National accounts, second quarter 2022
GDP increased in the second quarter 2022
Statistical news from Statistics Sweden 2022-08-29 8.00
GDP increased by 0.9 percent in the second quarter 2022, seasonally adjusted and compared to the previous quarter. The upturn was driven by gross fixed capital formation and increased household consumption. GDP growth was dampened by negative net exports. Calendar adjusted and compared with the second quarter of 2021, GDP increased by 3.8 percent.
“Following a relatively weak first quarter, GDP growth rose during the second quarter. The upswing is mainly explained by business sector investments and by 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 second 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 1.6 percent. Expenditure related to recreation and culture as well as resident household consumption expenditure abroad contributed most to this increase.
- General government consumption fell by 0.3 percent. Local governments declined by 0.5 while central government consumption increased by 0.2 percent.
- Changes in inventories did not contribute to GDP growth in the second quarter.
- Gross fixed capital formation increased by 3.3 percent. The main contribution to the increase came from investments in buildings and structures as well as in intellectual property products.
- Exports increased by 1.1 percent and imports increased by 2.5 percent. Overall, net exports lowered GDP growth by 0.5 percentage points.
- Market production rose by 1.4 percent. Output in goods-producing industries increased by 1.2 percent while output in service-producing industries increased by 1.5 percent. Government production decreased by 0.1 percent.
- The total number of persons employed increased by 0.9 percent. The number of hours worked increased by 1.2 percent in the total economy and by 1.5 percent in the business sector. Labour productivity in the business sector decreased by 0.1 percent.
- Households’ real disposable income was unchanged compared with the second quarter 2021.
- Public administration noted a surplus of SEK 81 billion in the second quarter 2022. This is a larger surplus compared to the second quarter of 2021 which amounted to SEK 29 billion.
| Current prices, SEK millions | Seasonally and calendar adjusted values | Non-adjusted values | ||
|---|---|---|---|---|
| 2022 q2 | 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 | 1 513 879 | 0.9 | 0.9 | 3.4 |
| Imports | 726 744 | 2.5 | ‑1.1 | 9.9 |
| Goods (SPIN A01–F43) | 504 117 | 0.2 | ‑0.1 | 2.2 |
| Services (SPIN G45–T98) | 222 627 | 7.2 | ‑1.0 | 29.5 |
| Total domestic supply | 2 240 623 | 1.4 | 5.3 | |
| Household consumption expenditure | 673 485 | 1.6 | 0.7 | 5.6 |
| Households excluding NPISH | 655 404 | 1.6 | 0.7 | 5.7 |
| NPISH [1] | 18 081 | 1.4 | 0.0 | 4.0 |
| Public consumption expenditure | 369 624 | ‑0.3 | ‑0.1 | ‑2.0 |
| Central government | 97 933 | 0.2 | 0.0 | ‑1.4 |
| Municipalities [2] | 271 691 | ‑0.5 | ‑0.1 | ‑2.2 |
| Gross fixed capital formation | 423 704 | 3.3 | 0.9 | 6.2 |
| Inventories [3] | 18 379 | 0.0 | ||
| Exports | 755 431 | 1.1 | 0.5 | 5.3 |
| Goods (SPIN A01–F43) | 548 376 | ‑0.6 | ‑0.2 | 0.9 |
| Services (SPIN G45–T98) | 207 055 | 5.4 | 0.7 | 17.6 |
| Total domestic demand | 2 240 623 | 1.4 | 5.3 | |
(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 | 0.9 | 3.8 |
| Goods producers (SNI A01-F43) | 1.2 | 2.0 |
| Manufacturing (SNI C10-C33) | 0.7 | 1.1 |
| Service producers (SNI G45-T98) | 1.5 | 7.5 |
| Market production [1] | 1.4 | 5.6 |
| Government production | ‑0.1 | ‑0.1 |
| Hours worked [2] | 1.2 | 2.9 |
(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 2021, the first and third quarters have been revised downwards by 0.1 and 0.3 percentage points respectively, while the fourth quarter has been revised upwards by 0.2 percentage points. The full year of 2021 has not been revised. The first quarter of 2022 has been revised upwards by 0.8 percentage points.
Next publishing will be
The GDP indicator for the third quarter of 2022 will be published on 2022-10-28 at 8:00.
Complete quarterly national accounts for the third quarter of 2022 will be published on 2022-11-29 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.