Gross Domestic Product, Slovenia, 3rd quarter 2021

GDP at the annual level up by 5.0%

In the first 9 months of 2021 GDP increased by 7.4% over the same period of 2020. Seasonally adjusted GDP in the third quarter of 2021 increased by 4.8% compared to the third quarter of 2020. Compared to the previous quarter, it increased by 1.3%.

30 November 2021 at 10:30
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Romana Korenič
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As in the previous quarter, in the third quarter of 2021, too, the household consumption expenditure and gross capital formation contributed the most to GDP growth, while external trade balance had a negative impact.

High increase in household consumption expenditure

Household final consumption expenditure increased by 9.3% in the third quarter of 2021. High increase in household expenditure was observed in all types of household consumption except for purchase of cars.

More investments

Gross fixed capital formation in the third quarter of 2021 increased by 9.6%; the largest growth was observed in gross fixed capital formation in other machinery and equipment (22.8%). Compared to the same period of 2020, we observed an increase in the majority of gross fixed capital formation. Changes of inventories also increased and had a positive impact on GDP growth (3.2 percentage points).

Higher imports and exports

As in the previous quarter, imports increased more than exports. Imports increased by 19.9% and exports by 10.6%. Exports and imports of services increased more than exports and imports of goods. Due to higher growth of imports than exports and worse terms of trade, the contribution of external trade balance to GDP growth was extremely negative (5.0 percentage points).

Employment up by 2.5%

Total employment in the third quarter of 2021 was 1,065,700 persons. Compared to the third quarter of 2020, it increased by 2.5% or about 26,500 persons. This was the highest employment since the data have been available (1995). Most new jobs were created in manufacturing, construction, and administrative and support services.

More detailed data including time series are available in the SiStat Database.

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

	2020		2021
	VII-IX	X-XII	I-III	IV-VI	VII-IX
Non-seasonally adjusted
changes on the same quarter of the previous year	-1.4	-3.1	1.6	16.3	5.0
Seasonally adjusted
changes on the previous quarter	11.9	-0.2	1.5	2.0	1.3
changes on the same quarter of the previous year	-2.0	-3.5	2.7	15.7	4.8

Source: SURS

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

	2020		2021
	VII-IX	X-XII	I-III	IV-VI	VII-IX
	Changes on the same quarter of the previous year
Domestic expenditure	-3.5	-3.4	1.2	18.9	11.2
Final consumption expenditure	2.3	-7.5	0.0	13.9	7.1
households	1.4	-11.2	-0.8	18.4	9.3
NPISH	-2.5	-7.7	13.9	20.1	7.9
general government	5.0	3.5	1.2	3.3	1.6
Gross capital formation	-21.7	12.0	5.4	37.2	27.8
gross fixed capital formation	-5.7	-2.7	7.9	20.4	9.6
changes in inventories and valuables¹⁾	-3.7	2.9	-0.4	3.4	3.2
External trade balance¹⁾	1.8	0.0	0.5	-0.8	-5.0
Exports of goods and services	-8.9	-0.7	1.5	30.5	10.6
goods	-4.1	3.8	4.6	30.8	6.9
services	-24.9	-16.7	-11.8	29.0	25.8
Minus: imports of goods and services	-12.2	-0.8	1.1	36.1	19.9
goods	-10.5	1.1	4.0	37.1	17.2
services	-20.5	-10.4	-15.6	30.4	33.7
Gross domestic product	-1.4	-3.1	1.6	16.3	5.0

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

Source: SURS

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

	2020		2021
	VII-IX	X-XII	I-III	IV-VI	VII-IX
	Changes on the same quarter of the previous year
A Agriculture, forestry and fishing	5.1	8.1	-8.1	2.4	0.4
BCDE Mining and quarrying, manufacturing, electricity and water supply, waste management	-2.3	3.6	2.7	27.0	6.0
of which: C Manufacturing	-1.3	4.5	4.0	27.8	6.2
F Construction	-0.8	1.9	0.1	8.7	2.5
GHI Trade, transportation and storage, accommodation and food service activities	-3.1	-8.2	-1.8	20.1	8.8
J Information and communication	7.7	5.0	5.1	11.0	6.4
K Financial and insurance activities	5.3	-13.5	10.2	-1.2	3.0
L Real estate activities	-0.8	-0.8	0.2	1.8	3.1
MN Professional, scientific, technical, administrative and support services	-10.0	-7.9	0.2	22.6	8.5
OPQ Public administration, education, human health and social work	4.1	3.2	1.7	2.7	0.3
RST Other service activities	-5.1	-28.1	-16.5	18.5	8.0
Total value added	-1.3	-1.8	0.8	14.9	5.1
Net taxes on products	-2.3	-12.3	7.8	26.9	4.4
Gross domestic product	-1.4	-3.1	1.6	16.3	5.0

Source: SURS

METHODOLOGICAL NOTE

Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes and to changes compared with the same quarter of the previous year.

When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright .

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Methodological explanations

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