National accounts: Monthly GDP indicator, October 2023
GDP indicator increased in October
Statistical news from Statistics Sweden 2023-12-08 8.00
Sweden’s GDP increased 1.0 per cent in October, 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.
”Swedish GDP started out the fourth quarter with growth in October. The largest contribution to the uptick came from strong figures for net exports concerning goods with smaller increases in some other aggregates such as consumption among households and the general government.” says Melker Loberg, economist at Statistics Sweden.
For more information about development in different parts of economy, see:
Exports, imports and net trade balance, October 2023, in current prices
Monthly indicator of household consumption, October 2023
Production value index, October 2023
Following adjustment for the number of working days, GDP was 0.2 percent higher in October 2023 than in the corresponding month the previous year. October had 22 working days in 2023 compared to 21 in 2022.
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 October showed actual GDP development from the use side of 3,0 percent and corresponding development from the production side of 0,4 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 1.7 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 08/12/2023 | ||||
|---|---|---|---|---|
| Production | Use | Reconciled | ||
| October | 0.4 | 3.0 | 1.7 | |
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 August 2023 will be published on 2024-01-10 at 08:00.
The ordinary calculation of the fourth quarter 2023 will be published on 2024-02-29 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.