Gross domestic product, 4th quarter 2021

GDP in the fourth quarter of 2021 up by 10.4%

After decline in 2020, the Slovenian economy recovered in 2021. GDP increased at the quarterly and annual level.

28 February 2022 at 10:30
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Romana Korenič
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High economic growth in the last quarter of 2021 due to higher domestic demand

In the last quarter of 2021, domestic consumption increased by 13.9%; household consumption expenditure increased by 22.9% and contributed the most. Gross fixed capital formation also increased (by 11.0%), the most prominently investment in machinery and equipment (by 21.9%).

As in two previous quarters, in the last quarter of 2021 imports increased more than exports. Imports went up by 16.8% and exports by 12.1% over the last quarter of 2020. Due to higher growth of imports than exports and worse terms of trade, the contribution of external trade balance to GDP growth was negative (−2.3 percentage points).

Slovenian economy recovered in 2021; GDP up by 8.1%

After the 4.2% decline in 2020, Slovenian GDP in 2021 increased by 8.1% in real terms. Nominal growth of GDP was 10.9%. GDP in current prices amounted to EUR 52,020 million.

Domestic expenditure had positive impact on rather high economic growth in 2021. After the decrease in 2020 (by 4.6%) we observed a 10.8% increase in 2021. Among domestic expenditure, final consumption contributed to GDP growth more than gross capital formation.

External demand also increased; exports increased by 13.2% and imports by 17.4%. Due to higher growth of imports than exports and worse terms of trade in three quarters of 2021, the external trade balance was lower than in 2020; it amounted to EUR 2,764 million (in 2020 it was EUR 4,328 million).

Total employment in 2021 was 1,054,000 persons; in one year it increased by 1.4% or 14,600 persons. Employment increased the most in manufacturing, construction, human health and social work activities and in administrative and support services (in each of these activities by about 3,000 persons).

The next first release on quarterly GDP for the 1^st quarter of 2022 will be published on 16 May 2022. More detailed data will be available in the SiStat Database on 18 May 2022.

More detailed data including time series are available in the SiStat Database.

Gross domestic product, constant prices, growth rates (%), Slovenia

	2021
	I-III	IV-VI	VII-IX	X-XII	Total
Original data
Changes on the same period of 2020	1.5	16.1	5.0	10.4	8.1
Seasonally adjusted
Changes on the previous period	1.5	2.0	1.3	5.4	8.1
Changes on the same period of 2020	2.6	15.5	4.7	10.5	8.1

Gross domestic product by expenditures, constant prices, growth rates (%), Slovenia

	2021
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2020
Domestic expenditure	1.1	18.6	9.7	13.9	10.8
Final consumption expenditure	-0.2	13.8	6.0	18.2	9.4
households	-1.1	17.9	7.2	22.9	11.6
NPISH	14.0	20.1	8.0	15.9	14.4
general government	1.2	4.4	3.2	7.0	3.9
Gross capital formation	5.6	36.3	24.5	0.8	15.5
gross fixed capital formation	8.0	20.4	10.5	11.0	12.3
changes in inventories and valuables¹⁾	-0.3	3.2	2.4	-2.0	0.8
External trade balance¹⁾	0.5	-0.8	-3.7	-2.3	-1.6
Exports of goods and services	1.6	30.5	11.6	12.1	13.2
goods	4.6	30.9	7.2	9.5	12.3
services	-11.3	28.5	29.9	23.2	17.1
Minus: imports of goods and services	1.2	36.1	19.1	16.8	17.4
goods	4.2	37.2	16.3	15.6	17.4
services	-15.7	30.0	33.7	23.5	17.3
Gross domestic product	1.5	16.1	5.0	10.4	8.1

1) As contribution to GDP volume growth (in percentage points).

Value added by activities and gross domestic product, constant prices, growth rates (%), Slovenia

	2021
	I-III	IV-VI	VII-IX	X-XII	Total
	Changes on the same period of 2020
A Agriculture, forestry and fishing	-12.6	-3.2	-4.9	-4.7	-6.2
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	2.7	26.9	6.3	4.9	9.7
of which: C Manufacturing	4.0	27.8	6.5	4.5	10.2
F Construction	0.1	8.7	2.5	0.4	2.8
GHI Trade, transportation and storage, accommodation and food service activities	-1.8	20.1	8.7	20.3	11.6
J Information and communication	5.1	11.0	6.4	10.9	8.4
K Financial and insurance activities	10.2	-1.2	2.9	45.6	12.2
L Real estate activities	0.1	1.8	3.1	2.9	2.0
MN Professional, scientific, technical, administrative and support services	-0.1	22.2	8.6	10.9	10.1
OPQ Public administration, education, human health and social work	1.7	2.7	0.2	2.7	1.8
RST Other service activities	-16.5	18.5	8.2	37.5	10.7
Total value added	0.7	14.8	5.1	9.4	7.4
Net taxes on products	7.5	26.5	4.3	18.3	13.7
Gross domestic product	1.5	16.1	5.0	10.4	8.1

METHODOLOGICAL NOTE

Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes and to changes compared with the same quarter of the previous year.

When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright .

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