Gross Domestic Product, Other Aggregates of National Accounts and Employment, Slovenia, 2018

4.1 percent economic growth in 2018

A scheduled major revision of data has been made for the period from 1995. The first annual GDP estimate for 2018 has also been made. Compared to the previous year the 2018 GDP increased in nominal terms by 6.4% and in volume terms by 4.1%.

8/30/2019
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Jure Lasnibat
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This publication of national accounts data is the result of a scheduled major revision and the first annual estimate of 2018 GDP. The total impact of many positive and negative changes is lower than after the previous major revision in 2014. The entire time series of data from 1995 on has been revised.

4.1 percent economic growth in 2018

The gross domestic product for 2018 was estimated based on first annual data sources. GDP was EUR 45,755 million in 2018, which is a 6.4% nominal increase over 2017. In volume terms the 2018 GDP grew by 4.1%.

Growth of all expenditure components of GDP in 2018

The balance of external trade was still strongly positive (EUR 3,789 million) and slightly lower than in 2017 (by -0.2% of GDP in real terms). The volume of exports went up by 6.6% and the volume of imports by 7.7%.

Household final consumption expenditure increased in real terms by 3.4%, with the largest contribution from the group of transport means and services. Final consumption expenditure of general government increased as well, by 3.2% in real terms.

Gross fixed capital formation increased in volume by 9.4%. Most of the contribution to this growth was in machinery and equipment, both in transport equipment (volume growth 7.2%) and in other machinery and equipment (volume growth 11.9%). The contribution of GFCF in non-residential buildings was also significant, with volume growth of 11.5%. Gross fixed capital formation represented 19.2% of GDP in 2018 or 0.9 of a percentage point more than in 2017.

Changes in inventories in finished goods, work-in-progress, materials and goods for resale increased again in 2018, in total by EUR 850 million.

Growth of value added in most activities

4.1% economic growth in 2018 was due to increased value added in most production activities. The largest contributions were from Manufacturing (0.7 of a percentage point), Wholesale and retail trade and repair of motor vehicles (0.6 p.p.), Construction (0.4 p.p.) and Transportation and storage (0.4 p.p.).

Increased share of compensation of employees

The share of compensation of employees went up by 0.4 of a percentage point in 2018, representing 49.9% of GDP. The share of net taxes on production and imports went down by 0.2 p.p. to 12.9% of GDP. The share of consumption of fixed capital went down by 0.3 p.p. to 19.0% of GDP. The share of net operating surplus and mixed income was 18.3% of GDP (0.0 p.p. change over 2017).

Total employment exceeded one million persons

The number of employees increased in 2018 by 3.3% and the number of self-employed persons increased by 2.5%. Total employment increased in 2018 by 3.2% and was estimated at 1,020,719 persons. The employees represented 81% and the self-employed represented 19% of total employment.

More on the revision

With routine revisions the national accounts data for the past few years are revised, mostly with updated and additional data sources. In this publication, though, the data have been revised for the entire data series from 1995 on and many more revision steps than usually have been made. This is part of the timing harmonisation of revision policies of European countries, with the purpose of ensuring comparability of data between countries.

Most of the revision steps were due to the results of the verification of quality of national accounts data for administrative purposes (for determining the contribution to the EU budget, excessive deficit procedure, eligibility for European funds). Through verification the European Commission requests from countries to carry out measures to harmonise national accounts estimates with the methodological standards and to ensure comparability of data between countries. The requests differ between countries, depending on the outcomes of the verification process for each country. The latest verification is still ongoing, but is in the final stage. For Slovenia the greatest impact on the estimates was due to the following revision points: inclusion of changes in inventories of standing timber (estimation of wood production in managed forests during their growth instead of at the time of tree felling), inclusion of non-collected value added tax due to producers' bankruptcy, corrections of the exclusion of holding gains and losses from changes in inventories, corrections of the valuation adjustment to basic prices for production for own use, market test and institutional sectorisation of legal persons of private law.

The revision has changed the estimates of gross domestic product in different years in the range from -0.4% to +0.6% and on average by 0.0% of GDP. Economic growth rates have changed between -0.5 and +0.3 of a percentage point and on average by 0.0 percentage points.

Gross domestic product – revision 2019

Year	GDP at market prices			GDP volume growth
	Before revision	Publication 2019	Revision	Before revision	Publication 2019	Revision
	Mio. EUR		%	%		Percentage points
1995	10,522	10,561	0.4
1996	12,132	12,147	0.1	3.5	3.2	-0.3
1997	13,827	13,837	0.1	5.1	5.0	-0.1
1998	15,337	15,352	0.1	3.3	3.3	0.0
1999	17,210	17,227	0.1	5.3	5.3	0.1
2000	18,902	18,853	-0.3	4.2	3.7	-0.5
2001	21,147	21,148	0.0	2.9	3.2	0.3
2002	23,622	23,549	-0.3	3.8	3.5	-0.3
2003	25,668	25,613	-0.2	2.8	3.0	0.1
2004	27,673	27,628	-0.2	4.4	4.4	0.0
2005	29,227	29,114	-0.4	4.0	3.8	-0.2
2006	31,555	31,470	-0.3	5.7	5.7	0.1
2007	35,153	35,073	-0.2	6.9	7.0	0.0
2008	37,951	37,926	-0.1	3.3	3.5	0.2
2009	36,166	36,255	0.2	-7.8	-7.5	0.2
2010	36,252	36,364	0.3	1.2	1.3	0.1
2011	36,896	37,059	0.4	0.6	0.9	0.2
2012	36,076	36,253	0.5	-2.7	-2.6	0.0
2013	36,239	36,454	0.6	-1.1	-1.0	0.1
2014	37,603	37,634	0.1	3.0	2.8	-0.2
2015	38,863	38,853	0.0	2.3	2.2	-0.1
2016	40,357	40,367	0.0	3.1	3.1	0.1
2017	43,000	42,987	0.0	4.9	4.8	0.0
2018		45,755			4.1

Source: SURS

Value added by production activity and GDP in 2018

	At market prices	Share of GDP	Annual change in volume	Contribution to GDP growth
	Mio. EUR	%		Percentage points
A Agriculture, forestry and fishing	963	2.1	12.5	0.2
B Mining and quarrying	144	0.3	3.3	0.0
C Manufacturing	9,346	20.4	3.6	0.7
D Electricity, gas, steam and air conditioning supply	890	1.9	1.2	0.0
E Water supply, sewerage, waste management and remediation activities	343	0.8	11.0	0.1
F Construction	2,286	5.0	8.0	0.4
G Wholesale and retail trade, repair of motor vehicles	4,848	10.6	5.8	0.6
H Transportation and storage	2,573	5.6	6.2	0.4
I Accommodation and food service activities	983	2.1	6.4	0.1
J Information and communication	1,538	3.4	4.3	0.1
K Financial and insurance activities	1,519	3.3	-0.8	0.0
L Real estate activities	2,939	6.4	0.6	0.0
Of which: imputed dwelling activity of households	2,397	5.2	-0.5	0.0
M Professional, scientific and technical activities	2,784	6.1	5.4	0.3
N Administrative and support service activities	1,304	2.9	8.1	0.2
O Public administration and defence, compulsory social security	2,256	4.9	0.6	0.0
P Education	2,084	4.6	1.1	0.1
Q Human health and social work activities	2,062	4.5	3.2	0.1
R Arts, entertainment and recreation	528	1.2	-0.2	0.0
S Other service activities	415	0.9	3.8	0.0
T Activities of households as employers	31	0.1	0.7	0.0
U Activities of extra-territorial organisations and bodies
Total value added	39,838	87.1	4.1	3.5
Net taxes on products	5,916	12.9	4.5	0.6
Gross domestic product	45,755	100.0	4.1	4.1

Source: SURS

Expenditure breakdown of GDP in 2018

	At market prices	Share of GDP	Annual change in volume
	Mio. EUR	%
Domestic expenditure	41,966	91.7	4.7
Final consumption expenditure	32,316	70.6	3.4
Households	23,542	51.5	3.4
NPISH	380	0.8	4.1
General government	8,394	18.3	3.2
Gross capital formation	9,650	21.1	9.6
Gross fixed capital formation	8,799	19.2	9.4
Changes in inventories¹⁾	850	1.9	0.2
Acq. less disp. of valuables¹⁾	2	0.0	0.0
Balance of external trade¹⁾	3,789	8.3	-0.2
Exports of goods and services	39,065	85.4	6.6
Exports of goods	31,133	68.0	6.5
Exports of services	7,931	17.3	7.2
Imports of goods and services	35,276	77.1	7.7
Imports of goods	30,005	65.6	8.5
Imports of services	5,271	11.5	3.0
Gross domestic product	45,755	100.0	4.1

For components marked with ¹⁾ the contribution to GDP growth is presented instead of the annual volume change.

Source: SURS

Income breakdown of GDP in 2018

	At market prices	Share of GDP	Annual change of share
	Mio. EUR	%	Percentage points
Gross domestic product	45,755	100.0
Compensation of employees	22,813	49.9	0.4
Net taxes on production and imports	5,914	12.9	-0.2
Gross operating surplus and mixed income	17,028	37.2	-0.3
Consumption of fixed capital	8,674	19.0	-0.3
Net operating surplus and mixed income	8,353	18.3	0.0