
250.4
262.3
-21.8
-357.8
-245.9
-62.9
-169.2
-313.0
Gross value added
1,503.2
1,651.5
1,612.1
1,640.8
1,534.6
Gross disposable income
5,541.5
5,991.5
5,880.7
5,767.0
5,749.3
Gross saving
986.1
906.8
804.8
557.7
1,195.0
Net lending (+)/net borrowing (-)
673.3
556.6
425.7
362.6
885.7
Gross value added
7,754.7
8,534.6
8,554.6
8,442.5
8,038.9
Gross disposable income
8,790.5
9,639.2
9,645.8
9,564.4
9,142.6
Gross saving
2,524.5
2,737.9
2,804.8
2,424.3
2,781.7
644.1
783.3
939.2
788.5
847.8
Net lending (+)/net borrowing (-)
Financial corporations
General government
Gross saving
Net lending (+)/net borrowing (-)
Households and NPISH
Total economy
Net lending (+)/net borrowing (-)
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Source: SURS
Methodological note
The entire data series in this publication on sector accounts is revised once a year according to the revision
policy. Data for general government sector for 2014 and 2015 differ from the data published in releases
intended solely for the general government. The entire series will be fully harmonized with the next
publication on the 30th of September 2016.
In this release the term households is used for the household sector, incl. the sector of non-profit institutions
serving households (NPISH). Data are available only for the two sectors together. The impact of NPISHs on
the total value is small and usually negligible.
All the data are stated in nominal values and are not seasonally adjusted.
Detailed data
Detailed data and time series are available on the SI-STAT data portal, which enables simple browsing
and exporting of data in various formats. Registered users have the possibility to store tables for later
browsing and to sign up to be informed when data are updated.
Author/s: Borut Strnad
Next release: 30. 9. 2016
Statistical Office of the Republic of Slovenia
Litostrojska cesta 54, 1000 Ljubljana, Slovenia
Information Centre:
phone: +386 1 241 64 04
fax: +386 1 241 53 44
[email protected]
www.stat.si/en
© Statistični urad Republike Slovenije
Use and publication of data is allowed provided the source is acknowledged.
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