Gross domestic product, other aggregates of national accounts and employment, Slovenia, 2016

According to the first annual estimate, gross domestic product at current prices was estimated at EUR 40,418 million in 2016, 4.1% or EUR 1.582 million higher in nominal terms than in the previous year. At the previous year’s prices GDP was higher by 3.1%. The annual GDP estimate in 2016 at current prices is 1.6% (EUR 649 million) higher than the estimate based on quarterly data sources and the GDP volume growth is higher by 0.6 of a percentage point.

Routine revision 2012–2015

Data on GDP and employment in the 2012–2015 period were revised due to routine annual revision. The revision impact was minimal; GDP growth rates in 2012, 2013 and 2015 remained unchanged (−2.7%, −1.1% and 2.3%, respectively), while in 2014 the growth rate is 3.0%, 0.1 of a percentage point lower than the previous estimate.

Due to new data from the register-based 2015 census, the estimate of imputed rent of owner-occupied dwellings in the 2012-2015 period was also revised. Revised estimates are higher for each year in the revised period; in 2012 the estimate of imputed rent was EUR 65 million higher than the previous estimate, in 2013 EUR 324 million higher, in 2014 EUR 316 million higher and in 2015 EUR 332 million higher.

The volume of value added also increased in 2016

Total value added measured at constant prices also increased in 2016, by 3.2%. The highest growth rates were recorded in other administrative and support service activities (8.4%), followed by transportation and storage (7.9%), electricity, gas, steam and air conditioning supply (6.6%) and arts, entertainment and recreation (6.4%). The volume of value added in manufacturing increased by 4.9%; this activity made the largest contribution to value added growth (1.0 percentage point). Activities that follow manufacturing in terms of the contribution to GDP growth are wholesale and retail trade; repair of motor vehicles (0.5 p.p.), transportation and storage (0.4 p.p.), professional, scientific and technical activities (0.2 p.p.), administrative and support service activities (0.2 p.p.), electricity, gas, steam and air conditioning supply (0.2 p.p.), public administration and defence; compulsory social security (0.2 p.p.) and human health and social work activities (0.2 p.p.). Negative impact on the value added came from construction (−0.2 p.p.) and water supply; sewerage, waste management and remediation activities (−0.1 p.p.).

Positive impact of final consumption and external demand, decrease in gross investments

The balance of trade remains positive and is increasing; it amounted to EUR 3,701 million in 2016 and contributed 0.5 of a percentage point to GDP growth. Both the volume of exports and imports of goods and services were higher in 2016 compared to the previous year; exports of goods and services increased by 6.4% (compared to 5.0% in 2015), while imports of goods and services increased by 6.6% (compared to 4.7% in 2015).

Economic growth was positively influenced by final consumption, which increased by 3.8%, of which private final consumption increased by 4.2%. In the case of government consumption we again recorded growth, namely the expenditure increased by 2.5% (–2.1% in 2013, –1.2% in 2014 and 2.7% in 2015); a decrease in the final consumption was recorded only at the non-profit institutions serving households. After three years of growth, gross investments decreased in 2016, in real terms by 0.1%, of which gross fixed capital formation decreased by 3.6% (mainly due to a decline in investments in the general government sector). Changes in inventories and valuables contributed 0.7 of a percentage point to GDP growth.

The share of compensation of employees in GDP higher

The share of compensation of employees in GDP in 2016 increased to 49.3% (in 2015 48.7% of GDP) and is the only category that increased in the income structure of GDP (by 0.6 p.p.). The share of gross operating surplus and mixed income in GDP decreased by 0.4 of a percentage point (37.8% of GDP in 2015, 37.4% of GDP in 2016), and the share of taxes on production and imports decreased as well (14.9% of GDP in 2015, 14.7% of GDP in 2016).

Higher employment also in 2016

The growth of total employment, which began in 2014, continued in 2016, namely, employment increased by 1.9% compared to the previous year. In 2016 the total employment is estimated at 959,741 persons, where the number of employees increased by 2.4% (to 773,462) and the number of self-employed decreased by 0.04% (to 186,279).