November 8, 2019 / 3:05 PM / 12 days ago

UPDATE 1-Slovenia 2019 GDP growth seen below forecast - cenbank

(Updates with govt institute comment from paragraph 3)

By Marja Novak

BRDO PRI KRANJU, Slovenia, Nov 8 (Reuters) - Slovenia’s economy will grow less than the 3.2% that the Bank of Slovenia forecast in June, because of the global economic slowdown, Bank of Slovenia Governor Bostjan Vasle said.

“It is a fact that global growth is slowing down ... and Slovenia is no exception,” Vasle, who also sits on the European Central Bank’s governing council, told a banking conference.

The government’s macroeconomic institute UMAR said in a monthly report later on Friday that export growth had slowed this year as foreign demand weakened, but household spending continued to rise amid high employment.

Vasle did not give details. The central bank is due to release new GDP forecasts for 2019 and 2020 next month.

The European Commission on Thursday cut its forecast for Slovenia’s 2019 GDP growth to 2.6% from the 3.2% it forecast in July.

“Productivity growth in manufacturing, excluding high technology sectors, was lower in the first eight months of this year compared to last year, growth of exports of most products is lower,” UMAR said.

However, the statistics office said earlier on Friday that exports increased by 15.2% year-on-year in September and rose 9.6% year-on-year in the first nine months of 2019, which is only slightly lower than in the same period last year.

Slovenia exports about 80% of its production, mostly to other European Union states. Main exports include pharmaceuticals, cars, car parts and household appliances.

Reporting by Marja Novak; editing by Alison Williams, Larry King

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