Gross domestic product, 1st quarter 2023

GDP at the annual level up by 0.7%

After a year and a half, external demand exceeded domestic expenditure. The final consumption expenditure was slightly lower than in the last quarter of 2022.

  • 16 May 2023 at 10:30
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Exports up, imports down

In the first quarter, exports increased by 1.9% and imports decreased by 3.8%. External trade balance on services was positive for the fourth consecutive quarter. On the other hand, external trade balance on goods was positive for the first time in two years. The contribution of external trade balance to GDP growth was significantly positive (by 5.1 percentage points) – the highest in the last ten years. Terms of trade also contributed to better external trade balance; they were positive for the first time after the 4th quarter of 2020.

Domestic expenditure down

In the 1st quarter of 2023, domestic expenditure decreased by 4.4%. Changes in inventories had a negative impact on domestic expenditure. Other most important categories of domestic consumption increased and had a positive impact on GDP growth. The household consumption expenditure went up by 2.1%, which is somewhat less than in the previous quarter (2.6%), while gross fixed capital formation increased by 6.5%, which is more than in the previous quarter (5.9 %).

High activity in construction had a positive impact on total value added

Total value added increased by 1.1% over the 1st quarter of 2022. Construction and other service activities contributed the most to the total value added. The most prominent negative impact on value added growth had joined activities of trade, transportation and storage, and accommodation and food service activities.

Employment continued to grow at a slower pace

Total employment in the 1st quarter was 1,080,200 persons. Compared to the same quarter of 2022, it increased by 1.1% or about 12,100 persons. Most new jobs were created in construction and manufacturing.

More detailed data will be available in the SiStat Database on 18 May 2023.
Gross domestic product, constant prices, growth rates (%), Slovenia
Non-seasonally adjusted
  annual growth10.
Seasonally adjusted
  quarterly growth1.20.7-
  annual growth9.
Gross domestic product by expenditures, constant prices, growth rates (%), Slovenia
Changes on the same quarter of the previous year
Domestic expenditure17.911.23.31.2-4.4
final consumption expenditure15.
  general government4.80.8-0.6-1.0-1.9
gross capital formation26.316.77.60.5-19.9
  gross fixed capital formation9.
  changes in inventories and valuables1)3.72.4-0.2-1.1-6.5
External trade balance1)-6.1-1.90.1-0.95.1
exports of goods and services8.29.311.9-2.51.9
minus: imports of goods and services17.212.612.6-1.5-3.8
Gross domestic product10.
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 fishing11.72.7-0.5-4.0-2.2
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management 5.04.1-0.3-6.3-0.7
of which: C Manufacturing4.13.84.0-4.1-0.1
F Construction7.87.710.415.015.2
GHI Trade, transportation and storage, accommodation and food service activities24.822.57.32.3-1.6
J Information and communication3.812.810.52.29.5
K Financial and insurance activities5.
L Real estate activities4.50.6-1.6-0.70.1
MN Professional, scientific, technical, administrative and support services11.912.49.610.03.5
OPQ Public administration, education, human health and social work5.
RST Other service activities20.823.
Total value added9.
Net taxes on products12.86.1-1.8-8.3-2.6
Gross domestic product10.
Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes, and to changes compared with the same quarter of the previous year.
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.