Economic Development Scenario (June 2022)
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.
Last updated: 12-11-2023