* Quarterly growth at 0.2%
* Exports up by 9.4% year-on-year
* Jobless rate the lowest in almost 11 years
By Marja Novak
LJUBLJANA, Aug 30 (Reuters) - Slovenia’s economy expanded 2.5% year-on-year in the second quarter of 2019 compared with 3.3% in the first quarter, boosted by growth in exports and investments, the statistics office said on Friday.
Gross domestic product grew 0.2% in the quarter, down from 0.6% in the first quarter, the smallest quarterly growth in over a year, the statistics office said. It also revised 2018 GDP growth to 4.1% from the 4.5% it first estimated, in February.
“The figures are a disappointment,” said Bojan Ivanc, chief analyst at the Chamber of Commerce and Industry. He forecast 2019 GDP growth at 2.8%, below the government’s forecast.
The government’s macroeconomic institute, UMAR, forecast in March that GDP growth would slow to 3.4% in 2019 from 4.1% in 2018. It’s expected to lower that forecast in September.
Growth is slowing largely because of an economic slowdown in Slovenia’s main trading partners, which are mostly other euro zone states, said Matej Justin, a fund manager at financial platform Borza Teratev.
Slovenia exports about 80% of its production, mostly to Germany, Italy, Croatia, Austria and France. Main exports include cars, car parts, pharmaceutical products and household appliances.
The statistics office said exports rose by 9.4% year-on-year and imports were up by 12.3%. Total investment increased by 9.2%, mostly in construction. Investments in machinery were up just 1.3%, indicating weaker production growth in manufacturing.
The statistics office also said the jobless rate in the second quarter fell to 4.2%, the lowest since the third quarter of 2008. It said August’s inflation rate rose to 2.4% year-on-year from 2% a month before.
Reporting By Marja Novak