Production value index, July 2022
Private sector production increased in July 2022
Statistical news from Statistics Sweden 2022-09-07 8.00
Private sector production increased by 1.2 percent in July 2022 compared with June 2022 in seasonally adjusted figures, and increased by 3.6 percent compared with July 2021 in calendar adjusted figures.
Production value in industry increased
Production in the industry sector increased by 7.8 percent in July 2022 compared with the corresponding month last year, in calendar adjusted figures. The largest upward contribution to total private sector development came from the chemical and pharmaceutical industry, which increased by 47.0 percent in fixed prices and contributed 1.3 percentage points. The largest downward contribution to total private sector development came from the industry for fabricated metal products, which decreased by 14.4 percent in fixed prices and contributed -0.3 percentage points.
Production value in services increased
Production in the services sector increased by 3.6 percent in July 2022 compared with the corresponding month last year, in calendar adjusted figures. The largest upward contribtion to total private sector development came from administrative, technological and support services which increased 8.9 percent in fixed prices and contributed 1.2 percentage points. The largest downward contribution to total private sector development came from wholesale and retail trade, which decreased by 4.5 percent in fixed prices and contributed -0.6 percentage points.
Production value in construction decreased
Production in the construction sector decreased by 8.7 percent in July 2022 compared with the corresponding month last year, in calendar adjusted figures. In this sector, production decreased by 10.7 percent in fixed prices, not calendar adjusted. The construction sector, which accounts for 9.0 percent of total value added in the private sector, contributed -1.0 percentage points to the development in total private sector production.
Remarks
The COVID-19 outbreak started to significantly impact production in March 2020, which should be taken into account when comparing annual development statistics.
The purpose of seasonal adjustment is to adjust for recurring seasonal patterns. The industry production is usually lower in July than in June. In July 2022, the production is lower than in June, but not to the same extent as in previous years. Hence, the seasonally adjusted series increased in July this year, and should be interpreted as the production being high compared to the same month historically.
Since the last publication the series in fixed prices for some services industries have been revised during the second quarter of 2022. This is because new information on price changes has been taken into account.
Revisions
When the Production Value Index is published for a new month, the indices for the two previous months are also revised, if new information has been added. Administrative data from the Swedish Tax Agency is used quarterly to increase the number of companies that are examined. This means that definitive quarterly statistics are based on a calculation on all the companies in the population. Administrative data is used every quarter to improve the quality of the Production Value Index and reduce the response burden. Normally, the material is revised between two and four months backwards, depending on when in the quarter the reference month falls. In connection with the publication of the first and second months in a quarter, the entire previous quarter is revised. The series, corrected for calendar and seasonal effects and trend estimates, is always revised from January 2010 and forward. Information regarding major revisions will be published at:
| NACE 2007 | Sector | February[1] | March[1] | April[2] | May[3] | June[3] | July[4] | Weight[6] |
|---|---|---|---|---|---|---|---|---|
| B-S (ex. K, O) | Private sector, total (excluding financial and insurance services) | 111.1 | 126.8 | 118.4 | 120 | 127.6 | 103.4 | 100 |
| Annual change, percent | 4.5 | 3.8 | 3.3 | 4.5 | 3.6 | 3.6 | ||
| (Previous publication) | 4.5 | 3.8 | 5.3 | 6.6 | 5.4 | |||
| B+C | Industry | 112 | 134.1 | 116.5 | 117.5 | 129.4 | 99.3 | 21.1 |
| Annual change, percent | 0.7 | 0.7 | ‑0.3 | 0.6 | ‑1.3 | 7.8 | ||
| (Previous publication) | 0.7 | 0.7 | ‑0.4 | 0.3 | ‑0.5 | |||
| F | Construction | 107.1 | 121.2 | 122.9 | 129.8 | 136.2 | 89.7 | 9 |
| Annual change, percent | ‑4 | 2.7 | ‑0.3 | 4.2 | ‑1.5 | ‑8.7 | ||
| (Previous publication) | ‑4 | 2.8 | ‑0.3 | 5.8 | 2.7 | |||
| G-S (ex. K, O) | Services (excluding financial and insurance services) | 111.2 | 125.6 | 119 | 121 | 128.2 | 106.8 | 65.5 |
| Annual change, percent | 7.1 | 5.1 | 5.2 | 6 | 6 | 3.6 | ||
| (Previous publication) | 7.1 | 5.1 | 8.3 | 9.1 | 8 |
1) Data are not revised, but published statistics may be revised due to changes in seasonal adjustment or calendar adjustment models. 2) No revisions in survey data, but published statistics may be revised due to readjustment of register data. 3) Within period of revision for survey data. 4) Current period. 5) Mean index during the period, percentage changes compared to the corresponding period the previous year. 6) Share of 2020 value added.
| NACE 2007 | Sector | February[1] | March[1] | April[2] | May[3] | June[3] | July[4] | May-July[5] | Weight[6] |
|---|---|---|---|---|---|---|---|---|---|
| B-S (ex. K, O) | Private sector, total (excluding financial and insurance services) | 118.8 | 118.9 | 119.1 | 120.5 | 120.6 | 122.1 | 121.1 | 100 |
| Monthly change, percent | ‑0.2 | 0.1 | 0.2 | 1.2 | 0.1 | 1.2 | 1.8 | ||
| (Previous publication) | ‑0.2 | 0.2 | 1.3 | 1.2 | ‑0.1 |
1) Data are not revised, but published statistics may be revised due to changes in seasonal adjustment or calendar adjustment models. 2) No revisions in survey data, but published statistics may be revised due to readjustment of register data. 3) Within period of revision for survey data. 4) Current period. 5) Mean index during the period, percentage changes compared to the previous three-month period. 6) Share of 2020 value added.
Definitions and explanations
The Production Value Index (PVI) describes developments in the private sector production of goods and services each month. Production value is a measure used to calculate the GDP that includes net turnover from industry and service production, and the trade margin (revenue from sales minus costs of retail goods).
The PVI has been produced since the reference month November 2017 and replaces the Business Production Index.
Next publishing will be
2022-10-06 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.