Slovenia's GDP contracts 5.5 pct in 2020

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LJUBLJANA, Feb. 26 (Xinhua) -- Slovenia's GDP decreased 5.5 percent in real terms in 2020 from the year before, the Statistics Office announced on Friday.

According to the report, the country's economy throughout last year at current prices amounted to 46,297 million euros, which is nominally 4.3 percent less than in 2019. In real terms GDP decreased by 5.5 percent.

Data for the fourth quarter of last year showed a year-on-year drop of 4.5 percent, the Statistics Office said.

The year started off slowly, as epidemic was declared in March, with a 2.3 percent drop in real terms in the first quarter of the year.

A sharp drop of 12.9 percent was seen in the second quarter, followed by a significant upturn in the third quarter (Q3). Nevertheless, GDP in Q3 was still 2.4 percent lower year-on-year.

Domestic spending saw a considerable drop, while external demand also suffered a blow. Domestic expenditure in 2020 decreased by almost 6.5 percent compared with 2019.

External demand also decreased. Exports dropped by 8.7 percent while imports fell by 10.2 percent. External trade balance at the end of 2020 amounted to 4,574 million euros, higher than in 2019.

Total employment in 2020 was 1,036,600 persons, which decreased by 1.0 percent or 10,000 persons. Enditem

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