Gross domestic product, 4th quarter 2022

GDP in the 4th quarter 2022 up by 0.2% at the annual level

In the fourth quarter of 2022, economic activity continued to slow down. GDP grew by 0.2% compared to 4th quarter of 2021. Domestic expenditure had a positive impact on GDP growth, while the impact of external demand was negative. Seasonally adjusted GDP grew by 0.8% compared to 3rd quarter of 2022.

14 February 2023 at 10:30
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Rok Gabrič, Romana Korenič
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Domestic expenditure is calming down

In the 4th quarter of 2022, domestic expenditure increased by 1.2%; household consumption expenditure went up by 2.6% and gross fixed capital formation by 5.9%. The changes in inventories had a negative impact on GDP growth.

Exports and imports down

In the 4th quarter of 2022, both exports and imports went down, which was the first decrease since the 4th quarter of 2020. Exports decreased by 2.5% and imports by 1.5%. The contribution of external trade balance to GDP growth was negative (by 0.9 of a percentage point).

Value added growth slowed down in most activities

Total value added increased by 1.4% over the 4th quarter of 2021. Construction, and professional, scientific, technical, administrative and support services contributed the most to the total value added. The most prominent decline (by 6.3%) was observed in joint activities of mining and quarrying, manufacturing, electricity and water supply. For these activities, this was the first decrease in the last two years.

Employment continued to grow at a slower pace

Total employment in the 4th quarter was 1,083,800 persons. Compared to the same quarter of 2021, it increased by 1.6% or about 16,700 persons. Most new jobs were created in construction and in manufacturing.

In 2022, GDP up by 5.4%

In the first half of 2022, the majority of GDP components were increasing faster than in the second half of the year. Final consumption expenditure and gross capital formation contributed to GDP growth positively. Due to higher growth of imports than exports and worse terms of trade in all four quarters of 2022, the external trade balance was lower than in 2021; it amounted to EUR 961 million (in 2021 it was EUR 3,310 million). The contribution of external trade balance was negative.

More detailed data will be available in the SiStat Database on 16 February 2023.

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

	2022
	I–III	IV–VI	VII–IX	X–XII	total
Non-seasonally adjusted
annual growth	10.2	8.6	3.3	0.2	5.4
Seasonally adjusted
quarterly growth	1.0	0.8	-1.3	0.8	5.7
annual growth	9.6	8.3	3.9	1.3	5.7

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

	2022
	I–III	IV–VI	VII–IX	X–XII	total
	Changes on the same quarter of the previous year
Domestic expenditure	17.9	11.2	3.3	1.2	8.0
final consumption expenditure	15.3	9.3	2.1	1.4	6.6
households	20.3	13.2	3.3	2.6	9.1
NPISH	4.6	-2.0	-3.2	-11.0	-3.4
general government	4.8	0.8	-0.6	-1.0	0.9
gross capital formation	26.3	16.7	7.6	0.5	12.4
gross fixed capital formation	9.4	7.3	8.7	5.9	7.8
changes in inventories and valuables¹⁾	3.7	2.4	-0.2	-1.1	1.1
External trade balance¹⁾	-6.1	-1.9	0.1	-0.9	-2.1
exports of goods and services	8.2	9.3	11.9	-2.5	6.5
goods	4.0	3.2	8.5	-5.3	2.4
services	29.6	38.3	23.9	8.6	23.8
minus: imports of goods and services	17.2	12.6	12.6	-1.5	9.8
goods	15.0	9.4	11.9	-2.1	8.2
services	31.6	33.4	16.8	2.0	19.0
Gross domestic product	10.2	8.6	3.3	0.2	5.4

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

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

	2022
	I–III	IV–VI	VII–IX	X–XII	total
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	11.7	2.7	-0.5	-4.0	2.2
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	5.0	4.1	-0.3	-6.3	0.4
of which: C Manufacturing	4.1	3.8	4.0	-4.1	1.8
F Construction	7.8	7.7	10.4	15.0	10.4
GHI Trade, transportation and storage, accommodation and food service activities	24.8	22.5	7.3	2.3	13.4
J Information and communication	3.8	12.8	10.5	2.2	7.2
K Financial and insurance activities	5.7	7.8	4.5	6.2	6.0
L Real estate activities	4.5	0.6	-1.6	-0.7	0.7
MN Professional, scientific, technical, administrative and support services	11.9	12.4	9.6	10.0	10.9
OPQ Public administration, education, human health and social work	5.0	2.6	1.5	1.5	2.6
RST Other service activities	20.8	23.2	4.5	4.0	12.0
Total value added	9.9	8.9	4.0	1.4	5.9
Net taxes on products	12.8	6.1	-1.8	-8.3	1.8
Gross domestic product	10.2	8.6	3.3	0.2	5.4