National accounts, first quarter 2023
GDP increased in the first quarter 2023
Statistical news from Statistics Sweden 2023-05-30 8.00
GDP increased by 0.6 percent in the first quarter 2023, seasonally adjusted and compared with the fourth quarter 2022. The upturn is mainly explained by an increase in inventories and by a strong growth in the export of goods. Calendar adjusted and compared with the first quarter of 2022, GDP increased by 0.8 percent.
“GDP increased in the first quarter after a weak final quarter of the previous year. Inventories and net exports rose while household consumption decreased for the third consecutive quarter”, 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 1.2 percent. The downturn is mainly explained by decreased expenditure on transport but non-resident household consumption in Sweden and food consumption also contributed negatively.
- General government consumption rose by 0.5 percent. Local and regional governments rose by 0.5 percent while central government consumption increased by 0.3 percent.
- Changes in inventories contributed to GDP growth by 0.6 percentage points. The largest contribution came from inventory buildup in trade industries.
- Gross fixed capital formation increased by 0.5 percent. The largest contribution came from investments in machinery, equipment, and weapon systems. Other buildings and constructions rose strongly while investments in dwellings decreased.
- Exports rose by 1.2 percent and imports rose by 0.7 percent. Net exports contributed 0.3 percentage points to GDP growth.
- Value added in the business sector increased by 0.6 percent. Value added fell by 0.1 percent in goods-producing industries and increased by 1.0 percent in service-producing industries. Government value added increased by 0.5 percent.
- The total number of employed persons increased by 0.7 percent. The number of hours worked rose by 1.8 percent in the whole economy and by 2.0 percent in the business sector. Labour productivity in the business sector decreased by 1.3 percent.
- Households’ real disposable income decreased by 3.1 percent compared with the first quarter 2022.
- Public administration noted a deficit of SEK 29 billion in the first quarter 2023. The deficit in the first quarter of 2022 amounted to SEK 1.7 billion.
| Current prices, SEK millions | Seasonally and calendar adjusted values | Non-adjusted values | ||
|---|---|---|---|---|
| 2023 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 | 1 517 189 | 0.6 | 0.6 | 1.3 |
| Imports | 767 117 | 0.7 | ‑0.3 | 2.4 |
| Goods (SPIN A01–F43) | 517 128 | ‑0.1 | 0.0 | ‑0.9 |
| Services (SPIN G45–T98) | 249 989 | 2.3 | ‑0.4 | 10.1 |
| Total domestic supply | 2 284 306 | 0.6 | 1.6 | |
| Household consumption expenditure | 639 833 | ‑1.2 | ‑0.5 | ‑2.5 |
| Households excluding NPISH | 622 755 | ‑1.3 | ‑0.5 | ‑2.7 |
| NPISH [1] | 17 078 | 0.1 | 0.0 | 2.9 |
| Public consumption expenditure | 378 878 | 0.5 | 0.1 | 2.8 |
| Central government | 96 745 | 0.3 | 0.0 | 2.6 |
| Municipalities [2] | 282 133 | 0.5 | 0.1 | 2.8 |
| Gross fixed capital formation | 402 792 | 0.5 | 0.1 | 2.8 |
| Inventories [3] | 28 933 | 0.6 | ||
| Exports | 833 870 | 1.2 | 0.7 | 5.0 |
| Goods (SPIN A01–F43) | 603 024 | 2.0 | 0.7 | 3.3 |
| Services (SPIN G45–T98) | 230 846 | ‑0.6 | ‑0.1 | 9.8 |
| Total domestic demand | 2 284 306 | 0.6 | 1.6 | |
(1) Non-profit institutions serving households (2) Including regional governments (3) Including changes in valuables
| 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 | 0.6 | 0.8 |
| Goods producers (SNI A01-F43) | ‑0.1 | ‑0.9 |
| Manufacturing (SNI C10-C33) | ‑1.5 | ‑1.5 |
| Service producers (SNI G45-T98) | 1.0 | 1.7 |
| Market production [1] | 0.6 | 0.7 |
| Government production | 0.5 | 2.1 |
| Hours worked [2] | 1.8 | 5.3 |
(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 conjunction with the current release, the results of the detailed annual calculations of the year 2021 are published. The annual compilations are based on more detailed and complete source statistics. GDP growth for the calendar year 2021 has been revised up by 0.7 percentage points.
Non-adjusted GDP growth for the first, second and third quarters of 2022 has been revised upwards by 0.9, 0.2 and 0.1 percentage points respectively, while the fourth quarter has been revised downwards by 0.2 percentage points. GDP growth for the full calendar year 2022 has been revised up by 0.2 percentage points.
GDP growth has been revised in seasonally adjusted values as well. The first quarter of 2022 has been revised downwards by 0.2 percentage points while the third quarter has been revised upwards by 0.3 percentage points. GDP growth for the full calendar year 2022 has been revised up by 0.2 percentage points in seasonally adjusted values.
New source on business sector value added
In the compilation of the quarterly accounts for the first quarter of 2023, a new source, Quarterly Economic Statistics , has been introduced into the calculations of value added in the business sector. For more information concerning the new statistics, please see The profitability of business is monitored in new statistics (scb.se)
Next publishing will be
The GDP indicator for the second quarter of 2023 will be published on 2023-07-28 at 8:00.
Complete quarterly national accounts for the second quarter of 2023 will be published on 2023-08-29 at 8:00.
Every fifth year, the national accounts undergo a benchmark revision of the entire time series. The revision implies introducing any new or improved methods and sources into the accounts. The results of the next benchmark revision will be released on 2024-05-30. More information on the main components of the revision will be communicated during the first quarter of 2024.
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.