National accounts: Monthly GDP indicator, March 2022
GDP indicator: Growth in March
Statistical news from Statistics Sweden 2022-04-28 8.00
Sweden’s GDP increased by 1.0 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 decreased by 0,4 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 2.1 percent higher than in the corresponding month a year ago. For the first quarter as a whole, GDP grew by 3.0 percent compared with the same quarter a year ago. March had the same number of working days as the corresponding month a year ago while the first quarter as a whole had one additional working day in comparison with the corresponding period last year.
“GDP rose slightly in March, but in a wider perspective the year seems to begin with a slowdown in the Swedish economy.” says Mattias Kain Wyatt, economist at Statistics Sweden.
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 1.5 percent and corresponding development for the production side of 3.0 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 2.3 percent ahead of benchmarking to quarterly GDP-growth.
For the first quarter as a whole, actual GDP development was 2.9 percent for the use side and 3.9 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of 3.4 percent.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, January and February.
| Published on 28 April 2022 | Published on 6 April 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| January | 5.7 | 5.2 | 5.4 | 5.5 | 6.3 | 5.9 | |
| February | 3.2 | 2.4 | 2.8 | 2.6 | 2.5 | 2.5 | |
| March | 3.0 | 1.5 | 2.3 | ||||
| First quarter | 3.9 | 2.9 | 3.4 | ||||
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 2022 will be published on 2022-06-09 at 08.00.
The ordinary calculation of the first quarter 2022 will be published 2022-05-30 at 08.00.
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.