Economic Development Scenario (December 2022)
Economic Development Scenario for 2022–2025 (December 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 | 6,0 | 2,4 | 0,7 | 3,0 | 3,0 |
| 2. Real GDP, million Eur | B1*g | 46029,2 | 47124,6 | 47471,0 | 48875,5 | 50327,8 |
| 3. Nominal GDP, rate of change, per cent | B1*g | 12,9 | 20,0 | 10,2 | 5,3 | 5,1 |
| 4. Nominal GDP, million Eur | B1*g | 56179,1 | 67399,5 | 74293,2 | 78243,6 | 82209,7 |
| 5. Labour productivity (real GDP per one employed person), rate of change, per cent | 5,2 | -1,9 | 1,4 | 3,0 | 3,0 | |
| Real GDP components, rate of change, per cent | ||||||
| 6. Household consumption expenditure | P.3 | 8,1 | 1,4 | 0,8 | 3,4 | 3,4 |
| 7. Government consumption expenditure | P.3 | 0,9 | 0,5 | 0,8 | 0,0 | 0,0 |
| 8. Gross fixed capital formation | P.51 | 7,8 | 2,1 | 3,0 | 5,4 | 5,4 |
| 9. Exports of goods and services | P.6 | 17,0 | 11,3 | 0,7 | 3,7 | 3,7 |
| 10. Imports of goods and services | P.7 | 19,9 | 10,6 | 0,8 | 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 | 17,2 | 9,4 | 2,3 | 2,0 |
| 2. Household consumption expenditure deflator | 4,6 | 18,9 | 9,4 | 2,3 | 2,0 |
| 3. Government consumption expenditure deflator | 5,9 | 17,5 | 12,9 | 4,1 | 3,2 |
| 4. Gross fixed capital formation deflator | 5,0 | 13,6 | 6,0 | 2,7 | 2,4 |
| 5. Exports of goods and services deflator | 6,0 | 16,3 | 4,5 | 1,5 | 1,2 |
| 6. Imports of goods and services deflator | 11,9 | 26,6 | 5,5 | 1,4 | 1,1 |
| 7. Harmonised index of consumer prices (average annual) | 4,6 | 18,9 | 9,4 | 2,3 | 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 | 1427,7 | 1418,2 | 1417,7 | 1416,8 |
| 2. Number of employed persons (acc. to Labour Force Survey methodology), rate of change, per cent | 0,8 | 4,3 | -0,7 | 0,0 | -0,1 |
| 3. Unemployment rate (acc. to Labour Force Survey methodology), percentage | 7,1 | 5,9 | 7,0 | 6,8 | 6,5 |
| 4. Average monthly gross earnings, EUR | 1579,4 | 1784,8 | 1946,9 | 2044,3 | 2146,4 |
| 5. Average monthly gross earnings, rate of change, per cent | 10,6 | 13,0 | 9,1 | 5,0 | 5,0 |
| 6. Annual fund for wages and salaries, million EUR | 21136,2 | 24554,8 | 26606,8 | 27926,0 | 29302,1 |
| 7. Annual fund for wages and salaries, rate of change, per cent | 13,6 | 16,2 | 8,4 | 5,0 | 4,9 |
Table 4. Basic assumptions
| Indicators | 2021 | 2022 | 2023 | 2024 | 2025 |
| 1. USD / EUR exchange rate* | 1,18 | 1,06 | 1,05 | 1,05 | 1,05 |
| 2. World GDP, rate of change, per cent* | 5,9 | 3,0 | 3,3 | 3,3 | 3,3 |
| 3. EU GDP, rate of change, per cent* | 5,4 | 2,7 | 1,5 | 1,5 | 1,5 |
| 4. Main export markets, rate of change, per cent | 5,3 | 1,9 | 1,0 | 1,0 | 1,0 |
| 5. Oil prices (Brent, USD / barrel)* | 70,7 | 108,2 | 95,6 | 95,6 | 95,6 |
* The technical assumption published by the European Commission on 11 November 2022.
Last updated: 12-11-2023