Economic Development Scenario (March 2021)
Economic Development Scenario for 2021–2024 (March 2021)
Table 1. Key macroeconomic indicators
| Indicators | ESA 2010 code | 2020 | 2021 | 2022 | 2023 | 2024 |
| 1. Real Gross Domestic Product (GDP), rate of change, per cent | B1*g | -0,8 | 2,6 | 3,2 | 3,2 | 3,2 |
| 2. Real GDP, million Eur | B1*g | 42942,2 | 44067,6 | 45489,2 | 46934,0 | 48421,1 |
| 3. Nominal GDP, rate of change, per cent | B1*g | 0,0 | 4,5 | 5,1 | 5,1 | 5,2 |
| 4. Nominal GDP, million Eur | B1*g | 48794,2 | 50966,3 | 53564,1 | 56312,2 | 59251,0 |
| 5. Labour productivity (real GDP per one employed person), rate of change, per cent | 0,7 | 1,9 | 2,3 | 3,3 | 3,7 | |
| Real GDP components, rate of change, per cent | ||||||
| 6. Household consumption expenditure | P.3 | -1,5 | 2,6 | 3,2 | 3,3 | 3,3 |
| 7. Government consumption expenditure | P.3 | 0,2 | 0,2 | 0,1 | 0,1 | 0,1 |
| 8. Gross fixed capital formation | P.51 | -0,2 | 4,6 | 5,3 | 5,7 | 5,7 |
| 9. Exports of goods and services | P.6 | -1,3 | 4,8 | 6,7 | 6,0 | 6,0 |
| 10. Imports of goods and services | P.7 | -6,0 | 5,3 | 7,5 | 7,4 | 7,4 |
ESA – The European System of National and Regional Accounts
Table 2. Price developments
| Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
| rate of change, per cent | |||||
| 1. GDP deflator | 0,8 | 1,8 | 1,8 | 1,9 | 2,0 |
| 2. Household consumption expenditure deflator | 0,8 | 1,8 | 1,8 | 1,9 | 2,0 |
| 3. Government consumption expenditure deflator | 6,6 | 4,0 | 2,0 | 2,0 | 2,0 |
| 4. Gross fixed capital formation deflator | 1,7 | 2,0 | 2,0 | 2,0 | 2,0 |
| 5. Exports of goods and services deflator | -4,1 | 2,8 | 0,5 | 1,5 | 1,5 |
| 6. Imports of goods and services deflator | -5,5 | 4,0 | 0,0 | 1,3 | 1,3 |
| 7. Harmonised index of consumer prices (average annual) | 1,1 | 1,8 | 1,8 | 1,9 | 2,0 |
Table 3. Labour market developments
| Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
| 1. Number of employed persons (acc. to Labour Force Survey methodology), thou. | 1358,1 | 1368,2 | 1379,9 | 1378,3 | 1370,9 |
| 2. Number of employed persons (acc. to Labour Force Survey methodology), rate of change, per cent | -1,5 | 0,7 | 0,9 | -0,1 | -0,5 |
| 3. Unemployment rate (acc. to Labour Force Survey methodology), percentage | 8,5 | 8,5 | 7,5 | 6,9 | 6,5 |
| 4. Average monthly gross earnings, EUR | 1421,2 | 1495,1 | 1562,4 | 1641,2 | 1730,6 |
| 5. Average monthly gross earnings, rate of change, per cent | 9,6 | 5,2 | 4,5 | 5,0 | 5,4 |
| 6. Annual fund for wages and salaries, million EUR | 18572,6 | 19772,9 | 20857,1 | 22005,5 | 23157,7 |
| 7. Annual fund for wages and salaries, rate of change, per cent | 7,9 | 6,5 | 5,5 | 5,5 | 5,2 |
Table 4. Basic assumptions
| Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
| 1. USD / EUR exchange rate* | 1,14 | 1,21 | 1,21 | 1,21 | 1,21 |
| 2. World GDP, rate of change, per cent* | -3,4 | 5,2 | 3,8 | 3,8 | 3,8 |
| 3. EU GDP, rate of change, per cent* | -6,3 | 3,7 | 3,9 | 3,9 | 3,9 |
| 4. Main export markets, rate of change, per cent | -5,8 | 3,6 | 3,9 | 3,9 | 3,9 |
| 5. Oil prices (Brent, USD / barrel)* | 43,4 | 54,7 | 52,4 | 52,4 | 52,4 |
* Technical assumption published by the European Commission in February 2021
Last updated: 12-11-2023