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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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
Year2016201720182019
At current prices, mio. EUR40,44343,00945,86348,393
Before revision, mio. EUR40,36742,98745,75548,007*
Change, %0.20.10.20.8
Volume growth, %3.24.84.43.2
Before revision, %3.14.84.12,4*
Change, percentage points0.10.00.30.7
* estimate based on quarterly data sources
Source: SURS
Value added by production activity and GDP in 2019
At market pricesShare of GDPAnnual change in volumeContribution to GDP growth
Mio. EUR%Percentage points
A Agriculture, forestry and fishing9712.0-3.2-0.1
B Mining and quarrying1380.3-4.10.0
C Manufacturing9,98120.67.51.5
D Electricity, gas, steam and air conditioning supply9632.00.20.0
E Water supply, sewerage, waste management and remediation activities3660.8-12.0-0.1
F Construction2,5325.27.10.4
G Wholesale and retail trade, repair of motor vehicles5,06310.52.30.2
H Transportation and storage2,6825.54.80.3
I Accommodation and food service activities1,0672.24.60.1
J Information and communication1,7263.610.50.4
K Financial and insurance activities1,6053.34.60.2
L Real estate activities3,0716.31.10.1
  Of which: imputed dwelling activity of households2,4775.10.60.0
M Professional, scientific and technical activities2,9086.01.70.1
N Administrative and support service activities1,2962.7-10.7-0.3
O Public administration and defence, compulsory social security2,4455.11.10.1
P Education2,2404.60.60.0
Q Human health and social work activities2,2314.63.00.1
R Arts, entertainment and recreation5671.23.60.0
S Other service activities4611.05.70.1
T Activities of households as employers310.11.20.0
U Activities of extra-territorial organisations and bodies
Total value added42,34387.53.43.0
Net taxes on products6,04912.51.40.2
Gross domestic product48,393100.03.23.2
Source: SURS
Expenditure breakdown of GDP in 2019
At market pricesShare of GDPAnnual change in volume
Mio. EUR%
Domestic expenditure44,29991.53.4
Final consumption expenditure34,27270.84.0
  Households24,93751.54.8
  NPISH4300.92.5
  General government8,90518.41.7
Gross capital formation10,02720.71.5
  Gross fixed capital formation9,50319.65.8
  Changes in inventories1)5211.1-0.8
  Acq. less disp. of valuables1)30.00.0
Balance of external trade1)4,0938.50.1
Exports of goods and services40,52583.74.1
  Exports of goods32,01366.24.3
  Exports of services8,51317.63.3
Imports of goods and services36,43275.34.4
  Imports of goods30,68263.44.7
  Imports of services5,75011.93.3
Gross domestic product48,393100.03.2
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 pricesShare of GDPAnnual change of share
Mio. EUR%Percentage points
Gross domestic product48,393100.0
Compensation of employees24,58450.81.0
Net taxes on production and imports6,06212.5-0.3
Gross operating surplus and mixed income17,74736.7-0.7
  Consumption of fixed capital8,91218.4-0.3
  Net operating surplus and mixed income8,83518.3-0.4
Source: SURS
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