Gross Domestic Product, Other Aggregates of National Accounts and Employment, Slovenia, 2019

3.2% economic growth in 2019

After a routine revision of annual estimates, Slovenia’s gross domestic product for 2019 was estimated at EUR 48,393 million. Compared to the previous year, the 2019 GDP increased by 5.5% in nominal terms and by 3.2% in volume terms. The data from 2016 onwards were revised.

30 September 2020 at 10:30
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Jure Lasnibat
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Following the previous year's major revision of national accounts data from 1995 onwards, which was coordinated at the EU level, this year we carried out a routine revision. The data from 2016 onwards were revised. We also made the first estimate of the 2019 GDP based on annual data sources.

3.2% economic growth in 2019

Based on first annual data sources, gross domestic product for 2019 was estimated at EUR 48,393 million. This was a 5.5% nominal increase over 2018. In volume terms the 2019 GDP grew by 3.2%.

3.2% growth of GDP in 2019 was due to increased value added in most production activities. The largest contributions were from manufacturing (1.5 percentage points), construction (0.4 p.p.), and information and communication (0.4 p.p.).

Growth of domestic expenditure, positive external trade balance

In 2019 domestic final consumption increased in volume terms by 4.0%, where final consumption expenditure of households increased by 4.8%. Gross capital formation increased in volume terms by 1.5%, where the volume of gross fixed capital formation increased by 5.8%. Changes in inventories in recent years remained positive; in 2019 the inventories increased by EUR 521 million, which was 1.1% of GDP. Imports of goods and services increased slightly more (by 4.4%) than exports (by 4.1%), but the external trade balance remained positive at EUR 4,093 million or 8.5% of GDP.

Increased share of compensation of employees

The share of compensation of employees went up again in 2019 compared to 2018, by 1 percentage point, representing 50.8% of GDP. The share of net taxes on production and imports went down by 0.3 p.p. to 12.5% of GDP. The share of net operating surplus and mixed income went down by 0.4 p.p. to 18.3% of GDP.

Growth of employment

The number of employees increased in 2019 by 2.7% and the number of self-employed persons by 1.7%. Total employment increased by 2.5% and was estimated at the annual average of 1,046,691 persons. Employees represented 81% and the self-employed 19% of total employment.

Gross domestic product – revision 2020

Year	2016	2017	2018	2019
At current prices, mio. EUR	40,443	43,009	45,863	48,393
Before revision, mio. EUR	40,367	42,987	45,755	48,007*
Change, %	0.2	0.1	0.2	0.8

Volume growth, %	3.2	4.8	4.4	3.2
Before revision, %	3.1	4.8	4.1	2,4*
Change, percentage points	0.1	0.0	0.3	0.7

* estimate based on quarterly data sources

Source: SURS

Value added by production activity and GDP in 2019

	At market prices	Share of GDP	Annual change in volume	Contribution to GDP growth
	Mio. EUR	%		Percentage points
A Agriculture, forestry and fishing	971	2.0	-3.2	-0.1
B Mining and quarrying	138	0.3	-4.1	0.0
C Manufacturing	9,981	20.6	7.5	1.5
D Electricity, gas, steam and air conditioning supply	963	2.0	0.2	0.0
E Water supply, sewerage, waste management and remediation activities	366	0.8	-12.0	-0.1
F Construction	2,532	5.2	7.1	0.4
G Wholesale and retail trade, repair of motor vehicles	5,063	10.5	2.3	0.2
H Transportation and storage	2,682	5.5	4.8	0.3
I Accommodation and food service activities	1,067	2.2	4.6	0.1
J Information and communication	1,726	3.6	10.5	0.4
K Financial and insurance activities	1,605	3.3	4.6	0.2
L Real estate activities	3,071	6.3	1.1	0.1
Of which: imputed dwelling activity of households	2,477	5.1	0.6	0.0
M Professional, scientific and technical activities	2,908	6.0	1.7	0.1
N Administrative and support service activities	1,296	2.7	-10.7	-0.3
O Public administration and defence, compulsory social security	2,445	5.1	1.1	0.1
P Education	2,240	4.6	0.6	0.0
Q Human health and social work activities	2,231	4.6	3.0	0.1
R Arts, entertainment and recreation	567	1.2	3.6	0.0
S Other service activities	461	1.0	5.7	0.1
T Activities of households as employers	31	0.1	1.2	0.0
U Activities of extra-territorial organisations and bodies
Total value added	42,343	87.5	3.4	3.0
Net taxes on products	6,049	12.5	1.4	0.2
Gross domestic product	48,393	100.0	3.2	3.2

Source: SURS

Expenditure breakdown of GDP in 2019

	At market prices	Share of GDP	Annual change in volume
	Mio. EUR	%
Domestic expenditure	44,299	91.5	3.4
Final consumption expenditure	34,272	70.8	4.0
Households	24,937	51.5	4.8
NPISH	430	0.9	2.5
General government	8,905	18.4	1.7
Gross capital formation	10,027	20.7	1.5
Gross fixed capital formation	9,503	19.6	5.8
Changes in inventories¹⁾	521	1.1	-0.8
Acq. less disp. of valuables¹⁾	3	0.0	0.0
Balance of external trade¹⁾	4,093	8.5	0.1
Exports of goods and services	40,525	83.7	4.1
Exports of goods	32,013	66.2	4.3
Exports of services	8,513	17.6	3.3
Imports of goods and services	36,432	75.3	4.4
Imports of goods	30,682	63.4	4.7
Imports of services	5,750	11.9	3.3
Gross domestic product	48,393	100.0	3.2

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 2019

	At market prices	Share of GDP	Annual change of share
	Mio. EUR	%	Percentage points
Gross domestic product	48,393	100.0
Compensation of employees	24,584	50.8	1.0
Net taxes on production and imports	6,062	12.5	-0.3
Gross operating surplus and mixed income	17,747	36.7	-0.7
Consumption of fixed capital	8,912	18.4	-0.3
Net operating surplus and mixed income	8,835	18.3	-0.4