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.
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.
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
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Gross domestic product by expenditures, constant prices, growth rates (%), Slovenia
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Value added by activities and gross domestic product, constant prices, growth rates (%), Slovenia
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METHODOLOGICAL NOTE
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.
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