Structural business statistics 2021 (preliminary data)
Strong recovery in the business sector
Statistical news from Statistics Sweden 2022-12-07 8.00
The Swedish business sector recovered strongly in 2021. Net turnover increased with SEK 971 billion and amounted to over SEK 10 000 billion for the first time. Number of employees increased with 2.7 percent, or 77 000 full-time persons, and was again at the same level as before the Corona pandemic.
The recovery in the business sector began in 2021 after the first year of the Corona pandemic (2020) and is evident both in the net turnover and in the operating profit that the enterprises have generated.
Table 1 depicts an overview of the business sector’s income statement (before financial items, appropriations, and taxes) for the years 2017 - 2021.
| 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|
| Net turnover, excluding excises taxes and merchanting | 10 174 735 | 9 204 161 | 9 493 833 | 9 120 661 | 8 539 585 |
| Other operating income, change in inventories, capitalized work on own account | 322 275 | 297 522 | 263 955 | 277 088 | 267 297 |
| Sum of goods for resale, raw materials, consumables, and other external costs | ‑7 263 919 | ‑6 591 873 | ‑6 826 405 | ‑6 595 698 | ‑6 128 848 |
| Personnel costs | ‑1 934 980 | ‑1 832 763 | ‑1 851 962 | ‑1 780 939 | ‑1 694 679 |
| Other operating expenses | ‑102 204 | ‑83 725 | ‑73 546 | ‑81 945 | ‑76 978 |
| Sum of depreciations and write-downs | ‑359 891 | ‑350 200 | ‑328 791 | ‑304 785 | ‑298 532 |
| Operating profit | 835 967 | 643 119 | 677 083 | 634 379 | 607 842 |
| Number of employees (FTE) | 2 945 906 | 2 868 616 | 2 942 060 | 2 916 905 | 2 873 531 |
Worth noting in the income statement is that the net turnover has increased with 10.5 percent, and that the operating profit increased with 30 percent between 2020 and 2021. The increased operating profit can be the outcome of the fact that the enterprises managed to reduce their costs during the initial stage of the pandemic, and when the recovery began, the income increased more than the costs. Number of employees increased with 77 000 full-time persons to the same level as before the Corona pandemic, and personnel costs increased with 5.6 percent in 2021.
Wholesale and retail trade (NACE 45-47) were some of the industries that contributed the most to the increase in net turnover, with an increase of SEK 240 billion. The automotive industry (NACE 29) increased net turnover with SEK 52 billion, and the industry for energy (electricity and heating) (NACE 35) increased with SEK 65 billion between 2020 and 2021.
Operating profit also increased significantly in trade and the automotive industry. The enterprises within trade increased their operating profit with SEK 43 billion, and the automotive industry increased with SEK 20.5 billion between 2020 and 2021.
The high market prices on electricity in the end of 2021 affected the energy enterprises in several ways. Net turnover increased significantly, but higher costs for the purchase of electricity in combination with unrealised changes in market values for energy derivatives had a negative impact on this industry. All this combined led to a decreased operating profit among energy enterprises with 25 percent, or SEK 8.5 billion.
In the industry for pharmaceuticals (NACE 21), which had a high growth in 2020, the net turnover increased further in 2021 with SEK 6.4 billion. However, the costs increased even more, and as a result the operating profit decreased with 26 percent or SEK 10.6 billion.
Table 2 shows the development of some important economic key ratios for the period 2017 – 2021.
| 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|
| Operating margin % | 8.2 | 7.0 | 7.1 | 7.0 | 7.1 |
| Equity ratio % | 45.0 | 45.3 | 43.8 | 42.8 | 43.4 |
| Cash liquidity % | 109.7 | 110.4 | 107.5 | 107.1 | 109.4 |
| Net turnover/employee (TSEK) | 3 450 | 3 210 | 3 230 | 3 130 | 2 970 |
| Operating profit/employee (TSEK) | 280 | 220 | 230 | 220 | 210 |
The growth within the enterprises main activity is also evident in the operating margin. From being on a stable level at 7 percent, or just above, in 2017-2020, the operating margin increases with 1.2 percentage points to 8.2 percent in 2021. Operating profit per employee follow suit, and increases from around SEK 220 thousand, to SEK 280 thousand in 2021. Net turnover per employee, has, despite of the Corona pandemic, increased gradually from SEK 2 970 thousand in 2017 to SEK 3 450 thousand in 2021.
For the business sector in total, the long-term capacity to pay (equity ratio) as well as the short-term capacity to pay (cash liquidity), has stayed on a decent level throughout the period 2017-2021. Both key ratios decreased slightly in 2021 compared with 2020. The equity ratio was at 45.0 percent and the cash liquidity at 109.7 percent in 2021. Cash liquidity is positively affected by the governmental subsidies that were granted, and paid, to enterprises during 2020 and 2021 (because of the Corona pandemic). This can be an explanation to why this key ratio has been higher for these years than for 2017-2019.
Definitions and explanations
Structural Business Statistics is the only survey that is based on the annual accounts of all non-financial enterprises in Sweden.
All information in this item of statistical news is reported in current prices. All comparisons have been made with final data for 2020.
Employees: Average number of employees, full-time equivalents: two half-time employees are counted as one full-time employee.
Operating margin: Profit/loss after depreciations, but before financial items in relation to net turnover.
Equity ratio: Adjusted equity in relation to equity and liabilities total. Adjusted equity is affected by the current corporate tax rate and consists for 2021 of equity plus 79.4 percent of untaxed reserves. The corresponding share of untaxed reserves are for the previous years in the time series 78.6 percent (2019-2020) and 78 percent (2017-2018).
Cash liquidity: Current assets (excl. inventories) divided by short-term liabilities.
Business sector: Enterprises conducting business activities in Sweden regardless of legal form. Businesses with financial activities and housing cooperatives are not included in the Structural Business Statistics. Public administration activities are also not included.
NACE Rev2.: Industrial classification for classifying enterprises into industries according to the activity they conduct. The Swedish equivalent is SNI2007 (Svensk näringsgrensindelning).
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