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Economic Development Scenario

Economic Development Scenario for 2022–2025 (June 2022)

Table 1. Key macroeconomic indicators

Indicators ESA 2010 code 2021 2022 2023 2024 2025
1. Real Gross Domestic Product (GDP), rate of change, per cent B1*g 5,0 1,6 2,1 3,0 3,0
2. Real GDP, million Eur B1*g 45531,6 46269,8 47231,7 48639,8 50089,9
3. Nominal GDP, rate of change, per cent B1*g 11,9 15,3 8,2 5,0 5,0
4. Nominal GDP, million Eur B1*g 55383,1 63862,2 69076,2 72539,6 76175,9
5. Labour productivity (real GDP per one employed person), rate of change, per cent   4,2 0,9 2,1 3,2 3,4
Real GDP components, rate of change, per cent
6. Household consumption expenditure P.3 7,4 2,5 3,2 3,4 3,4
7. Government consumption expenditure P.3 0,5 0,5 0,0 0,0 0,0
8. Gross fixed capital formation P.51 7,0 3,2 4,8 5,4 5,4
9. Exports of goods and services P.6 15,9 -2,5 2,8 3,7 3,7
10. Imports of goods and services P.7 18,7 -1,2 4,0 4,1 4,1

ESA – The European System of National and Regional Accounts

Table 2. Price developments

Indicators 2021 2022 2023 2024 2025
rate of change, per cent
1. GDP deflator 6,5 13,5 6,0 2,0 2,0
2. Household consumption expenditure deflator 4,6 15,8 6,0 2,0 2,0
3. Government consumption expenditure deflator 10,1 13,4 5,9 3,8 3,8
4. Gross fixed capital formation deflator 4,8 12,0 4,2 2,4 2,4
5. Exports of goods and services deflator 5,6 10,2 2,0 1,2 1,2
6. Imports of goods and services deflator 11,9 22,6 2,8 1,1 1,1
7. Harmonised index of consumer prices (average annual) 4,6 15,8 6,0 2,0 2,0

 

Table 3. Labour market developments

Indicators 2021 2022 2023 2024 2025
1. Number of employed persons (acc. to Labour Force Survey methodology), thou. 1368,6 1377,8 1377,6 1375,0 1369,1
2. Number of employed persons (acc. to Labour Force Survey methodology), rate of change, per cent 0,8 0,7 0,0 -0,2 -0,4
3. Unemployment rate (acc. to Labour Force Survey methodology), percentage 7,1 7,0 7,0 6,7 6,4
4. Average monthly gross earnings, EUR 1579,4 1788,6 1939,0 2036,3 2139,0
5. Average monthly gross earnings, rate of change, per cent 10,6 13,2 8,4 5,0 5,0
6. Annual fund for wages and salaries, million EUR 21137,4 24096,8 26119,6 27379,8 28636,1
7. Annual fund for wages and salaries, rate of change, per cent 13,6 14,0 8,4 4,8 4,6

 

Table 4. Basic assumptions

Indicators 2021 2022 2023 2024 2025
1. USD / EUR exchange rate* 1,18 1,09 1,08 1,08 1,08
2. World GDP, rate of change, per cent* 5,9 3,3 3,7 3,7 3,7
3. EU GDP, rate of change, per cent* 5,4 2,7 2,3 2,3 2,3
4. Main export markets, rate of change, per cent 5,3 1,3 2,2 2,2 2,2
5. Oil prices (Brent, USD / barrel)* 70,7 103,6 93,5 93,5 93,5

* The technical assumption published by the European Commission on 16 May 2022.