Slovenian economy falls by 8.5 per cent, officially in recession

SloveniaLjubljana - Slovenia's economy slipped by 8.5 per cent year- on-year in the second consecutive quarter in 2009, the national statistical office said, formally announcing a recession.

The country's gross domestic product declined by 6.4 per cent in the first half of 2009, it said.

The data in the export-oriented Slovenia reflect the recession and sharply falling demand in the European Union, particularly in the top buyer of Slovenian products, Germany.

The recession has already fuelled unemployment in Slovenia and the latest jobless figure of 8.4 per cent, in March, was expected to rise when it is next announced in July.

The most developed of the former Yugoslav republics, Slovenia joined EU in 2004 and adopted the euro as it currency three years later.(dpa)