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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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
Non-seasonally adjusted
  annual growth5.
Seasonally adjusted
  quarterly growth2.55.2-0.10.2-1.4
  annual growth5.
Gross domestic product by expenditures, constant prices, growth rates (%), Slovenia
Changes on the same quarter of the previous year
Domestic expenditure9.213.516.910.72.7
final consumption expenditure5.617.514.78.91.6
  general government5.
gross capital formation24.21.123.815.96.7
  gross fixed capital formation11.813.
  changes in inventories and valuables1)2.1-
External trade balance1)-3.2-1.9-5.7-1.70.8
exports of goods and services12.613.88.18.611.0
minus: imports of goods and services19.518.116.511.610.7
Gross domestic product5.
1) As contribution to GDP volume growth (in percentage points).
Value added by activities and gross domestic product, constant prices, growth rates (%), Slovenia
Changes on the same quarter of the previous year
A Agriculture, forestry and fishing-8.9-8.811.72.7-0.5
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management
of which: C Manufacturing7.
F Construction10.
GHI Trade, transportation and storage, accommodation and food service activities0.518.824.822.66.4
J Information and communication11.620.33.712.710.4
K Financial and insurance activities24.
L Real estate activities3.
MN Professional, scientific, technical, administrative and support services8.09.79.412.08.9
OPQ Public administration, education, human health and social work3.
RST Other service activities4.132.020.823.14.5
Total value added5.
Net taxes on products5.917.612.86.1-1.8
Gross domestic product5.
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.