Gross domestic product, 2nd quarter 2022
GDP at the annual level up by 8.2%
Domestic and foreign demand had positive impact on economic growth in the second quarter of 2022. Household expenditure contributed most to domestic consumption, while foreign demand was strongly affected by trade in services.
High growth of domestic expenditure for the fifth consecutive quarter
In the 2nd quarter of 2022, domestic consumption increased by 8%; household consumption expenditure went up by 10.6% and contributed the most. Gross fixed capital formation increased by 6.4%. The changes of inventories had a positive impact on GDP growth (1.1 percentage points).
External trade balance positive after four quarters
In the 2nd quarter of 2022, exports increased more than imports, mainly due to high increase of exports of services. Exports went up by 8.7% and imports by 8.5% over the same quarter of 2021. Export of services increased by 38.7% while imports of services went up by 22.4%. In contrary, the exports were lower than imports in terms of goods; similarly to the previous four quarters. The contribution of external trade balance to GDP growth was positive (0.6 of a percentage point).
Acceleration in service activity growth, slowing pace in other activities
Total value added increased by 8.7% over the 2nd quarter of 2021. Trade activity grew by 20.8% and contributed the most to the structure of total value added for the third consecutive quarter. Services continued to grow strong. On the other hand, growth in manufacturing was slowing its pace for the last five quarters, but it remained positive, at 2.7%.
Employment continued to grow
Total employment in the 2nd quarter was 1,080,000 persons. Compared to the same quarter of 2021, it increased by 3.4% or about 36,000 persons. Most new jobs were created in construction, manufacturing and professional, scientific and technical activities.
More detailed data will be available in the SiStat Database on 18 August 2022.
Gross domestic product, constant prices, growth rates (%), Slovenia
Gross domestic product by expenditures, constant prices, growth rates (%), Slovenia
1) As contribution to GDP volume growth (in percentage points).
Value added by activities and gross domestic product, constant prices, growth rates (%), Slovenia