National accounts, fourth quarter 2022. Correction 2023-03-06

GDP decreased in the fourth quarter 2022

Statistical news from Statistics Sweden 2023-03-06 8.00

National Accounts for the fourth quarter of 2022 have been corrected compared to the publication on February 28th. The correction is due to a late update pertaining to foreign trade and affects GDP and several of its components.

GDP fell by 0.2 percent, non-adjusted and compared to the fourth quarter of 2021. This can be compared to a decrease of 0.9 percent in the previous publication. Seasonally adjusted and compared to the third quarter of 2022, GDP fell by 0.5 percent as compared to 0.9 percent in the previous publication.

GDP decreased by 0.5 percent in the fourth quarter 2022, seasonally adjusted and compared with the third quarter 2022. The downturn was driven by decreased capital formation in fixed assets and inventories. Calendar adjusted and compared with the fourth quarter of 2021, GDP decreased by 0.2 percent. GDP in the full year of 2022 increased by 2.6 percent compared with 2021.

“GDP contracted in the fourth quarter with a broad downturn in capital formation and household consumption. Strong net exports held back the decrease”, 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 decreased by 0.4 percent. Decreased expenditure on furnishings and household equipment, food and Swedish consumption abroad contributed to the downturn.
General government consumption rose by 0.2 percent. Local and regional governments rose by 0.4 percent while central government consumption decreased by 0.2 percent.
Changes in inventories contributed negatively to GDP growth by 0.8 percentage points. The largest reduction in inventories took place among service-producing industries.
Gross fixed capital formation decreased by 1.0 percent. The largest negative contribution came from investments in buildings and constructions.
Exports increased by 0,5 percent and imports decreased by 0.9 percent. Overall, net exports contributed positively to GDP by 0.6 percentage points.
Market production decreased by 0.7 percent. Output in goods-producing industries fell by 1.2 percent and output in service-producing industries decreased by 0.5 percent. Government production increased by 0.7 percent.
The total number of employed persons increased by 0.3 percent. The number of hours worked rose by 0.4 percent in the whole economy and by 0.3 percent in the business sector. Labour productivity in the business sector decreased by 1.1 percent.
Households’ real disposable income decreased by 2.6 percent compared with the fourth quarter 2021.
Public administration noted a deficit of SEK 43 billion in the fourth quarter 2022. The deficit in the fourth quarter of 2021 amounted to SEK 21 billion.

GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2021), SEK billions

GDP - Expenditure approach

	Current prices, SEK millions	Seasonally and calendar adjusted values		Non-adjusted values
	2022 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	1 584 793	‑0.5	‑0.5	‑0.2
Imports	803 652	‑0.9	0.4	3.7
Goods (SPIN A01–F43)	534 155	‑1.3	0.4	‑0.2
Services (SPIN G45–T98)	269 497	‑0.2	0.0	11.7
Total domestic supply	2 388 445	‑0.6		1.0
Household consumption expenditure	690 523	‑0.4	‑0.2	‑2.2
Households excluding NPISH	672 616	‑0.4	‑0.2	‑2.3
NPISH ^[1]	17 907	0.1	0.0	2.7
Public consumption expenditure	408 343	0.2	0.1	0.8
Central government	115 360	‑0.2	0.0	1.3
Municipalities ^[2]	292 983	0.4	0.1	0.7
Gross fixed capital formation	434 207	‑1.0	‑0.3	2.5
Inventories ^[3]	‑8 492		‑0.8
Exports	863 864	0.5	0.2	5.3
Goods (SPIN A01–F43)	590 561	‑0.7	‑0.2	3.4
Services (SPIN G45–T98)	273 303	3.0	0.5	9.3
Total domestic demand	2 388 445	‑0.6		1.0

(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	‑0.5	‑0.2
Goods producers (SNI A01-F43)	‑1.2	‑0.6
Manufacturing (SNI C10-C33)	‑1.0	0.8
Service producers (SNI G45-T98)	‑0.5	‑0.9
Market production ^[1]	‑0.7	‑0.8
Government production	0.7	2.7
Hours worked ^[2]	0.4	3.1

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

Revisions

Non-adjusted GDP growth has been revised compared to the publication in November of the third quarter. In 2021, the first, second and fourth quarters have been revised upwards by 0.3 percentage points and the third quarter has been revised upwards by 0.4 percentage points. GDP growth for the calendar year 2021 has been revised up by 0.3 percentage points. The revisions are to a large extent due to revisions in the foreign trade in services statistics.

Non-adjusted GDP growth for the first and third quarters of 2022 has been revised upwards by 0.5 and 0.2 percentage points respectively. The second quarter of 2022 is unchanged compared to the previous publication.

Next publishing will be

The GDP indicator for the first quarter of 2023 will be published on 2023-04-27 at 08:00.

Complete quarterly national accounts for the first quarter of 2023 will be published on 2023-05-30 at 08:00.

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.