Lake Bled in Slovenia

Slovenia Private consumption

Slovenia Private consumption

Private Consumption in Slovenia

Slovenia recorded an average growth rate of 2.2% in private consumption in the decade to 2022, above the Euro Area average of 1.0%. In 2022, the private consumption growth was 3.3%. For more private consumption information, visit our dedicated page.

Slovenia Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Slovenia from 2024 to 2019.
Source: Macrobond.

Slovenia Private consumption Data

2019 2020 2021 2022 2023
Private Consumption (ann. var. %) 5.5 -6.2 10.5 5.0 0.2

GDP growth edges down in the fourth quarter

Economy ends 2024 on a weaker note: GDP growth inched down to 1.5% year on year in Q4 from 1.6% in Q3. On a seasonally adjusted quarter-on-quarter basis, economic growth rose to 0.6% in Q4 from the previous quarter’s 0.4%, marking the strongest reading since Q4 2023. Full-year GDP growth fell to 1.6% in 2024 (2023: +2.1%), marking the weakest reading since 2020 and falling short of the pre-pandemic 10-year average of 1.9%.

Growth in public and private spending slows: Domestically, household spending growth fell to 1.2% in Q4 (Q3: +1.7% yoy)—the weakest expansion in a year. Moreover, government spending growth slowed to 5.7% (Q3: +9.2% yoy). That said, fixed investment contracted 5.2%, though the decline was less severe than Q3’s 8.1% drop. Externally, exports of goods and services growth decelerated to 3.9% in the fourth quarter (Q3: +9.5% yoy), while imports of goods and services growth slowed to 2.3% (Q3: +8.0% yoy), curbing the contribution of net trade to the overall reading.

GDP growth to strengthen in 2025: Looking ahead, our panelists forecast GDP growth to strengthen in 2025 from 2024’s rate. ECB interest rate cuts will underpin a rebound in fixed investment and stronger private consumption growth. That said, fiscal consolidation efforts will dent public spending growth, and exports growth will lose steam. Higher-than-expected U.S. tariffs, a prolonged malaise in Germany’s automotive sector, and weaker-than-expected EU demand are downside risks.

Panelist insight: Commenting on the outlook, Alen Kovac, analyst at Erste Bank, said: “Looking into this year, we expect domestic demand to remain pivotal growth engine, with private consumption maintaining steady growth momentum, coupled with the improving investment activity profile. On the other hand, despite resilient exports performance in 2H24, challenges regarding the external demand developments are seen weighing on the export outlook, thus diminishing net exports contribution in period ahead.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovenian private consumption projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Slovenian private consumption.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovenian private consumption projections.

Want to get access to the full dataset of Slovenian private consumption forecasts? Send an email to info@focus-economics.com.

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen