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National accounts, third quarter 2022. Corrected 2022-11-29 at 14:00

GDP increased in the third quarter 2022

Statistical news from Statistics Sweden 2022-11-29 14.00

GDP increased by 0.6 percent in the third quarter 2022, seasonally adjusted and compared with the second quarter 2022. The upturn was to a large extent driven by gross fixed capital formation. Calendar adjusted and compared with the third quarter of 2021, GDP increased by 2.5 percent.

“GDP continued to grow during the third quarter. Gross fixed capital formation contributed largely to the increase, with a notable rise in machinery investments” 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 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 decreased by 0.2 percent. Decreased expenditure on food as well as on furnishings and household equipment contributed most to the downturn.
  • General government consumption rose by 0.4 percent. Local and regional governments rose by 0.1 percent while central government consumption rose by 1.1 percent.
  • Changes in inventories contributed to GDP growth by 0.4 percentage points.
  • Gross fixed capital formation increased by 1.2 percent. The main contribution came from investments in machinery and equipment.
  • Exports increased by 0.5 percent and imports rose by 1.0 percent. Overall, net exports reduced GDP growth by 0.2 percentage points.
  • Market production increased by 1.0 percent. Output in goods-producing industries rose by 2.5 percent and output in service-producing industries increased by 0.3 percent. Government production increased by 0.6 percent.
  • The total number of employed persons increased by 0.5 percent. The number of hours worked rose by 0.8 percent in the whole economy and by 0.7 percent in the business sector. Labour productivity in the business sector increased by 0.4 percent, driven by goods-producing industries.
  • Households’ real disposable income decreased by 2.4 percent compared with the third quarter 2021.
  • Public administration noted a small surplus of SEK 0.2 billion in the third quarter 2022. This is a lower surplus compared to the third quarter of 2021 which amounted to SEK 8.2 billion.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2021), SEK billions

diagram

GDP - Expenditure approach
  Current prices, SEK millions Seasonally and calendar adjusted values Non-adjusted values
  2022 q3 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 1 437 467 0.6 0.6 2.5
Imports 717 931 1.0 ‑0.4 7.9
Goods (SPIN A01–F43) 496 021 1.2 ‑0.3 4.8
Services (SPIN G45–T98) 221 910 0.5 ‑0.1 14.6
Total domestic supply 2 155 398 0.7   4.1
Household consumption expenditure 658 436 ‑0.2 ‑0.1 0.5
Households excluding NPISH 641 889 ‑0.2 ‑0.1 0.4
NPISH [1] 16 547 1.1 0.0 3.8
Public consumption expenditure 366 260 0.4 0.1 0.3
Central government 95 518 1.1 0.1 3.3
Municipalities [2] 270 742 0.1 0.0 ‑0.8
Gross fixed capital formation 380 480 1.2 0.3 6.2
Inventories [3]  24 726   0.4  
Exports 725 496 0.5 0.2 5.2
Goods (SPIN A01–F43) 526 396 2.0 0.6 5.0
Services (SPIN G45–T98) 199 100 ‑3.0 ‑0.4 5.6
Total domestic demand 2 155 398 0.7   4.1

(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 0.6 2.5
Goods producers (SNI A01-F43) 2.5 4.7
Manufacturing (SNI C10-C33) 3.6 6.0
Service producers (SNI G45-T98) 0.3 3.5
Market production [1] 1.0 3.9
Government production 0.6 1.3
Hours worked [2] 0.8 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 previous publication. In 2021, the first, second and third quarter have been revised downwards by 0.1 percentage point, respectively, and the fourth quarter has been revised upwards by 0.2 percentage points. GDP growth for the calendar year 2021 has not been revised.

Non-adjusted GDP growth for the first quarter of 2022 has been revised upwards by 0.1 percentage point and the second quarter of 2022 is unchanged compared to the previous publication.

Next publishing will be

The GDP indicator for the fourth quarter of 2022 will be published on 2023-01-30 at 8:00.

Complete quarterly national accounts for the fourth quarter of 2022 will be published on 2023-02-28 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.

Statistical agency

Statistics Sweden

Enquiries

Mikael Mellberg, nationalekonom

Telephone
+46 10 479 41 49
E-mail
mikael.mellberg@scb.se

Neda Shahbazi

Telephone
+46 10 479 40 09
E-mail
Neda.Shahbazi@scb.se