|Unit||Mil. EUR, CDASA|
|Adjustments||Calendar Adjusted and Seasonally Adjusted|
|Investment||2020 Q4||2,552||2,258||Mil. EUR, CDASA||Quarterly|
|Nominal Fixed Investment (gross fixed capital formation)||2020 Q4||2,394||2,385||Mil. EUR, CDASA||Quarterly|
|Nominal Gross Domestic Product||2020 Q4||11,701||11,799||Mil. EUR, CDASA||Quarterly|
|Real Fixed Investment (gross fixed capital formation)||2020 Q4||2,081||2,078||Mil. 2010 EUR, CDASA||Quarterly|
|Real Gross Domestic Product||2020 Q4||10,400||10,510||Mil. 2010 EUR, CDASA||Quarterly|
|Real Investment||2020 Q4||2,244||1,971||Mil. 2010 EUR, CDASA||Quarterly|
Gross domestic product equals value added at basic prices by activities plus taxes on products less subsidies on products. Gross domestic product thus equals the sum of value added at basic prices of all domestic (resident) production units and net taxes on products (taxes less subsidies on products). By expenditure approach, gross domestic products equals total domestic consumption plus external trade balance with the rest of the world. Gross domestic product by income approach equals the sum of compensation of employees, net taxes on production (taxes on production less subsidies on production) and gross operating surplus and mixed income.
Sources and methods of data collection
The main sources of data are results of monthly and quarterly statistical surveys (agricultural, manufacturing, construction, trade, hotels and restaurants, transport and communication statistics, data on employment and wages, price statistics, foreign trade statistics), tax records, public finance statistics of the ministry of finance, balance of payments of the Bank of Slovenia and other sources.
The calculation covers all activities following the concept of production by the System of National Accounts (SNA 2008) and the 2014 European System of Accounts (ESA 2010).
The main aggregates and categories are, as regards the contents and terminology, harmonised with SNA 2008 and ESA 2010. Data before the year 2007 were recalculated into euros using the fixed exchange rate 239.64 Slovenian tolars for one euro.
Data by activities are shown according to the Standard Classification of Activities 2002.
Definitions and explanations
Gross domestic product by the output approach equals value added at basic prices by activities, increased by taxes on products, and reduced by subsidies on products. Gross domestic product thus equals the sum of value added at basic prices of all domestic (resident) production units and net taxes on products (taxes less subsidies on products).
Value added at basic prices equals output at basic prices, reduced by intermediate consumption at purchaser’s prices. Value added at basic prices also equals the sum of compensation of employees, other taxes on production, less other subsidies on production, and the sum of gross operating surplus and gross mixed income.
Taxes on products are all taxes and import duties, value added tax, excises on petrol, cigarettes, alcohol, taxes on gambling and slot machines, taxes on specific services and real estate transactions.
Subsidies on products are unrequited payments to market producers, made by government institutions to support production regarding the level of market prices. They are recorded for agriculture, manufacturing of food and passenger transport.
Gross domestic product by the expenditure approach equals domestic expenditure and external trade balance. Domestic expenditure includes final consumption expenditure and gross capital formation.
Final consumption expenditure is composed of final consumption expenditure of households, non-profit institutions serving households (NPISHs), and individual and collective general government expenditure.
Final consumption expenditure of households is compiled by the national concept as the sum of final consumption expenditure of households by the domestic concept and purchases of resident households in the rest of the world minus purchases of non-resident households in Slovenia.
Individual government expenditure comprises payments for non-market government services (education, health, social care, culture, sport, etc.) and market goods and services (pharmaceutical and therapeutic products, concessions to private sector, health resort services, etc.). Collective government expenditure consists of expenditure on administrative, defence, economic, R&D and other non-market government services. Government and NPISH final consumption expenditures are calculated as the difference between the output value by the cost method and sales. FISIM is in final consumption allocated in household, general government and NPISH consumption and in exports and imports.
Gross capital formation is composed of gross fixed capital formation, increase in inventories and acquisitions less disposals of valuables. Gross fixed capital formation consists of investments into new fixed assets, costs of transactions of existing fixed assets and of additions to the value of non-produced assets.
Changes in inventories is calculated for work-in-progress and finished goods at producers, inventories of trade goods in stores, and inventories of raw material, spare parts, etc., at all market producers.
Exports and imports of goods cover exports and imports of goods in connection with processing by the gross principle. The export value of goods is calculated by FOB and the import value of goods has been reduced from CIF to FOB according to data supplied by the Bank of Slovenia. Exports and imports of services are taken from the balance of payments according to data and methodology of the Bank of Slovenia.
Gross domestic product by the income approach equals the sum of compensation of employees, net taxes on production and imports (taxes on production and imports less subsidies on production) and gross operating surplus and mixed income.
Compensation of employees is the sum of gross wages and salaries, and employers’ social contributions. Employers’ social contributions include actual (compulsory and voluntary) and imputed social contributions. Imputed social contributions comprise payments by employer to employees during the absence from work due to sickness, accidents, etc. Personal allowances comprise expenses for food, transport to and from work and reimbursement for annual vacation. All gross payments of employers for contract, temporary or part-time employment are from 2002 on included in intermediate consumption. Gross wages and salaries include tips in restaurants and personal services as well as estimation of private use of business cars.
Taxes on production and imports comprise taxes on products and other taxes on production. Other taxes on production are taxes which are paid by enterprises for the use of certain fixed assets, and taxes on labour force as production input.
Subsidies on products are irrevocable payments to market producers, made by government institutions. Subsidies are divided into subsidies on products and into other subsidies on production.
Operating surplus is the residual category of value added in financial and non-financial corporations and in housing activities of households. In non-market activities, gross operating surplus equals the consumption of fixed capital.
Mixed income is the residual category in the calculation of value added of unincorporated enterprises of households.
Main national account aggregates are compiled in the following way:
Gross domestic income equals the sum of gross domestic product and trading gain or loss from changes in the terms of trade.
Gross national income at current prices equals the sum of gross domestic product and balance of primary incomes with the rest of the world. Real gross national income equals the sum of gross domestic income and balance of primary incomes with the rest of the world.
Gross national disposable income equals the sum of gross national income and the balance of current transfers with the rest of the world.
Gross saving equals gross national disposable income less final consumption expenditures (individual and collective final consumption).
Balance of current external transactions equals gross saving less gross capital formation.
Net lending (+), net borrowing (-) with the rest of the world equals the balance of current external transactions plus the balance of current capital transfers with the rest of the world less net acquisitions of non-produced non-financial assets with the rest of the world.
Main aggregates in net terms are calculated as a difference between gross value and consumption of fixed capital.
Employment by the national concept equals employment by the domestic concept plus residents working in the rest of the world minus non-residents working in Slovenia.
Employment by the domestic concept covers all permanently employed persons and self-employed persons together with unpaid family workers in agriculture and self-employed persons in other household activities. Employment in national accounts also covers student work and other forms of part-time employment, employment in transport by sea on our ships, diplomatic and consular representatives abroad, enterprises without employment, etc.
Employment, employees and self-employed by activities are shown by the domestic concept.
Seasonally and working days adjusted data
Data series are seasonally and working days adjusted using the Tramo/Seats method based on Arima models. In preparing the models, the whole available period is taken into account. The exception is data on capital transfers with the rest of the world for which period from the first quarter of 2002 is taken into account.
The seasonally and working days adjusted values are the values from which the seasonality and the calendar effects have been removed, therefore they include the trend-cycle component and the irregular component. The seasonality and the calendar effects are removed in the case where the effects are statistically significant.
Each series is seasonally adjusted directly at the publishing level. This relates also to aggregates, such as total value added or gross domestic product. Seasonally and working days adjusted data are therefore not additive consistent. The exception is external trade balance which is obtained as a difference between exports of goods and services and imports of goods and services.
Sum of quarterly seasonally adjusted data in a year is not equal to the sum of non-seasonally adjusted data (time consistency is not imposed to the seasonally adjusted data).
The data are provisional when first released. Quarters of the current year are open to revision up to the publishing of Q4 data. Later on, revision of quarterly data follows the publication and revision schedule of annual data.
For more information, please visit the link: http://www.stat.si/doc/metod_pojasnila/03-002-ME.htm.