Economic Development Scenario (September 2022)
Economic Development Scenario for 2022–2025 (September 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 | 1,4 | 3,0 | 3,0 |
| 2. Real GDP, million Eur | B1*g | 45531,6 | 46254,2 | 46911,3 | 48339,4 | 49804,4 |
| 3. Nominal GDP, rate of change, per cent | B1*g | 11,9 | 18,0 | 7,5 | 5,1 | 5,1 |
| 4. Nominal GDP, million Eur | B1*g | 55383,1 | 65372,5 | 70279,4 | 73838,1 | 77624,2 |
| 5. Labour productivity (real GDP per one employed person), rate of change, per cent | 4,2 | 0,6 | 1,4 | 3,3 | 3,4 | |
| Real GDP components, rate of change, per cent | ||||||
| 6. Household consumption expenditure | P.3 | 7,4 | 2,5 | 2,7 | 3,4 | 3,4 |
| 7. Government consumption expenditure | P.3 | 0,5 | 0,6 | 0,0 | 0,0 | 0,0 |
| 8. Gross fixed capital formation | P.51 | 7,0 | 3,0 | 4,5 | 5,4 | 5,4 |
| 9. Exports of goods and services | P.6 | 15,9 | 3,0 | 2,0 | 3,7 | 3,7 |
| 10. Imports of goods and services | P.7 | 18,7 | 3,9 | 3,1 | 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 | 16,2 | 6,0 | 2,0 | 2,0 |
| 2. Household consumption expenditure deflator | 4,6 | 17,8 | 6,0 | 2,0 | 2,0 |
| 3. Government consumption expenditure deflator | 10,1 | 15,2 | 6,9 | 4,8 | 4,8 |
| 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 | 12,5 | 2,4 | 1,2 | 1,2 |
| 6. Imports of goods and services deflator | 11,9 | 28,5 | 3,6 | 1,1 | 1,1 |
| 7. Harmonised index of consumer prices (average annual) | 4,6 | 17,8 | 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 | 1382,3 | 1382,3 | 1379,5 | 1374,0 |
| 2. Number of employed persons (acc. to Labour Force Survey methodology), rate of change, per cent | 0,8 | 1,0 | 0,0 | -0,2 | -0,4 |
| 3. Unemployment rate (acc. to Labour Force Survey methodology), percentage | 7,1 | 6,3 | 6,8 | 6,7 | 6,4 |
| 4. Average monthly gross earnings, EUR | 1579,4 | 1769,2 | 1912,5 | 2008,6 | 2109,1 |
| 5. Average monthly gross earnings, rate of change, per cent | 10,6 | 12,0 | 8,1 | 5,0 | 5,0 |
| 6. Annual fund for wages and salaries, million EUR | 21137,4 | 23914,2 | 25851,2 | 27094,7 | 28336,6 |
| 7. Annual fund for wages and salaries, rate of change, per cent | 13,6 | 13,1 | 8,1 | 4,8 | 4,6 |
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 14 July 2022.
Last updated: 12-11-2023