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National accounts: Monthly GDP indicator, September 2022

GDP indicator up in September

Statistical news from Statistics Sweden 2022-10-28 8.00

Sweden’s GDP increased by 1.0 percent in September, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the third quarter as a whole, GDP increased by 0.7 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 September, GDP was 2.5 percent higher than in the corresponding month a year ago. For the third quarter as a whole, GDP grew by 2.6 percent compared with the same quarter a year ago. Both September and the third quarter as a whole had the same number of working days as the corresponding periods last year.

“Swedish GDP bounced up in September following an August dip. Together with strong figures for July this contributed to growth in the third quarter as a whole” says Mattias Kain Wyatt, economist at Statistics Sweden.

GDP, seasonally adjusted volume development and index (2021 = 100)

Graph: GDP, seasonally adjusted volume development and index (2021 = 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 September presented actual GDP development from the use side of 3.6 percent and corresponding development for the production side of 2.9 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 3.2 percent ahead of benchmarking to quarterly GDP-growth.

For the third quarter as a whole, actual GDP development was 3.0 percent for the use side and 2.2 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of 2.6 percent.

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

GDP, non-adjusted non-benchmarked growth from the production and use side and reconciled results in current and previous publications:
  Published 28/10/2022 Published 06/10/2022
  Production Use Reconciled Production Use Reconciled
July ‑0.6 0.2 ‑0.2 0.5 1.0 0.7
August 4 4.6 4.3 4.3 5.5 4.9
September 2.9 3.6 3.2      
Third Quarter 2.2 3 2.6      

Additional information

With this publication contents in the statistical database on monthly GDP has changed. Tables now 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. Time series has also been extended back to January of the year 2000.

Time series and revision history for the GDP indicator.

For more information about the indicator, see the GDP indicator: Calculation methods and data (pdf).

Next publishing will be

The GDP indicator for October 2022 will be published on 2022-12-07 at 08.00.

The ordinary calculation of the third quarter 2022 will be published 2022-11-29 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.

Statistical agency

Statistics Sweden, National Accounts

Address
Solna strandväg 86
171 54 Solna
E-mail
nrinfo@scb.se

Enquiries

Mattias Kain Wyatt

Telephone
+46 10-479 43 56
E-mail
mattias.kain.wyatt@scb.se

Neda Shahbazi, nationalekonom

Telephone
+46 10 479 40 09
E-mail
Neda.Shahbazi@scb.se