Production value index, May 2023
Private sector production nearly unchanged in May 2023
Statistical news from Statistics Sweden 2023-07-07 8.00
Private sector production decreased by 0.2 percent in May 2023 compared with April 2023 in seasonally adjusted figures, and decreased by 1.0 percent compared with May 2022 in calendar adjusted figures.
Production value in industry increased
Production in the industry sector increased by 3.8 percent in May 2023 compared with the corresponding month last year, in calendar adjusted figures. The largest upward contribution to total private sector development came from the motor vehicle industry, which increased by 29.9 percent in fixed prices and contributed 0.8 percentage points. The largest downward contribution to total private sector development came from the pulp and paper industry, which decreased by 13.4 percent in fixed prices and contributed -0.2 percentage points.
Production value in services decreased
Production in the services sector decreased by 0.7 percent in May 2023 compared with the corresponding month last year, in calendar adjusted figures. The largest upward contribtion to total private sector development came from real estate services, which increased 3.7 percent in fixed prices and contributed 0.4 percentage points. The largest downward contribution to total private sector development came from transportation and storage indsutry, which decreased by 11.3 percent in fixed prices and contributed -0.6 percentage points.
Production value in construction decreased
Production in the construction sector decreased by 6.3 percent in May 2023 compared with the corresponding month last year, in calendar adjusted figures. In this sector, production decreased by 6.2 percent in fixed prices, not calendar adjusted. The construction sector, which accounts for 8.5 percent of total value added in the private sector, contributed -0.5 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.
As of reference year 2023, there have been changes to the statistical unit business unit. In addition, from April 2023, estimated revenue data is used on a monthly basis from declared VAT data to the Swedish Tax Agency for small and medium-sized enterprises in industries (SNI 07–33). The changes are introduced with the ambition to increase the quality and streamline the production of the functional statistics that describe individual activities in the economy, for example the production value of business. For more information see Changes in statistics - Production value index - April 2023 on:
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 | December[1] | January[2] | February[2] | March[3] | April[3] | May[4] | April-May[5] | Weight[6] |
|---|---|---|---|---|---|---|---|---|---|
| B-S (ex. K, O) | Private sector, total (excluding financial and insurance services) | 133.1 | 112.7 | 113.7 | 127.3 | 117.9 | 118.2 | 118.1 | 100 |
| Annual change, percent | ‑0.4 | 1.9 | 1.2 | ‑0.5 | 0.2 | ‑1 | ‑0.4 | ||
| (Previous publication) | ‑0.4 | 1.9 | 1.2 | ‑0.5 | 0.7 | ||||
| B+C | Industry | 122.8 | 113 | 118.4 | 135 | 121.6 | 121.6 | 121.6 | 20.6 |
| Annual change, percent | 2.5 | 5 | 5.7 | 0.6 | 3.9 | 3.8 | 3.8 | ||
| (Previous publication) | 2.5 | 4.9 | 5.7 | 0.6 | 3.4 | ||||
| F | Construction | 156 | 95.6 | 105.3 | 115.3 | 117.5 | 121.2 | 119.4 | 8.5 |
| Annual change, percent | ‑1.4 | 2 | ‑1.7 | ‑4.5 | ‑4.7 | ‑6.3 | ‑5.5 | ||
| (Previous publication) | ‑1.4 | 2 | ‑1.7 | ‑4.6 | ‑4.6 | ||||
| G-S (ex. K, O) | Services (excluding financial and insurance services) | 134.8 | 113 | 112.4 | 126.5 | 117.9 | 119.3 | 118.6 | 63.5 |
| Annual change, percent | ‑0.1 | 0.3 | ‑0.6 | ‑0.6 | ‑0.2 | ‑0.7 | ‑0.5 | ||
| (Previous publication) | ‑0.2 | 0.3 | ‑0.6 | ‑0.6 | 0.6 |
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 2022 value added.
| NACE 2007 | Sector | December[1] | January[2] | February[2] | March[3] | April[3] | May[4] | March-May[5] | Weight[6] |
|---|---|---|---|---|---|---|---|---|---|
| B-S (ex. K, O) | Private sector, total (excluding financial and insurance services) | 119.3 | 121.3 | 120.7 | 119.5 | 119.7 | 119.5 | 119.6 | 100 |
| Monthly change, percent | 0.3 | 1.7 | ‑0.5 | ‑1 | 0.2 | ‑0.2 | ‑0.7 | ||
| (Previous publication) | 0.4 | 1.8 | ‑0.5 | ‑1 | 0.6 |
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 2022 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
2023-08-10 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.