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National accounts: Monthly GDP indicator, March 2021

GDP indicator: Strong March drives growth in first quarter

Statistical news from Statistics Sweden 2021-04-29 9.30

Sweden’s GDP increased by 2.1 percent in March, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the first quarter as a whole, GDP grew by 1.1 percent, seasonally adjusted and compared with the previous quarter.

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.

In March, GDP was 3.5 percent higher than in the corresponding month a year ago, in calendar-adjusted figures. GDP development for the whole first quarter remained largely unchanged compared with the same quarter a year ago. March had one more working day than the corresponding month last year, while the first quarter as a whole had one working day less than the same quarter last year.

“One year after the outbreak of the pandemic in Sweden, GDP is now almost back at the same level as before the downturn last spring,” says Melker Loberg, economist at Statistics Sweden.

GDP, seasonally adjusted volume development and index (2019 = 100)

GDP, seasonally adjusted volume development and index (2019 = 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 March presented actual GDP development from the use side of 6.1 percent and corresponding development for the production side of 5.3 percent, both compared with the same month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 5.7 percent before benchmarking to the quarterly indicator.

For the first quarter as a whole, actual GDP development was -0.9 percent for the use side and 0.0 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, January and February.

GDP, non-adjusted growth from the production and use side and reconciled result in current and previous publications. Monthly figures show result before benchmarking.
  Published 08/04/2021 Published 29/04/2021
  Production Use Reconciled Production Use Reconciled
January ‑5.6 ‑6.3 ‑5.9 ‑5.6 ‑5.3 ‑5.5
February ‑1.1 ‑1.1 ‑1.1 ‑1.1 ‑0.4 ‑0.8
March       5.3 6.1 5.7
Quarter 1       0.0 ‑0.9 ‑0.5

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 April 2021 will be published on 2021-06-08 at 09.30.

The ordinary calculation of the first quarter 2021 will be published 2021-05-28 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

Solna strandväg 86
171 54 Solna


Mattias Kain Wyatt

+46 10-479 43 56

Melker Pettersson Loberg

+46 10 479 43 74