Gross domestic product, 1st quarter 2022

GDP at the annual level up by 9.8%

High economic growth was a consequence of higher domestic demand as well as external demand. Imports increased more than exports, so the contribution of external trade balance to GDP growth was negative.

16 May 2022 at 10:30
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Romana Korenič, Tilen Rupar
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High growth of domestic and external demand for the fourth consecutive quarter

In the first quarter of 2022, domestic consumption increased by 16.6%; household consumption expenditure went up by 20% and contributed the most. Gross fixed capital formation increased by 12.7%. The changes of inventories had a positive impact on GDP growth (2.3 percentage points).

As in three previous quarters, in the first quarter of 2022 imports increased more than exports. Imports went up by 15.7% and exports by 7.7% over the first quarter of 2021. Due to higher growth of imports than exports and worse terms of trade, the contribution of external trade balance to GDP growth was negative again (5.6 percentage points).

Trade activities continued to grow, higher increase in construction and services

Total value added increased by 9.3% over the first quarter of 2021. Trade, transport, and accommodation and food service activities (GHI) grew by 21.8% and contributed the most to the structure of total value added. Construction increased by 16.7%. Services continued to grow strong in the first quarter of 2022, while growth in manufacturing was slowing its pace for the last three quarters, but remained positive. Net taxes contributed significantly to GDP growth as they grew by 13.2% over the same period last year.

Employment continued to grow

Total employment in the first quarter of 2022 was 1,073,000 persons. Compared to the first quarter of 2021, it increased by 3.3% or about 34,000 persons. Most new jobs were created in accommodation and food service activities, manufacturing, and construction.

More detailed data will be available in the SiStat Database on 18 May 2022.

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

	2021				2022
	I–III	IV–VI	VII–IX	X–XII	I–III
Non-seasonally adjusted
Annual growth	1.5	16.1	5.0	10.4	9.8
Seasonally adjusted
Quarterly growth	1.6	1.9	1.3	5.3	0.8
Annual growth	2.6	15.5	4.7	10.5	9.6

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

	2021				2022
	I–III	IV–VI	VII–IX	X–XII	I–III
	Changes on the same quarter of the previous year
Domestic expenditure	1.1	18.6	9.7	13.9	16.6
Final consumption expenditure	-0.2	13.8	6.0	18.2	14.7
Households	-1.1	17.9	7.2	22.9	20.0
NPISH	14.0	20.1	8.0	15.9	9.7
General government	1.2	4.4	3.2	7.0	2.9
Gross capital formation	5.6	36.3	24.5	0.8	22.6
Gross fixed capital formation	8.0	20.4	10.5	11.0	12.7
Changes in inventories and valuables¹⁾	-0.3	3.2	2.4	-2.0	2.3
External trade balance¹⁾	0.5	-0.8	-3.7	-2.3	-5.6
Exports of goods and services	1.6	30.5	11.6	12.1	7.7
Goods	4.6	30.9	7.2	9.5	4.1
Services	-11.3	28.5	29.9	23.2	26.2
Minus: imports of goods and services	1.2	36.1	19.1	16.8	15.7
Goods	4.2	37.2	16.3	15.6	13.1
Services	-15.7	30.0	33.7	23.5	33.5
Gross domestic product	1.5	16.1	5.0	10.4	9.8

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

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

	2021				2022
	I–III	IV–VI	VII–IX	X–XII	I–III
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	-12.6	-3.2	-4.9	-4.7	9.1
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	2.7	26.9	6.3	4.9	4.6
of which: C Manufacturing	4.0	27.8	6.5	4.5	3.9
F Construction	0.1	8.7	2.5	0.4	16.7
GHI Trade, transportation and storage, accommodation and food service activities	-1.8	20.1	8.7	20.3	21.8
J Information and communication	5.1	11.0	6.4	10.9	0.0
K Financial and insurance activities	10.2	-1.2	2.9	45.6	4.3
L Real estate activities	0.1	1.8	3.1	2.9	4.7
MN Professional, scientific, technical, administrative and support services	-0.1	22.2	8.6	10.9	15.4
OPQ Public administration, education, human health and social work	1.7	2.7	0.2	2.7	2.9
RST Other service activities	-16.5	18.5	8.2	37.5	22.3
Total value added	0.7	14.8	5.1	9.4	9.3
Net taxes on products	7.5	26.5	4.3	18.3	13.2
Gross domestic product	1.5	16.1	5.0	10.4	9.8