May 5, 2023
Sweden’s GDP decreased by 0.2 percent in March, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the first quarter as a whole, GDP increased by 0.2 percent, seasonally adjusted and compared with the previous quarter.
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.
“The first quarter saw a minor increase in economic activity with a strong January followed by two months with lower activity” says Mattias Kain Wyatt , economist at Statistics Sweden.
In March, GDP was 0.7 percent lower than in the corresponding month a year ago. For the first quarter as a whole, GDP increased by 0.3 percent compared with the same quarter a year ago. January had one additional working day in comparison with last year while both February and March had the same number as in the preceding year.
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 March presented actual GDP development from the use side of 0.3 percent and corresponding development for the production side of -1.7 percent, both compared with the same month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -0.7 percent ahead of benchmarking to quarterly GDP-growth.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, January and February.
Source: Statistics Sweden
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