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National accounts, third quarter 2020

Rebound in the third quarter 2020

Statistical news from Statistics Sweden 2020-11-27 9.30

GDP increased by 4.9 percent in the third quarter, seasonally adjusted and compared with the second quarter. The recovery was mainly driven by increased exports of goods and household consumption following the historic decline in the second quarter. Calendar adjusted and compared with the third quarter of 2019, GDP decreased by 2.5 percent.

What is GDP?

Gross domestic product, GDP, is defined as the value of all goods and services produced in the country. GDP is used as a measure of economic growth and is published quarterly.

Summary of the third quarter

Percentages refer to seasonally adjusted volume changes compared with the previous quarter, unless otherwise stated. Tables available at the end of this statistical news also show volume changes in relation to the corresponding quarter the previous year.

  • Household final consumption increased by 6.3 percent. Consumption of transports, as well as hotel and restaurant services contributed most to this increase.
  • General government consumption increased by 2.0 percent. Central government consumption remained unchanged, while consumption in local and regional governments increased by 2.7 percent.
  • Changes in inventories contributed downwards to GDP growth by 0.1 percentage point.
  • Gross fixed capital formation increased by 2.4 percent. This upturn is mainly explained by increased investments in machinery and equipment.
  • Exports increased by 11.2 percent and imports increased by 9.2 percent. Overall, net exports contributed upwards to GDP growth by 1.1 percentage points.
  • Market production increased by 6.7 percent. Output in goods-producing industries increased by 11.2 percent and in service-producing industries, output increased by 4.5 percent. Government production increased by 1.8 percent.
  • The total number of employed persons increased by 0.3 percent. The number of hours worked increased by 2.0 percent in the whole economy and by 2.6 percent in the business sector. Labour productivity in the business sector increased by 3.9 percent.
  • Households’ real disposable income increased by 0.7 percent compared with the third quarter 2019.
  • Public administration noted a deficit of SEK 29 billion for the third quarter 2020, SEK 31 billion less than in the corresponding quarter a year ago.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2019), SEK billions

Graph: GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2019), SEK billions

GDP - Expenditure approach
  Current prices, SEK millions Seasonally and calendar adjusted values Non-adjusted values
  2020 q3 Volume change, cf. with previous quarter,% Contribution to GDP volume change, cf. with previous quarter,% points Volume change, cf. with corresponding quarter last year,%
GDP at market prices 1 186 493 4.9 4.9 ‑2.5
Imports 469 794 9.2 ‑3.7 ‑7.4
Goods (SPIN A01–F43) 322 563 13.5 ‑3.7 ‑3.0
Services (SPIN G45–T98) 147 231 0.2 0.0 ‑16.0
Total domestic supply 1 656 287 6.2   ‑4.0
Household consumption expenditure 549 595 6.3 2.8 ‑4.0
Households excluding NPISH 535 500 6.5 2.8 ‑4.0
NPISH [1] 14 095 0.2 0.0 ‑3.5
Public consumption expenditure 322 713 2.0 0.5 ‑0.1
Central government 82 351 0.0 0.0 1.1
Municipalities [2] 240 362 2.7 0.5 ‑0.5
Gross fixed capital formation 281 963 2.4 0.6 ‑0.4
Inventories [3] [4] ‑9 514   ‑0.1  
Exports 511 530 11.2 4.8 ‑7.6
Goods (SPIN A01–F43) 366 862 15.4 4.7 ‑3.2
Services (SPIN G45–T98) 144 668 1.1 0.1 ‑17.3
Total domestic demand 1 656 287 6.2   ‑4.0

(1) Non-profit institutions serving households (2) Including regional governments (3) Including changes in valuables

GDP - Production approach
  Seasonally and calendar adjusted values Calendar adjusted values
  Volume change, cf. with previous quarter,% Volume change, cf. with corresponding quarter last year,%
GDP at market prices 4.9 ‑2.5
Goods producers (SNI A01-F43) 11.2 ‑1.2
Manufacturing (SNI C10-C33) 23.5 ‑2.1
Service producers (SNI G45-T98) 4.5 ‑3.5
Market production [1] 6.7 ‑2.8
Government production 1.8 ‑0.9
Hours worked [2] 2.0 ‑4.5

(1) Excluding tariffs and net product taxes (2) In the whole economy

Revisions

Non-adjusted GDP growth has been revised compared with the publication in August of the second quarter 2020. The first quarter of 2020 has been revised downwards by 0.1 percentage point and the second quarter has been revised upwards by 0.2 percentage points.

The second quarter 2019 has been revised downwards by 0.1 percentage point, the third quarter has been revised upwards by 0.2 percentage points, and the fourth quarter has been revised upwards by 0.1 percentage point. GDP in the full year of 2019 remains unchanged.

Publication

The current quarterly tables from 1980 onwards are available on the Statistics Sweden website, under National Accounts, quarterly and annual reports, and in the statistical databases.

Next publishing will be

The GDP indicator for the fourth quarter of 2020 will be published on 2021-02-01 at 9.30.

Complete quarterly national accounts for the fourth quarter of 2020 will be published on 2021-02-26 at 9.30.

Statistical Database

More information is available in the Statistical Database

Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.

Statistical agency and producer

Statistics Sweden, National Accounts

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