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National accounts, third quarter 2019

GDP growth in the third quarter of 2019

Statistical news from Statistics Sweden 2019-11-29 9.30

Sweden’s GDP increased by 0.3 percent in the third quarter of 2019, seasonally adjusted and compared with the second quarter of 2019. This increase was mainly driven by exports. Calendar adjusted and compared with the third quarter of 2018, GDP grew by 1.6 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.

Summary of the third 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 0.4 percent. Household consumption abroad contributed most to this increase.
  • General government consumption rose by 0.2 percent. Central government consumption increased by 0.1 percent, while consumption in local and regional government increased by 0.2 percent.
  • Changes in inventories contributed to a downturn in GDP growth of 0.4 percentage points.
  • Gross fixed capital formation increased by 0.5 percent. This upturn is mainly explained by increased investments in transport equipment.
  • Exports increased by 1.4 percent and imports increased by 0.8 percent. Overall, net exports contributed upwards to GDP growth by 0.3 percentage points.
  • Market production increased by 0.6 percent. Output in goods-producing industries remained largely unchanged, while in service-producing industries, output increased by 0.9 percent. Government production decreased by 0.4 percent.
  • The total number of employed persons increased by 0.2 percent, while the number of hours worked increased by 0.2 percent. Labour productivity in the business sector increased by 0.1 percent.
  • Households’ real disposable income increased by 2.7 percent compared with the third quarter of 2018.
  • Public administration recorded a surplus of SEK 0.4 billion.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2018), SEK billions

Chart GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2018), SEK billions

GDP - Expenditure approach
 Current prices, SEK millionsSeasonally and calendar adjusted valuesNon-adjusted values
 2019 q3Volume change, cf. with previous quarter,%Contribution to GDP volume change, cf. with previous quarter,% pointsVolume change, cf. with corresponding quarter last year,%
GDP at market prices 1 199 479 0.3 0.3 2.0
Imports 538 714 0.8 ‑0.4 4.3
Goods (SPIN A01–F43) 353 068 0.8 ‑0.2 3.0
Services (SPIN G45–T98) 185 646 0.9 ‑0.1 6.9
Total domestic supply 1 738 193 0.4   2.7
Household consumption expenditure 552 798 0.4 0.2 1.6
Households excluding NPISH 538 160 0.4 0.2 1.7
NPISH [1] 14 638 0.2 0.0 ‑0.7
Public consumption expenditure 319 708 0.2 0.0 0.7
Central government 80 201 0.1 0.0 ‑0.5
Municipalities [2] 239 507 0.2 0.0 1.1
Gross fixed capital formation 290 125 0.5 0.1 0.0
Inventories [3] [4] ‑8 296   ‑0.4  
Exports 583 858 1.4 0.7 6.8
Goods (SPIN A01–F43) 393 304 0.2 0.1 4.0
Services (SPIN G45–T98) 190 554 4.3 0.6 13.2
Total domestic demand 1 738 193 0.4   2.7

 

(1) Non-profit institutions serving households (2) Including regional governments (3) Inventories are displayed in SEK millions, seasonally adjusted, constant reference year prices (4) 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 0.3 1.6
Goods producers (SNI A01-F43) 0.0 2.1
Manufacturing (SNI C10-C33) 0.1 1.4
Service producers (SNI G45-T98) 0.9 2.5
Market production [1] 0.6 2.4
Government production ‑0.4 ‑0.7
Hours worked [2] 0.2 0.3

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

Revisions

Compared with the September publication on GDP in the second quarter 2019, GDP growth in non-adjusted figures has been revised downwards for the first quarter 2019 by 0.3 percentage points and for the second quarter by 0.1 percentage point. The quarters of 2018 have also been revised in this publication in accordance with the National Accounts revision policy.

Publication

The current quarterly tables from 1980 onwards are available on the Statistics Sweden website, under National Accounts, quarterly and annual reports, and in the statistical databases.

Next publishing will be

Statistics on the fourth quarter of 2019 will be published on 2020-02-28 at 9:30.

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.

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