National accounts: Monthly GDP indicator, August 2022
GDP indicator decreased in August
Statistical news from Statistics Sweden 2022-10-06 8.00
Sweden’s GDP decreased by 1.3 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.
“Economic activity decreased in August, something that can be seen among other things, in weaker industrial production” says Neda Shahbazi, economist at Statistics Sweden.
For more information on private sector production, see the Production Value Index
Economic activity was 3.6 percent higher in August 2022, calendar-adjusted, than in August 2021. This month had one additional working day compared with the corresponding month a year ago.
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 5.5 percent and corresponding development from the production side of 4.3 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 4.9 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 06/10/2022 | Published 07/09/2022 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| July | 0.5 | 1.0 | 0.7 | ‑0.3 | 0.9 | 0.3 | |
| August | 4.3 | 5.5 | 4.9 | ||||
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 2022 will be published on 2022-10-28 at 08:00.
The ordinary calculation of the third quarter 2022 will be published on 2022-11-29 at 08:00.
The format of the tables in the statistical database will be changed in the next publication of the GDP indicator regarding September. The tables will contain time series of seasonally adjusted, calendar adjusted and actual monthly GDP figures that at the time of publishing are consistent with the latest quarterly estimations of GDP. They will thus correspond to the quarterly benchmarked time series that are now available in the attached excel file. These series will at the same time be removed from the second sheet in the excel file, but they will remain available in the revision history in sheet 3-5. The time series will at the same time be extended to January of the year 2000.
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.