GDP was 0.1 percent lower in December 2023 than in the corresponding month of 2022. For the fourth quarter as a whole GDP was in line with figures for the fourth quarter of 2022. December had two less working days than the corresponding month of the previous year, while the quarter as a whole had one less working day than the fourth quarter 2022. With figures on December the GDP-indicator provides a first estimate of annual growth for 2023 of -0.3 percent.

In conjunction with the publication of reference month December, the turnover index for retail trade have revised figures for the months of April to November following the correction of an error. This results in a revision in the GDP-indicator of about -0,1 percentage point for the two months of October and November.

For more information on turnover in retail trade, see:

Turnover in the service sector

Due to differences in methods and data sources used this correction will have a substantially smaller impact in the full quarterly national accounts where the overall effect will be more marginal. This correction will be included in the next compilation of the quarterly national accounts that is to be published on the 29th of February. Effects in the monthly GDP-indicator for the period April to September will be minimal due to these months being benchmarked to align with quarterly totals from the full quarterly compilations of quarters two and three.

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 December showed actual GDP development from the use side of -2.7 percent and corresponding development from the production side of -2.9 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -2.8 percent.

For the fourth quarter as a whole, actual GDP development was 0.1 percent for the use side and -1.1 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of -0.5 percent.

In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, October and November. 

Additional information

Time series and revision history for the GDP indicator.

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