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National accounts: Monthly GDP indicator, August 2021

GDP indicator: activity decreased in August

Statistical news from Statistics Sweden 2021-10-06 9.30

Sweden’s GDP decreased by 3.8 percent in August, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator.

The GDP indicator provides an early picture of the development of the gross domestic product, GDP. It is compiled on a monthly and quarterly basis with more limited and preliminary statistics than the regular quarterly national accounts. The monthly version of the indicator lies outside the official statistics and is classified as statistics under construction.

“Several factors contributed to this downturn. Exports of goods, which turned downwards, was a component that stood out in particular in August. Although exports at current prices were higher than in August 2020, this is entirely due to rising export prices,” says Mattias Kain Wyatt, statistician at Statistics Sweden.

For more information, see the Foreign trade in goods and Producer and import price index.

Economic activity was 2.4 percent higher in August 2021, calendar-adjusted, compared with August 2020. This month had one working day more than the corresponding month last year.

GDP, seasonally adjusted volume development and index (2020 = 100)

GDP, seasonally adjusted volume development and index (2020 = 100)

Balancing and revisions

In a first step, the GDP indicator calculates two separate GDP outcomes from the production and use side of the economy. Then a reconciliation is made in which one side is adjusted downwards and the other side is adjusted upwards to arrive at a single final result. Before reconciliation, the statistical data in August showed actual GDP development from the use side of 3.2 percent and corresponding development from the production side of 4.2 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in reconciled actual GDP development of 3.7 percent.

In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.

GDP, actual development from the production and use side and reconciled results in current and previous publications
  Published on 6 October 2021 Published on 8 September 2021
  Production Use Reconciled Production Use Reconciled
July 7.5 5.8 6.7 7.3 5.8 6.5
August 4.2 3.2 3.7      

In connection with this publication, the method for benchmarking has been adjusted to now reconcile calendar and seasonally adjusted monthly series in each publication with the latest quarterly seasonal adjustment of GDP. Previously, this was only done in the calculation of the last month in a quarter. Thus, for the calculations of months one and two, series are now benchmarked against corresponding series from the latest QNA release, while month three is benchmarked against the seasonal adjustment of the quarterly GDP indicator. This change does not affect growth figures in the actual reference quarter. 

Additional information

Time series and revision history for the GDP indicator.

For more information about the indicator, see Compilation of the Swedish GDP indicator.

Next publishing will be

The GDP indicator for September 2021 will be published on 2021-10-28 at 09:30.

The ordinary calculation of the third quarter 2021 will be published on 2021-11-29 at 09:30.

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.

Statistical agency and producer

Statistics Sweden, National Accounts

Address
Solna strandväg 86
171 54 Solna
E-mail
nrinfo@scb.se

Enquiries

Mattias Kain Wyatt

Telephone
+46 10-479 43 56
E-mail
mattias.kain.wyatt@scb.se

Melker Pettersson Loberg

Telephone
+46 10 479 43 74
E-mail
melker.petterssonloberg@scb.se