Gross domestic product, 3rd quarter 2022

GDP at the annual level up by 3.4%

In the third quarter of 2022, economic activity slowed down. The domestic expenditure growth, where the slowdown is more pronounced, was within the long-term average. This time, GDP growth was influenced by household expenditure, gross fixed capital formation, and foreign trade in services.

15 November 2022 at 10:30
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Romana Korenič
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Domestic expenditure is calming down

In the 3rd quarter of 2022, domestic expenditure increased by 2.7%; household consumption expenditure went up by 2.6%, while gross fixed capital formation increased by 7.1%. The changes in inventories had a neutral impact on GDP growth.

Contribution of external trade balance positive again

After five consecutive quarters of faster increase in imports than in exports, in the 3rd quarter of 2022, exports increased more than imports. Exports went up by 11.0% and imports by 10.7% over the same quarter of 2021. Exports of services increased by 21.5%, while imports of services went up by 8.4%. Thus, the positive external trade balance is a consequence of trade in services. The contribution of external trade balance to GDP growth was 0.8 of a percentage point.

Value added slowdown in most activities

Total value added increased by 4.1% over the 3rd quarter of 2021. Trade activity grew by 6.4% and contributed the most to the structure of total value added for the fourth consecutive quarter. In most activities, the economic activity was slowing down, while some of them declined (agriculture, real estate activities, public administration, education, human health and social work). Acceleration was observed in construction (annual growth was 10.4%; in previous quarter 7.7%).

Employment continued to grow

Total employment in the 3rd quarter was 1,082,000 persons. Compared to the same quarter of 2021, it increased by 2.0% or about 21,000 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 17 November 2022.

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

	2021		2022
	VII–IX	X–XII	I–III	IV–VI	VII–IX
Non-seasonally adjusted
annual growth	5.1	10.5	9.7	8.3	3.4
Seasonally adjusted
quarterly growth	2.5	5.2	-0.1	0.2	-1.4
annual growth	5.1	10.7	9.3	7.9	3.9

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

	2021		2022
	VII–IX	X–XII	I–III	IV–VI	VII–IX
	Changes on the same quarter of the previous year
Domestic expenditure	9.2	13.5	16.9	10.7	2.7
final consumption expenditure	5.6	17.5	14.7	8.9	1.6
households	5.7	21.2	19.6	12.6	2.6
NPISH	11.2	21.8	4.6	-2.0	-3.2
general government	5.4	8.3	4.5	0.7	-0.9
gross capital formation	24.2	1.1	23.8	15.9	6.7
gross fixed capital formation	11.8	13.2	9.4	7.3	7.1
changes in inventories and valuables¹⁾	2.1	-2.3	3.2	2.2	0.0
External trade balance¹⁾	-3.2	-1.9	-5.7	-1.7	0.8
exports of goods and services	12.6	13.8	8.1	8.6	11.0
goods	7.3	10.6	3.9	2.4	8.1
services	33.8	27.7	29.6	37.7	21.5
minus: imports of goods and services	19.5	18.1	16.5	11.6	10.7
goods	16.0	16.2	14.6	8.6	11.5
services	37.7	28.5	28.7	30.2	8.4
Gross domestic product	5.1	10.5	9.7	8.3	3.4

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
	VII–IX	X–XII	I–III	IV–VI	VII–IX
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-8.9	-8.8	11.7	2.7	-0.5
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	5.8	5.7	4.9	4.1	2.2
of which: C Manufacturing	7.9	7.1	4.1	3.8	3.4
F Construction	10.6	7.2	7.8	7.7	10.4
GHI Trade, transportation and storage, accommodation and food service activities	0.5	18.8	24.8	22.6	6.4
J Information and communication	11.6	20.3	3.7	12.7	10.4
K Financial and insurance activities	24.2	18.2	4.9	8.5	4.4
L Real estate activities	3.0	3.0	4.5	0.6	-1.1
MN Professional, scientific, technical, administrative and support services	8.0	9.7	9.4	12.0	8.9
OPQ Public administration, education, human health and social work	3.2	4.8	3.7	1.3	-0.1
RST Other service activities	4.1	32.0	20.8	23.1	4.5
Total value added	5.0	9.6	9.3	8.6	4.1
Net taxes on products	5.9	17.6	12.8	6.1	-1.8
Gross domestic product	5.1	10.5	9.7	8.3	3.4