We describe an implementation of the GW+DMFT method and apply it to calculate the electronic structure of SrVO₃. Our results show that there is a strong competition between the frequency-dependent Hubbard U and the non-local self-energy via the GW approximation. It is crucial to take into account these two aspects in order to obtain an accurate and coherent picture of the quasi-particle band structure and satellite features of SrVO₃. Our main conclusion is that the GW+DMFT results for SrVO₃ are not attainable within the GW approximation or the LDA+DMFT scheme
