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National accounts, first quarter 2022

GDP decreased in the first quarter 2022

Statistical news from Statistics Sweden 2022-05-30 8.00

GDP decreased by 0.8 percent in the first quarter 2022, seasonally adjusted and compared to the previous quarter. The downturn is mainly explained by net exports. Imports increased considerably more than exports. Calendar adjusted and compared with the first quarter of 2021, GDP increased by 3,0 percent.

“GDP growth continued to decelerate during the first quarter and decreased for the first time since the fourth quarter of 2020. The downturn was broad-based, but is explained mainly by negative net exports“, says Jessica Engdahl, head of section at the National Accounts Department.

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 0.4 percent. Expenditure related to recreation and culture contributed most to this decrease.
  • General government consumption fell by 0.3 percent. Local and regional governments declined by 0.1 and central government consumption decreased by 0.8 percent.
  • Changes in inventories contributed to GDP growth by 0.5 percentage points.
  • Gross fixed capital formation decreased by 1.3 percent. The main contribution to the decrease came from investments in machinery and equipment.
  • Exports increased by 1.0 percent and imports rose by 2.8 percent. Overall, net exports lowered GDP growth by 0.7 percentage points.
  • Market production decreased by 0.8 percent. Output in goods-producing industries fell by 2.4 percent while output in service-producing industries remained unchanged. Government production decreased by 0.3 percent.
  • The total number of employed persons increased by 0.8 percent. The number of hours worked decreased by 0.2 percent in the whole economy and remained unchanged in the business sector. Labour productivity in the business sector decreased by 0.8 percent.
  • Households’ real disposable income increased by 2.2 percent compared with the first quarter 2021.
  • Public administration noted a deficit of SEK 8.1 billion in the first quarter 2022.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2021), SEK billions

Graph

GDP - Expenditure approach
  Current prices, SEK millions Seasonally and calendar adjusted values Non-adjusted values
  2022 q1 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 1 371 488 ‑0.8 ‑0.8 3.5
Imports 651 995 2.8 ‑1.1 7.9
Goods (SPIN A01–F43) 462 809 2.0 ‑0.6 3.2
Services (SPIN G45–T98) 189 186 4.3 ‑0.6 20.2
Total domestic supply 2 023 483 0.2   4.7
Household consumption expenditure 603 353 ‑0.4 ‑0.2 6.0
Households excluding NPISH 587 985 ‑0.4 ‑0.2 6.1
NPISH [1] 15 368 ‑0.5 0.0 2.3
Public consumption expenditure 347 045 ‑0.3 ‑0.1 0.3
Central government 89 410 ‑0.8 ‑0.1 ‑0.4
Municipalities [2] 257 635 ‑0.1 0.0 0.5
Gross fixed capital formation 344 584 ‑1.3 ‑0.3 1.5
Inventories [3]  29 751   0.5  
Exports 698 750 1.0 0.4 5.7
Goods (SPIN A01–F43) 516 669 1.1 0.4 3.6
Services (SPIN G45–T98) 182 081 0.7 0.1 11.7
Total domestic demand 2 023 483 0.2   4.7

(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 ‑0.8 3.0
Goods producers (SNI A01-F43) ‑2.4 0.5
Manufacturing (SNI C10-C33) ‑2.9 0.3
Service producers (SNI G45-T98) 0.0 5.9
Market production [1] ‑0.8 3.9
Government production ‑0.3 ‑0.5
Hours worked [2] ‑0.2 ‑0.3

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

Revisions

Non-adjusted GDP growth has been revised compared to the previous publication. In 2021, all quarters have been revised upwards, the first quarter by 0.1 percentage points, the second and third quarter by 0.3 percentage points, and the fourth quarter by 0.6 percentage points. The full year of 2021 has been revised upwards by 0.3 percentage points to 5.1 percent. Additionally, the quarters of 2020 have been revised due to detailed annual calculations. The full year 2020 has been revised upwards by 0.7 percentage points to -2.2 percent.

Next publishing will be

The GDP indicator for the second quarter of 2022 will be published on 2021-07-28 at 8:00.

Complete quarterly national accounts for the second quarter of 2022 will be published on 2022-08-29 at 8:00.

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

Statistics Sweden

Enquiries

Neda Shahbazi

Telephone
+46 10 479 40 09
E-mail
Neda.Shahbazi@scb.se

Mikael Mellberg, nationalekonom

Telephone
+46 10 479 41 49
E-mail
mikael.mellberg@scb.se