National accounts, fourth quarter 2021
GDP rose in the fourth quarter 2021
Statistical news from Statistics Sweden 2022-02-28 8.00
GDP increased by 1.1 percent in the fourth quarter 2021, seasonally adjusted and compared with the third quarter 2021. The upturn was mainly driven by increases in exports and household consumption. Calendar adjusted and compared with the fourth quarter of 2020, GDP increased by 5.2 percent. GDP in the full year of 2021 increased by 4.8 percent compared with 2020.
“GDP continued to grow during the fourth quarter but at a somewhat slower rate. The growth is mainly explained by increased exports of goods and services and by continually strong household consumption“, 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 fourth 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 1.4 percent. Expenditure related to recreation and culture contributed most to this increase.
- General government consumption rose by 0.3 percent. Local and regional governments remained unchanged while central government consumption increased by 1.0 percent.
- Changes in inventories held back GDP by 0.1 percentage point.
- Gross fixed capital formation decreased by 0.1 percent. The main contribution to the decrease came from investments in buildings and constructions.
- Exports increased by 3.4 percent and imports rose by 2.4 percent. Overall, net exports increased GDP growth by 0.6 percentage points.
- Market production increased by 1.3 percent. Output in goods-producing industries rose by 0.3 percent and output in service-producing industries increased by 1.7 percent. Government production decreased by 0.1 percent.
- The total number of employed persons remained unchanged. The number of hours worked decreased by 0.1 percent in the whole economy and remained unchanged in the business sector. Labour productivity in the business sector increased by 1.3 percent.
- Households’ real disposable income increased by 2.4 percent compared with the fourth quarter 2020.
- Public administration noted a deficit of SEK 24 billion in the fourth quarter 2021.
| Current prices, SEK millions | Seasonally and calendar adjusted values | Non-adjusted values | ||
|---|---|---|---|---|
| 2021 q4 | 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 | 1 460 600 | 1.1 | 1.1 | 5.7 |
| Imports | 642 583 | 2.4 | ‑1.0 | 9.3 |
| Goods (SPIN A01–F43) | 443 724 | 2.3 | ‑0.6 | 7.7 |
| Services (SPIN G45–T98) | 198 859 | 2.5 | ‑0.3 | 12.8 |
| Total domestic supply | 2 103 183 | 1.5 | 6.7 | |
| Household consumption expenditure | 628 270 | 1.4 | 0.6 | 8.3 |
| Households excluding NPISH | 612 361 | 1.4 | 0.6 | 8.4 |
| NPISH [1] | 15 909 | 0.3 | 0.0 | 3.3 |
| Public consumption expenditure | 384 145 | 0.3 | 0.1 | 2.1 |
| Central government | 105 274 | 1.0 | 0.1 | 3.2 |
| Municipalities [2] | 278 871 | 0.0 | 0.0 | 1.8 |
| Gross fixed capital formation | 381 761 | ‑0.1 | 0.0 | 5.8 |
| Inventories [3] | 7 768 | ‑0.1 | ||
| Exports | 701 239 | 3.4 | 1.5 | 4.9 |
| Goods (SPIN A01–F43) | 501 450 | 3.1 | 1.0 | 4.6 |
| Services (SPIN G45–T98) | 199 789 | 4.1 | 0.5 | 5.7 |
| Total domestic demand | 2 103 183 | 1.5 | 6.7 | |
(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 | 1.1 | 5.2 |
| Goods producers (SNI A01-F43) | 0.3 | 2.6 |
| Manufacturing (SNI C10-C33) | 0.7 | 3.6 |
| Service producers (SNI G45-T98) | 1.7 | 7.9 |
| Market production [1] | 1.3 | 6.2 |
| Government production | ‑0.1 | 1.2 |
| Hours worked [2] | ‑0.1 | 2.0 |
(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 2020, the third quarter has been revised downwards by 0.1 percentage point. The calendar year 2020 has not been revised.
Non-adjusted GDP growth for the second and third quarter of 2021 have been revised downwards by 0.2 and 0.5 percentage points respectively.
Next publishing will be
The GDP indicator for the first quarter of 2022 will be published on 2022-04-28 at 8.00.
Complete quarterly national accounts for the first quarter of 2022 will be published on 2022-05-30 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.