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Main exports include cars, car parts, pharmaceuticals and household appliances. Foto: BoBo

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Slovenia Aug. exports up most in 6.5 years, GDP growth seen above forecast

Industrial output increased by 8.3 percent year-on-year and by 1.4 percent compared to July
10. October 2017 ob 18:54
Ljubljana - MMC RTV SLO

Slovenian exports rose by 18.7 percent year-on-year in August which is the highest rise since February 2011, with exports to other European Union states up by 20.8 percent, the statistics office said on Tuesday.

It also said August industrial output increased by 8.3 percent year-on-year and by 1.4 percent compared to July.

Analysts said the figures indicate that GDP growth this year could be higher than 4.4 percent as forecast by the government's macroeconomic insitute UMAR in September.

UMAR forecast export growth at 8.8 percent this year while statistics office said exports rose by 12.5 percent year-on-year in the first eight months of 2017, creating a trade surplus of 456 million euros with imports were up by 14.2 percent.

"Export figures are very high and show that GDP growth this year will be close to 5 percent," said Iztok Trobec from the treasury department of Dezelna Banka.

"For now I do not see any overheating of the economy," Trobec said, adding that inflation remains low as it reached 1.4 percent year-on-year in September.

Slovenia, which narrowly avoided an international bailout for its banks in 2013, returned to growth a year later and has since strongly increased exports which are the main driver of the 40-billion-euro ($47.12 billion) economy.

The country exports over 60 percent of its production, mostly to other EU states. Main exports include cars, car parts, pharmaceuticals and household appliances.

K. T., Reuters