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National accounts: Monthly GDP indicator, July 2021

GDP indicator increased in July

Statistical news from Statistics Sweden 2021-09-08 9.30

Sweden’s GDP increased by 0.5 percent in July, 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.

“GDP growth continued in July, albeit at a somewhat slower pace than in previous months. Contributions to growth came from rising household consumption, in particular from expenditure on hotel and restaurant services, which increased substantially,” says Neda Shahbazi, statistician at Statistics Sweden.

For more information on household consumption, see:

Monthly Indicator of Household Consumption Expenditure

Economic activity was 7.8 percent higher in July 2021, calendar-adjusted, than in July 2020. This month had one working day less than the corresponding month a year ago.

GDP, seasonally adjusted volume development and index (2020 = 100)

GDP, seasonally adjusted volume development and index (2020 = 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 July showed actual GDP development from the use side of 5.8 percent and corresponding development from the production side of 7.3 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in reconciled actual GDP development of 6.5 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.

GDP, actual development from the production and use side:
  Published 08/09/2021
  Production Use Reconciled
July 7.3 5.8 6.5

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 August 2021 will be published on 2021-10-06 at 09:30.

The ordinary calculation of the third quarter 2021 will be published on 2021-11-29 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

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

Enquiries

Neda Shahbazi, nationalekonom

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

Mattias Kain Wyatt

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