Economic Development Scenario (March 2022)
Economic Development Scenario for 2022–2025 (March 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 | 4,9 | 1,6 | 2,5 | 3,0 | 3,0 |
| 2. Real GDP, million Eur | B1*g | 45504,7 | 46244,2 | 47401,1 | 48804,2 | 50256,7 |
| 3. Nominal GDP, rate of change, per cent | B1*g | 11,8 | 8,9 | 5,6 | 5,0 | 5,0 |
| 4. Nominal GDP, million Eur | B1*g | 55325,6 | 60223,6 | 63582,4 | 66769,1 | 70123,5 |
| 5. Labour productivity (real GDP per one employed person), rate of change, per cent | 4,1 | 1,9 | 2,4 | 3,3 | 3,4 | |
| Real GDP components, rate of change, per cent | ||||||
| 6. Household consumption expenditure | P.3 | 7,3 | 2,1 | 3,4 | 3,4 | 3,4 |
| 7. Government consumption expenditure | P.3 | 0,4 | 0,3 | 0,0 | 0,0 | 0,0 |
| 8. Gross fixed capital formation | P.51 | 7,0 | 2,7 | 4,8 | 5,4 | 5,4 |
| 9. Exports of goods and services | P.6 | 14,1 | -6,0 | 3,3 | 3,7 | 3,7 |
| 10. Imports of goods and services | P.7 | 17,0 | -6,0 | 4,1 | 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 | 7,1 | 3,0 | 2,0 | 2,0 |
| 2. Household consumption expenditure deflator | 4,6 | 9,8 | 3,0 | 2,0 | 2,0 |
| 3. Government consumption expenditure deflator | 7,8 | 12,6 | 4,1 | 3,6 | 3,6 |
| 4. Gross fixed capital formation deflator | 4,8 | 6,2 | 2,9 | 2,4 | 2,4 |
| 5. Exports of goods and services deflator | 5,7 | 5,7 | 1,3 | 1,2 | 1,2 |
| 6. Imports of goods and services deflator | 12,2 | 9,1 | 1,0 | 1,1 | 1,2 |
| 7. Harmonised index of consumer prices (average annual) | 4,6 | 9,8 | 3,0 | 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 | 1365,3 | 1366,7 | 1362,6 | 1357,1 |
| 2. Number of employed persons (acc. to Labour Force Survey methodology), rate of change, per cent | 0,8 | -0,2 | 0,1 | -0,3 | -0,4 |
| 3. Unemployment rate (acc. to Labour Force Survey methodology), percentage | 7,1 | 7,3 | 6,9 | 6,6 | 6,3 |
| 4. Average monthly gross earnings, EUR | 1568,0 | 1706,5 | 1795,7 | 1885,5 | 1979,7 |
| 5. Average monthly gross earnings, rate of change, per cent | 9,8 | 8,8 | 5,2 | 5,0 | 5,0 |
| 6. Annual fund for wages and salaries, million EUR | 20928,4 | 22721,7 | 23934,2 | 25055,3 | 26202,3 |
| 7. Annual fund for wages and salaries, rate of change, per cent | 12,5 | 8,6 | 5,3 | 4,7 | 4,6 |
Table 4. Basic assumptions
| Indicators | 2021 | 2022 | 2023 | 2024 | 2025 |
| 1. USD / EUR exchange rate* | 1,18 | 1,13 | 1,13 | 1,13 | 1,13 |
| 2. World GDP, rate of change, per cent* | 5,7 | 3,0 | 3,8 | 3,8 | 3,8 |
| 3. EU GDP, rate of change, per cent* | 5,3 | 3,0 | 2,8 | 2,8 | 2,8 |
| 4. Main export markets, rate of change, per cent | 5,2 | 1,7 | 2,1 | 2,4 | 2,4 |
| 5. Oil prices (Brent, USD / barrel)** | 70,8 | 90,0 | 81,6 | 81,6 | 81,6 |
* The technical assumption published by the European Commission on 10 February 2022 . The EU and global GDP growth adjusted on 24 February.
** The oil price assumption for 2022-2023 is based on the public information about futures prices available on 1 March 2022.
Last updated: 12-11-2023