National accounts, fourth quarter 2024
GDP increased in the fourth quarter 2024
Statistical news from Statistics Sweden 2025-02-28 8.00
GDP increased by 0.8 percent in the fourth quarter 2024, seasonally adjusted and compared with the previous quarter. The upturn is mainly explained by strong net exports of goods and gross fixed capital formation. Calendar adjusted and compared with the fourth quarter of 2023, GDP increased by 2.4 percent. GDP in the full year of 2024 increased by 1.0 percent compared with 2023.
– The year ended with a comparatively strong quarter. An increase is noticeable in several components of GDP with the main contribution coming from a strong net export of goods. On the production side, the upturn is mainly notable in the manufacturing industry, says Jessica Engdahl, head of section at the National Accounts.
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 0.7 percent with increases in most consumption purposes.
- General government consumption increased by 0.1 percent. Local and regional governments rose by 0.1 percent while central government consumption was essentially unchanged.
- Changes in inventories contributed negatively to GDP-growth by 0.6 percentage points. A decline in industrial inventories contributed the most.
- Gross fixed capital formation rose by 1.8 percent. The increase was mainly due to investments in buildings and constructions.
- Exports rose by 0.7 percent and imports fell by 0.5 percent. Net exports contributed positively to GDP by 0.6 percentage points, driven mainly by strong net exports of goods.
- Value added in the business sector increased by 0.7 percent. In the goods-producing industries, value added rose by 1.7 percent and value added in the service-producing industries increased by 0.3 percent. Government value added rose by 0.9 percent.
- The total number of employed persons decreased by 0.2 percent. The number of hours worked increased by 0.5 percent in both the whole economy and the business sector. Labour productivity in the business sector increased by 0.2 percent.
- Household real disposable income increased by 3.5 percent compared with the fourth quarter of 2023.
- Public administration showed a deficit of SEK 61.6 billion in the fourth quarter of 2024. This can be compared with a deficit of SEK 51.5 billion during the same quarter in 2023.
| Current prices, SEK millions | Seasonally and calendar adjusted values | Non-adjusted values | ||
|---|---|---|---|---|
| 2024 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 | 1 718 622 | 0.8 | 0.8 | 1.9 |
| Imports | 849 489 | ‑0.5 | 0.2 | 1.5 |
| Goods (SPIN A01–F43) | 510 756 | ‑0.7 | 0.2 | ‑0.1 |
| Services (SPIN G45–T98) | 338 733 | ‑0.1 | 0.0 | 4.1 |
| Total domestic supply | 2 568 111 | 0.3 | 1.8 | |
| Household consumption expenditure | 746 547 | 0.7 | 0.3 | 0.5 |
| Households excluding NPISH | 726 880 | 0.7 | 0.3 | 0.5 |
| NPISH [1] | 19 667 | 1.0 | 0.0 | 1.6 |
| Public consumption expenditure | 453 831 | 0.1 | 0.0 | 0.0 |
| Central government | 127 003 | 0.0 | 0.0 | 0.2 |
| Municipalities [2] | 326 828 | 0.1 | 0.0 | 0.0 |
| Gross fixed capital formation | 453 489 | 1.8 | 0.4 | 1.0 |
| Inventories [3] | ‑17 024 | ‑0.6 | ||
| Exports | 931 268 | 0.7 | 0.4 | 2.2 |
| Goods (SPIN A01–F43) | 609 204 | 1.5 | 0.6 | 0.1 |
| Services (SPIN G45–T98) | 322 064 | ‑0.9 | ‑0.2 | 6.6 |
| Total domestic demand | 2 568 111 | 0.3 | 1.8 | |
(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 | 0.8 | 2.4 |
| Goods producers (SNI A01-F43) | 1.7 | 2.8 |
| Manufacturing (SNI C10-C33) | 2.4 | 6.2 |
| Service producers (SNI G45-T98) | 0.3 | 2.0 |
| Market production [1] | 0.7 | 2.3 |
| Government production | 0.9 | 3.0 |
| Hours worked [2] | 0.5 | ‑0.3 |
(1) Excluding tariffs and net product taxes (2) In the whole economy
Revisions
The quarters of 2023 as well as the first three quarters of 2024 have been revised in non-adjusted and seasonally adjusted values compared to the previous publication. GDP-growth in the current and the previous publications is shown in the tables below.
| 2023 q1 | 2023 q2 | 2023 q3 | 2023 q4 | Calendar year 2023 | 2024 q1 | 2024 q2 | 2024 q3 | 2024 q4 | Calendar year 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025-02-28 | 1.9 | ‑0.9 | ‑0.7 | ‑0.7 | ‑0.1 | ‑0.3 | 0.9 | 1.4 | 1.9 | 1.0 |
| 2024-11-29 | 1.9 | ‑1.0 | ‑0.9 | ‑0.8 | ‑0.2 | ‑0.4 | 1.0 | 1.2 |
| 2023 q1 | 2023 q2 | 2023 q3 | 2023 q4 | 2024 q1 | 2024 q2 | 2024 q3 | 2024 q4 | |
|---|---|---|---|---|---|---|---|---|
| 2025-02-28 | 0.7 | ‑0.4 | 0.2 | ‑0.6 | 0.7 | 0.2 | 0.6 | 0.8 |
| 2024-11-29 | 0.5 | ‑0.5 | 0.1 | ‑0.2 | 0.6 | 0.0 | 0.3 |
Next publishing will be
The GDP indicator for the first quarter of 2025 will be published on 2025-04-29 at 8:00.
Complete quarterly national accounts for the first quarter of 2025 will be published on 2025-05-30 at 8:00.
The national accounts will publish the results of a minor revision of the entire time series on 2025-05-30.
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.