Gross domestic product, 3rd quarter 2023

GDP up by 1.1% at the annual level

In the third quarter, we observed a slowdown in economic activity. Economic growth was 1.1% in the 3rd quarter of 2023, and 1.3% from January to September 2023 compared to the same period of 2022.

14 November 2023 at 10:30
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no status

Romana Korenič, Rok Gabrič
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Data inquiry

Significant decrease in imports, exports down, too

Similarly to the previous quarter, in the third quarter we observed a decrease in external trade. Imports decreased by 12.1% over the same period last year. Exports decreased as well, but at a slower pace (9.2%). External trade balance amounted to EUR 1,145 million at current prices, and contributed 2.4 percentage points to GDP volume growth.

Domestic expenditure down

Domestic expenditure decreased by 1.4%. Final consumption expenditure increased by 0.2%, while fixed capital formation declined by 6.1%, predominantly due to a decrease in inventories. Gross fixed capital formation increased by 8.3%, mostly due to an increase in investment into buildings and structures. Household consumption expenditure went down by 0.8%.

Tables with more detailed data will be available in the SiStat Database on 16 November 2023.

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

	2022		2023
	Q3	Q4	Q1	Q2	Q3
Non-seasonally adjusted
annual growth	0.9	-0.2	1.0	1.6	1.1
Seasonally adjusted
quarterly growth	-0.1	0.6	0.2	1.0	-0.2
annual growth	1.6	1.0	1.1	1.7	1.6

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

	2022		2023
	Q3	Q4	Q1	Q2	Q3
	Changes on the same quarter of the previous year
Domestic expenditure	-0.7	0.1	-3.2	-3.0	-1.4
final consumption expenditure	-1.5	-0.4	1.9	1.1	0.2
households	-1.6	0.0	3.2	0.3	-0.8
NPISH	18.5	8.7	2.2	0.9	0.4
general government	-2.1	-1.6	-0.8	3.4	2.8
gross capital formation	2.2	1.9	-16.9	-15.0	-6.1
gross fixed capital formation	3.8	0.7	7.7	11.2	8.3
changes in inventories and valuables¹⁾	-0.3	0.3	-6.3	-6.1	-3.2
External trade balance¹⁾	1.6	-0.2	4.3	4.4	2.4
exports of goods and services	12.7	-1.3	2.5	-1.3	-9.2
goods	9.1	-4.2	0.2	-1.6	-9.7
services	25.4	10.1	11.4	-0.6	-6.4
minus: imports of goods and services	11.4	-1.1	-2.1	-6.2	-12.1
goods	11.4	-1.9	-3.6	-7.3	-13.5
services	12.2	3.4	5.7	0.3	-3.3
Gross domestic product	0.9	-0.2	1.0	1.6	1.1

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

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

	2022		2023
	Q3	Q4	Q1	Q2	Q3
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-5.7	-9.3	-4.2	-1.5	-1.6
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	1.8	-4.1	-2.0	2.0	1.2
of which: C Manufacturing	4.2	-3.4	-1.1	3.4	0.0
F Construction	6.1	11.1	15.1	21.0	18.4
GHI Trade, transportation and storage, accommodation and food service activities	-4.5	-8.6	-0.4	-1.2	-1.9
J Information and communication	11.6	3.4	8.6	-1.2	0.2
K Financial and insurance activities	-0.3	3.2	-2.1	9.7	-3.6
L Real estate activities	-0.1	0.9	0.5	0.7	1.8
MN Professional, scientific, technical, administrative and support services	12.6	10.7	5.4	1.1	0.9
OPQ Public administration, education, human health and social work	-0.9	3.5	0.1	1.8	1.6
RST Other service activities	-13.1	62.8	16.2	4.4	1.5
Total value added	1.1	0.8	1.5	2.5	1.6
Net taxes on products	-0.4	-7.3	-2.5	-4.7	-2.4
Gross domestic product	0.9	-0.2	1.0	1.6	1.1

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.

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 .

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Methodological explanations

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