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National accounts, first quarter 2020

GDP largely unchanged in the first quarter of 2020

Statistical news from Statistics Sweden 2020-05-29 9.30

GDP increased by 0.1 percent in the first quarter of 2020, seasonally adjusted and compared with the fourth quarter of 2019. This change was mainly driven by exports but was offset by household consumption. Calendar adjusted and compared with the first quarter of 2019, GDP increased by 0.4 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 first 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 decreased by 1.7 percent. Household consumption of transports and household consumption abroad contributed to this decrease.
  • General government consumption decreased by 0.3 percent. Central government consumption decreased by 0.5 percent and consumption in local and regional government decreased by 0.2 percent.
  • Changes in inventories impacted GDP growth negatively by 0.5 percentage points.
  • Gross fixed capital formation decreased by 0.9 percent. This downturn is mainly explained by reduced investment in machinery and equipment.
  • Exports increased by 3.4 percent and imports decreased by 0.2 percent. Overall, net exports contributed upwards to GDP growth by 1.7 percentage points.
  • Market production increased by 0.2 percent. Output in goods-producing industries increased by 0.3 percent, while in service-producing industries, output increased by 0.2 percent. Government production increased by 0.2 percent.
  • The total number of employed persons decreased by 0.5 percent, the number of hours worked decreased by 0.5 percent in the whole economy and by 0.6 percent in the business sector. Labour productivity in the business sector increased by 0.8 percent.
  • Households’ real disposable income increased by 2.0 percent in comparison with the first quarter 2019.
  • Public administration recorded a deficit of SEK 30 billion for the first quarter 2020.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2019), SEK billions

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

GDP - Expenditure approach
 Current prices, SEK millionsSeasonally and calendar adjusted valuesNon-adjusted values
 2020 q1Volume change, cf. with previous quarter,%Contribution to GDP volume change, cf. with previous quarter,% pointsVolume change, cf. with corresponding quarter last year,%
GDP at market prices 1 237 676 0.1 0.1 0.4
Imports 520 800 ‑0.2 0.1 ‑2.4
Goods (SPIN A01–F43) 351 566 ‑0.2 0.1 ‑2.7
Services (SPIN G45–T98) 169 234 ‑0.2 0.0 ‑1.6
Total domestic supply 1 758 476 0.0   ‑0.4
Household consumption expenditure 544 083 ‑1.7 ‑0.8 ‑0.5
Households excluding NPISH 529 618 ‑1.9 ‑0.8 ‑0.5
NPISH [1] 14 465 8.1 0.1 0.2
Public consumption expenditure 318 343 ‑0.3 ‑0.1 ‑0.6
Central government 79 683 ‑0.5 0.0 ‑1.4
Municipalities [2] 238 660 ‑0.2 0.0 ‑0.3
Gross fixed capital formation 289 546 ‑0.9 ‑0.2 ‑0.4
Inventories [3] 14 189   ‑0.5 ‑1.5
Exports 592 315 3.4 1.6 2.8
Goods (SPIN A01–F43) 425 336 4.8 1.6 4.1
Services (SPIN G45–T98) 166 979 0.1 0.0 ‑0.5
Total domestic demand 1 758 476 0.0   ‑0.4

(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 0.1 0.4
Goods producers (SNI A01-F43) 0.3 0.0
Manufacturing (SNI C10-C33) 0.8 ‑0.3
Service producers (SNI G45-T98) 0.2 1.0
Market production [1] 0.2 0.6
Government production ‑0.2 ‑0.8
Hours worked [2] ‑0.5 ‑1.5

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

Revisions

Non-adjusted GDP growth has been revised compared with the publication of the fourth quarter 2019 in February. The first quarter 2019 has been revised upwards by 0.4 percentage points, the second quarter was revised upwards by 0.1 percentage points, the third quarter was revised downwards by 0.2 percentage points and the fourth quarter was revised downwards by 0.3 percentage points. GDP in the full year of 2019 remains unchanged.

As a result of a minor revision of the national accounts, all quarters since 1993 have been revised. Detailed calculations for 2018 have also been published.

Publication

More information regarding the detailed calculations is published in the report:

National Accounts, Detailed Annual Calculations 1993–2018 (pdf) 

Next publishing will be

The GDP indicator for the second quarter of 2020 will be published on 2020-08-05 at 9.30.

Complete quarterly national accounts for the second quarter of 2020 will be published on 2020-08-28 at 9.30.

Updated statistics on multifactor productivity for 1993-2018 will be published in June.

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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Mickael Kyrlis

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