National accounts, fourth quarter 2020
GDP indicator increased slightly in the fourth quarter
Statistical news from Statistics Sweden 2021-02-01 9.30
Sweden’s GDP increased by 0.5 percent in the fourth quarter of 2020, seasonally adjusted and compared with the third quarter of 2020, according to the preliminary compilation of the quarterly national accounts. Calendar adjusted and compared with the fourth quarter of 2019, GDP decreased by 2.6 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.
This upturn means that in the second half of the year, the economy recovered 63 percent of the large decline from the second quarter. The indicator estimate of the fourth quarter point to a GDP growth figure for 2020 as a whole at -2.8 percent compared to 2019.
To arrive at a final reconciled GDP estimate, the two calculations from the production and expenditure approaches are balanced. As in the full quarterly national accounts, reconciliation is calculated by taking the average of the two approaches. Before balancing, actual GDP growth from the expenditure approach was -3.1 percent, while the corresponding figure from the production approach was -1.2 percent compared with the same quarter a year ago. As a result, final actual GDP growth was -2.2 percent.
Additional information
The GDP indicator is an early compilation of the quarterly national accounts based on limited and preliminary statistics. For more information on the indicator, see Compilation of the Swedish GDP indicator.
Statistical Database
More information is available in the Statistical Database.
Next publishing will be
Complete quarterly national accounts for the fourth quarter of 2020 is scheduled for publication on 2021-02-26 at 9.30.
The next GDP indicator is scheduled for publication on 2021-04-29 at 9.30.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.