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.

16 August 2022 at 10:30
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Romana Korenič, Tilen Rupar
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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

	2021			2022
	IV-VI	VII-IX	X-XII	I-III	IV-VI
Non-seasonally adjusted
Annual growth	16.1	5.0	10.4	9.6	8.2
Seasonally adjusted
Quarterly growth	2.0	1.3	5.2	0.7	0.9
Annual growth	15.6	4.7	10.4	9.4	8.3

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

	2021			2022
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
Domestic expenditure	18.6	9.7	13.9	14.8	8.0
Final consumption expenditure	13.8	6.0	18.2	14.4	7.3
Households	17.9	7.2	22.9	19.6	10.6
NPISH	20.1	8.0	15.9	-1.0	-0.2
General government	4.4	3.2	7.0	3.2	-0.5
Gross capital formation	36.3	24.5	0.8	16.2	10.0
Gross fixed capital formation	20.4	10.5	11.0	8.6	6.4
Changes in inventories and valuables¹⁾	3.2	2.4	-2.0	1.8	1.1
External trade balance¹⁾	-0.8	-3.7	-2.3	-4.1	0.6
Exports of goods and services	30.5	11.6	12.1	8.4	8.7
Goods	30.9	7.2	9.5	4.2	2.4
Services	28.5	29.9	23.2	30.0	38.7
Minus: imports of goods and services	36.1	19.1	16.8	14.6	8.5
Goods	37.2	16.3	15.6	11.7	6.3
Services	30.0	33.7	23.5	34.5	22.4
Gross domestic product	16.1	5.0	10.4	9.6	8.2

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

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

	2021			2022
	IV-VI	VII-IX	X-XII	I-III	IV-VI
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-3.2	-4.9	-4.7	10.0	3.1
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	26.9	6.3	4.9	4.7	3.1
of which: C Manufacturing	27.8	6.5	4.5	3.9	2.7
F Construction	8.7	2.5	0.4	7.8	7.7
GHI Trade, transportation and storage, accommodation and food service activities	20.1	8.7	20.3	25.5	20.8
J Information and communication	11.0	6.4	10.9	3.5	13.7
K Financial and insurance activities	-1.2	2.9	45.6	5.2	23.8
L Real estate activities	1.8	3.1	2.9	4.4	0.3
MN Professional, scientific, technical, administrative and support services	22.2	8.6	10.9	8.9	12.4
OPQ Public administration, education, human health and social work	2.7	0.2	2.7	3.7	1.2
RST Other service activities	18.5	8.2	37.5	19.9	24.4
Total value added	14.8	5.1	9.4	9.2	8.7
Net taxes on products	26.5	4.3	18.3	12.7	5.1
Gross domestic product	16.1	5.0	10.4	9.6	8.2