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First Release 30 junij 2016 no status 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 Published on: http://www.stat.si/StatWeb/en/show-news?id=6047, printed on 19. 6. 2017. 1/4 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 Published on: http://www.stat.si/StatWeb/en/show-news?id=6047, printed on 19. 6. 2017. 2/4 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 (-) Published on: http://www.stat.si/StatWeb/en/show-news?id=6047, printed on 19. 6. 2017. 3/4 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. Published on: http://www.stat.si/StatWeb/en/show-news?id=6047, printed on 19. 6. 2017. 4/4