Gross domestic product, other aggregates of national accounts and employment, 2022

2.5% economic growth in 2022

After a routine revision of annual estimates, Slovenia’s gross domestic product for 2022 was estimated at EUR 57,038 million. Compared to the previous year, it grew by 9.1% in nominal terms and by 2.5% in volume terms.

  • 31 August 2023 at 10:30
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First estimate of 2022 GDP based on annual data sources

We made the first estimate of the 2022 GDP based on annual data sources. With the routine revision, the data from 2019 on were revised. The next annual revision in one year will be more extensive, in line with the European policy of harmonised benchmark revisions of national accounts every five years.

Moderate economic growth and rising general price level

Slovenia’s gross domestic product for 2022 was estimated at EUR 57,038 million. This was a 9.1% nominal increase over the previous year, mostly due to rising product prices. In volume terms, the 2022 GDP grew by 2.5%. Output grew by 3.7% and intermediate consumption by 4.8%.

The largest contributors to GDP growth were professional, scientific and technical activities (0.6 of a percentage point) and accommodation and food service activities (also 0.6 p.p.), which in 2022 exceeded by 4% the pre-pandemic (2019) volume of value added. Contribution of construction to GDP growth was 0.4 of a percentage point, of information and communication activities also 0.4 p.p., of administrative and support service activities 0.3 p.p., and of transportation and storage 0.2 p.p.

The largest negative contribution to GDP growth was from manufacturing (−0.7 p.p.), followed by wholesale and retail trade (−0.6 p.p.), and electricity, gas, steam and air conditioning supply (−0.2 p.p.).

Moderate growth of final consumption expenditure, above average increase in inventories

The expenditure side of GDP in 2022 showed a moderate volume growth of final consumption expenditure of households (3.3%). Final consumption expenditure of general government decreased in volume terms by 0.5%, while final consumption expenditure of non-profit institutions serving households grew in volume terms by 21.1%. Inventories increased by EUR 1,515 million, thereby contributing 1.0 percentage point to GDP volume growth. Gross fixed capital formation increased in volume terms by 3.5%. In external trade, as in the previous year, imports of goods and services grew more (9.0%) than exports (7.2%). External trade balance was still positive at EUR 1,292 million, but it was the lowest in the last ten years. Terms of trade worsened for the second year in a row; implicit deflator showed 14.7% growth of export prices, whereas import prices grew by 18.3%.

Less subsidies in the income distribution

The share of compensation of employees in GDP was 52.0% in 2022 (0.7 of a percentage point lower than in the previous year). The share of taxes on production was 13.5% (0.1 p.p. lower). The share of subsidies decreased to 1.7%, after exceptional values during the pandemic (4.7% in 2020 and 3.1% in 2021), which at the time contributed to maintaining the shares of compensation of employees, the operating surplus and mixed income of the self-employed. The share of consumption of fixed capital in GDP was 19.7% (0.7 p.p. higher than in the previous year). The share of net operating surplus and mixed income was 16.5% (1.3 p.p. lower than in the previous year).

Highest employment

The number of employees increased by 2.6% and the number of self-employed persons by 4.2%. Total employment increased by 2.9% and was estimated at the annual average of 1,082 thousand persons. This was the highest employment in the entire time series of Slovenian national accounts. Employees represented 80.6% and the self-employed 19.4% of total employment.

Tables with the latest data are available in the SiStat Database.

Gross domestic product – revision 2023, Slovenia
At current prices, mio. EUR48,58247,04552,27957,038
  before revision, mio. EUR48,53347,02152,20858,989 1)
  change, %
Volume growth, %3.5-
  before revision, %3.5- 1)
  change, percentage points0.10.10.0-2.9
1) estimate based on quarterly data sources
Value added by production activity and GDP, Slovenia, 2022
At market pricesShare of GDPAnnual change in volumeContribution to GDP growth
mio. EUR%percentage points
A Agriculture, forestry and fishing1,0481.8-2.60.0
B Mining and quarrying1650.328.10.1
C Manufacturing11,33419.9-3.3-0.7
D Electricity, gas, steam and air conditioning supply6901.2-10.9-0.2
E Water supply, sewerage, waste mgmt. & remed. act.4350.821.80.2
F Construction3,4256.07.20.4
G Wholesale and retail trade, repair of motor vehicles5,82510.2-5.2-0.6
H Transportation and storage3,1365.54.80.2
I Accommodation and food service activities1,2462.238.40.6
J Information and communication2,1853.89.90.4
K Financial and insurance activities2,0823.60.90.0
L Real estate activities3,7416.62.00.1
  of which: imputed dwelling activity of households2,9955.31.50.1
M Professional, scientific and technical activities3,6486.410.00.6
N Administrative and support service activities1,4742.614.30.3
O Public admin. & defence, compuls. soc. security3,0205.32.10.1
P Education2,6744.70.00.0
Q Human health and social work activities2,8755.02.10.1
R Arts, entertainment and recreation6421.125.10.2
S Other service activities5160.98.50.1
T Activities of households as employers380.14.60.0
U Activities of extra-territorial org. and bodies
Total value added50,19988.02.42.1
Net taxes on products6,83912.03.20.4
Gross domestic product57,038100.02.52.5
Expenditure breakdown of GDP, Slovenia, 2022
At market pricesShare of GDPAnnual change in volume
mio. EUR%
Domestic expenditure55,74697.73.7
Final consumption expenditure41,89773.52.4
  general government11,10919.5-0.5
Gross capital formation13,84924.37.9
  gross fixed capital formation12,32921.63.5
  changes in inventories 1)1,5152.71.0
  acquis. less disposals of valuables 1)40.00.0
Balance of external trade 1)1,2922.3-1.0
Exports of goods and services53,69994.17.2
  exports of goods42,62874.72.9
  exports of services11,07119.424.9
Imports of goods and services52,40791.99.0
  imports of goods44,80278.57.7
  imports of services7,60513.315.9
Gross domestic product57,038100.02.5
For components marked with 1) the contribution to GDP growth is presented instead of the annual volume change.
Income breakdown of GDP, Slovenia, 2022
At market pricesShare of GDPAnnual change of share
mio. EUR%percentage points
Gross domestic product57,038100.0
Compensation of employees29,67252.0-0.7
Taxes on production and imports7,70613.5-0.1
Minus: Subsidies9781.7-1.4
Gross operating surplus and mixed income20,63936.2-0.6
  consumption of fixed capital11,22519.70.7
  net operating surplus and mixed income9,41416.5-1.3
Additional explanations are available in the methodological explanations.

When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.