National accounts, third quarter 2024
GDP increased in the third quarter 2024
Statistical news from Statistics Sweden 2024-11-29 8.00
GDP increased by 0.3 percent in the third quarter 2024, seasonally adjusted and compared with the previous quarter. The upturn is mainly explained by changes in inventories. Calendar adjusted and compared with the third quarter of 2023, GDP increased by 0.7 percent.
– GDP-growth was continued quite weak in the third quarter, displaying a growth-rate below the historical average with only slight movements in several components of GDP. The largest positive contribution came from changes in inventories while foreign trade in goods had a restrictive effect on the economic development, 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 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 was essentially unchanged. Increased expenditure on food and non-alcoholic beverages was counteracted by decreased expenditure on restaurants and accommodation services.
- General government consumption increased by 0.4 percent. Local and regional governments rose by 0.4 percent while central government consumption increased by 0.5 percent.
- Changes in inventories contributed positively to GDP-growth by 0.6 percentage points. Buildup of industrial inventories contributed the most.
- Gross fixed capital formation rose by 0.3 percent. The increase was mainly due to investments in buildings and constructions, whereas investments in intellectual property products as well as in total machinery and equipment and weapon systems decreased.
- Exports rose by 0.6 percent and imports increased by 1.7 percent. Net exports contributed negatively to GDP by 0.5 percentage points, driven mainly by weak net exports of goods.
- Value added in the business sector increased by 0.1 percent. In the goods-producing industries, value added fell by 1.4 percent whereas value added in the service-producing industries increased by 0.9 percent. Government value added increased by 0.7 percent.
- The total number of employed persons decreased by 0.2 percent. The number of hours worked decreased by 0.4 percent in the whole economy and by 0.8 percent in the business sector. Labour productivity in the business sector increased by 0.9 percent.
- Household real disposable income increased by 1.9 percent compared to the third quarter of 2023.
- Public administration showed a deficit of SEK 29.2 billion in the third quarter of 2024. This can be compared to a deficit of SEK 8.1 billion during the same quarter in 2023.
| Current prices, SEK millions | Seasonally and calendar adjusted values | Non-adjusted values | ||
|---|---|---|---|---|
| 2024 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 | 1 542 276 | 0.3 | 0.3 | 1.2 |
| Imports | 789 389 | 1.7 | ‑0.9 | 4.6 |
| Goods (SPIN A01–F43) | 475 076 | 0.9 | ‑0.3 | ‑0.2 |
| Services (SPIN G45–T98) | 314 313 | 3.1 | ‑0.6 | 13.2 |
| Total domestic supply | 2 331 665 | 0.8 | 2.4 | |
| Household consumption expenditure | 716 834 | 0.0 | 0.0 | 0.4 |
| Households excluding NPISH | 698 488 | 0.0 | 0.0 | 0.5 |
| NPISH [1] | 18 346 | ‑0.7 | 0.0 | ‑0.5 |
| Public consumption expenditure | 414 804 | 0.4 | 0.1 | 2.4 |
| Central government | 109 447 | 0.5 | 0.0 | 3.5 |
| Municipalities [2] | 305 357 | 0.4 | 0.1 | 2.0 |
| Gross fixed capital formation | 359 378 | 0.3 | 0.1 | ‑0.8 |
| Inventories [3] | 11 233 | 0.6 | ||
| Exports | 829 416 | 0.6 | 0.4 | 3.2 |
| Goods (SPIN A01–F43) | 540 769 | ‑0.9 | ‑0.3 | 0.8 |
| Services (SPIN G45–T98) | 288 647 | 3.9 | 0.7 | 8.1 |
| Total domestic demand | 2 331 665 | 0.8 | 2.4 | |
(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 | 0.3 | 0.7 |
| Goods producers (SNI A01-F43) | ‑1.4 | ‑1.5 |
| Manufacturing (SNI C10-C33) | ‑1.7 | ‑2.0 |
| Service producers (SNI G45-T98) | 0.9 | 0.9 |
| Market production [1] | 0.1 | 0.2 |
| Government production | 0.7 | 3.0 |
| Hours worked [2] | ‑0.4 | ‑0.5 |
(1) Excluding tariffs and net product taxes (2) In the whole economy
Revisions
The quarters of 2023 as well as the first and second 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.
GDP-growth, non-adjusted and compared with the corresponding quarter of the previous year, percent, current and previous publication
| 2023 q1 | 2023 q2 | 2023 q3 | 2023 q4 | Calendar year 2023 | 2024 q1 | 2024 q2 |
2024-11-29 | 1.9 | -1.0 | -0.9 | -0.8 | -0.2 | -0.4 | 1.0 |
2024-08-29 | 1.8 | -1.2 | -0.9 | -0.9 | -0.3 | 0.4 | 1.0 |
GDP-growth, seasonally adjusted and compared with the previous quarter, percent, current and previous publication
| 2023 q1 | 2023 q2 | 2023 q3 | 2023 q4 | 2024 q1 | 2024 q2 |
2024-11-29 | 0.5 | -0.5 | 0.1 | -0.2 | 0.6 | 0.0 |
2024-08-29 | 0.2 | -0.3 | 0.3 | -0.2 | 0.8 | -0.3 |
Next publishing will be
The GDP indicator for the fourth quarter of 2024 will be published on 2025-01-29 at 8:00.
Complete quarterly national accounts for the fourth quarter of 2024 will be published on 2025-02-28 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.