Download First Release Total economy generated a surplus of almost EUR 2.5

First Release
31 marec 2017
no status
Total economy generated a surplus of almost EUR 2.5 billion or 6.1% of GDP for
the third year in a row
Nonfinancial sector accounts, Slovenia, 4th quarter 2016
Fourth quarter data confirmed earlier trends in 2016. Surplus in trade in goods and services reflected
in the high surplus with the rest of the world; non-financial corporations’ surplus decreased, general
government deficit was the lowest since 2008, household disposable income increased again.
Total economy
Trade in goods and services continued to strengthen and remained the main reason for a high surplus with
the rest of the world. Exports of goods and services in the fourth quarter of 2016 grew compared to the fourth
quarter of 2015 by 5.0 % (in 2016 compared to 2015 by 4.6%), while imports of goods and services grew by
6.2% (in 2016 by 4.0%). In the fourth quarter of 2016, exports of goods and services exceeded imports of
goods and services by EUR 803 million or 7.9% of GDP (in 2016: EUR 3,833 or 9.6% of GDP).
Total economy surplus in the fourth quarter amounted to EUR 434 million or 4.3% of GDP. In 2016, the
surplus amounted to EUR 2,437 million or 6.1% of GDP and was EUR 1,396 million lower than the surplus
generated in trade in goods and services alone. The difference corresponds to the value of deficit generated
by other parts of the rest of the world account: primary incomes, current transfers and capital transfers. The
deficit is quite usual for this part of the rest of the world account; compared to 2015 (EUR 1,064 million) it
was up because of lower income from capital transfers received from abroad. Capital transfers were down
due to a decrease in absorption of EU funds from EUR 934 million in 2015 to EUR 226 million in 2016.
Non-financial corporations
Non-financial corporations’ saving continues to exceed (non-financial) investment expenditure. In the fourth
quarter of 2016, non-financial corporations’ surplus amounted to EUR 254 million or 2.5% of GDP (fourth
quarter of 2015: EUR 333 million or 3.4% of GDP). 2016 ended with a surplus in the amount of EUR 636
million or 1.6% of GDP. This is 41% lower than the 2015 surplus, which amounted to EUR 1,079 million or
2.8% of GDP.
Gross capital formation is increasing: in the fourth quarter of 2016 it amounted to EUR 1,138 million (up by
16.8% compared to the fourth quarter of 2015), while in 2016 it amounted to EUR 4,897 million (up by 14.5%
compared to 2015).
Financial corporations
Financial corporations’ surplus in the fourth quarter of 2016 amounted to EUR 64 million or 0.6% of GDP
(fourth quarter of 2015: EUR 62 million or 0.6% of GDP). In 2016, financial corporations generated a surplus
in the amount of EUR 275 million or 0.7% of GDP (in 2015: EUR 225 million or 0.6% of GDP).
General government
General government deficit in the fourth quarter of 2016 amounted to EUR 163 million or 1.6% of GDP, while
in 2016 it amounted to EUR 609 million or 1.5% of GDP. Compared to 2015, deficit was down by 40% and
was the lowest since 2008, when it amounted to EUR 537 million or 1.4% of GDP. In the fourth quarter (and
in the whole 2016) both total government revenue and total government expenditure decreased. Capital
transfers from EU funds sharply decreased (and reached just 3% of the 2015 value) and a 33% decrease in
gross fixed capital formation on the expenditure side was recorded. Revenue from tax and social
contributions increased due to economic growth, while compensation of employees increased
simultaneously with the easing of austerity measures in the public sector.
Households and NPISH
Gross disposable income in the fourth quarter of 2016 amounted to EUR 6,080 million and was up by 2.6%
Published on: http://www.stat.si/StatWeb/en/show-news?id=6522, printed on 14. 5. 2017.
1/4
compared to the fourth quarter of 2015. In the whole 2016 it increased for the third year in a row, this time by
2.0%.
Household disposable income is closely related to the labour income, i.e. to compensation of employees,
which is the largest component of disposable income and a crucial one for its movement. With the easing of
austerity measures in the public sector and growth in employment (and gross wages) in the private sector,
compensation of employees increased by 4.1% in the fourth quarter and in 2016 as well (compared to 2015).
In addition to compensation of employees, also gross operating surplus and mixed income contributed
positively to the growth of disposable income, while other components (net property income, taxes on
income, wealth, etc., and net social contributions and benefits) slowed it down.
Household gross saving rate in the fourth quarter of 2016 amounted to 9.7% (in the fourth quarter of 2015:
11.3%), while in 2016 it amounted to 14.6% (2015: 14.8%).
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=6522, printed on 14. 5. 2017.
2/4
Table 1: Account of Slovenia with the Rest of the World, current prices, Slovenia
X–XII 2015 I–III 2016 IV–VI 2016 VII–IX 2016 X–XII 2016
mio. EUR
External balance of goods and services
841.2
951.2
999.5
1,079.1
802.8
Balance of primary incomes
610.1
924.8
860.2
878.6
702.0
Current external balance
461.3
745.3
722.9
756.3
566.9
Net lending (+)/net borrowing (-)
612.1
707.8
615.0
680.6
433.5
Source: SURS
Table 2: Main aggregates of national accounts by institutional sectors, current prices, Slovenia
X–XII 2015 I–III 2016 IV–VI 2016 VII–IX 2016 X–XII 2016
mio. EUR
Non-financial corporations
Gross value added
5,046.2
4,712.7
5,347.6
5,417.5
5,260.7
Gross disposable income
1,252.1
1,285.1
1,494.9
1,679.6
1,493.3
Gross saving
1,252.1
1,285.1
1,494.9
1,679.6
1,493.3
333.3
18.8
54.5
309.1
253.9
Gross value added
330.2
348.9
289.1
312.6
317.1
Gross disposable income
150.4
216.0
53.2
99.7
144.2
Gross saving
123.2
198.7
38.6
84.8
115.8
62.3
190.4
-25.1
35.8
63.6
Gross value added
1,381.1
1,409.5
1,451.8
1,409.8
1,453.9
Gross disposable income
2,121.5
1,752.9
2,221.5
2,052.0
2,221.5
233.2
-80.1
323.7
216.1
258.2
-177.1
-356.0
50.7
-140.8
-162.7
Gross value added
1,694.9
1,539.1
1,684.6
1,676.3
1,728.2
Gross disposable income
5,926.6
5,785.1
6,105.7
6,042.7
6,080.4
Gross saving
674.4
1,214.9
898.7
807.0
594.8
Net lending (+)/net borrowing (-)
393.6
854.6
534.9
476.4
278.6
Gross value added
8,452.4
8,010.3
8,773.0
8,816.3
8,759.8
Gross disposable income
9,450.6
9,039.1
9,875.3
9,874.1
9,939.4
Gross saving
2,282.8
2,618.7
2,755.9
2,787.4
2,462.1
612.1
707.8
615.0
680.6
433.5
Net lending (+)/net borrowing (-)
Financial corporations
Net lending (+)/net borrowing (-)
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=6522, printed on 14. 5. 2017.
3/4
Source: SURS
Methodological note
Non-financial sector accounts data are revised for 2016 in accordance with the revision policy. Due to
differences in sector accounts and general government accounts revision policies (the latter have been
revised also for the years before 2016), there have been minor discrepancies which will be resolved in
September 2017.
For seasonal adjustment of time series we started to use JDemetra+ software instead of Demetra+ software.
Time series models were carefully revised and, if necessary, changed. The entire period was taken into
account. Due to software replacement and changed models, larger revisions in seasonal adjustment results
are possible.
In this release all the data are stated in nominal values and are not seasonally adjusted. 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.
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. 6. 2017
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=6522, printed on 14. 5. 2017.
4/4