October 13, 2022
Sweden’s GDP decreased by 1.3 percent in August, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator.
The GDP indicator provides an early picture of the development of the gross domestic product, GDP. It is compiled on a monthly and quarterly basis with more limited and preliminary statistics than the regular quarterly national accounts. The monthly version of the indicator lies outside the official statistics and is classified as statistics under construction.
“Economic activity decreased in August, something that can be seen among other things, in weaker industrial production” says Neda Shahbazi, economist at Statistics Sweden.
Economic activity was 3.6 percent higher in August 2022, calendar-adjusted, than in August 2021. This month had one additional working day compared with the corresponding month a year ago.
Balancing and revisions
In a first step, the GDP indicator calculates two separate GDP outcomes from the production and use side of the economy. Then a reconciliation is made in which one side is adjusted downwards and the other side is adjusted upwards to arrive at a single final result. Before reconciliation, the statistical data in August showed actual GDP development from the use side of 5.5 percent and corresponding development from the production side of 4.3 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 4.9 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
Source: Statistics Sweden
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