We have implemented the $GW$+dynamical mean field theory (DMFT) approach in the Vienna ab initio simulation package. Employing the interaction values obtained from the locally unscreened random phase approximation (RPA), we compare $GW$+DMFT and LDA+DMFT against each other and against experiment for SrVO$_3$. We observed a partial compensation of stronger electronic correlations due to the reduced $GW$ bandwidth and weaker correlations due to a larger screening of the RPA interaction, so that the obtained spectra are quite similar and well agree with experiment. Noteworthily, the $GW$+DMFT better reproduces the position of the lower Hubbard side band.