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National accounts, first quarter 2021

GDP increased in first quarter 2021

Statistical news from Statistics Sweden 2021-05-28 9.30

GDP increased by 0.8 percent in the first quarter 2021, seasonally adjusted and compared with the fourth quarter 2020. Household consumption was one of the drivers of this increase. Calendar adjusted and compared with the first quarter of 2020, GDP remained largely unchanged.

“Growth in the economy continued in the first quarter, which can be seen in both household consumption and exports,” says Helena Kaplan, head of unit at the National Accounts Department.

What is GDP?

Gross domestic product, GDP, is defined as the value of all goods and services produced in the country. GDP is used as a measure of economic growth and is published quarterly.

Summary of the first quarter

Percentages refer to seasonally adjusted volume changes compared with the previous quarter, unless otherwise stated. Tables available at the end of this statistical news also show volume changes in relation to the corresponding quarter the previous year.

  • Household final consumption increased by 0.5 percent. Increased consumption of transports contributed to the upturn.
  • General government consumption increased by 0.4 percent. Central government consumption increased by 1.3 percent, while consumption in local and regional governments remained unchanged.
  • Changes in inventories contributed to GDP growth by 0.5 percentage points.
  • Gross fixed capital formation decreased by 0.1 percent.
  • Exports increased by 1.3 percent and imports increased by 1.4 percent. Overall, net exports had a limited effect on GDP growth.
  • Market production increased by 1.1 percent. Output in goods-producing industries increased by 0.7 percent, while output in service-producing industries increased by 1.3 percent. Government production increased by 1.2 percent.
  • The total number of employed persons increased by 0.3 percent. The number of hours worked increased by 1.3 percent in the whole economy and by 1.6 percent in the business sector. Labour productivity in the business sector decreased by 0.5 percent.
  • Households’ real disposable income decreased by 0.6 percent compared with the first quarter 2020.
  • Public administration noted a deficit of SEK 33 billion in the first quarter 2021. The deficit in 2020 was SEK 148 billion.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2020), SEK billions

Graph: GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2019), SEK billions

GDP - Expenditure approach
 Current prices, SEK millionsSeasonally and calendar adjusted valuesNon-adjusted values
 2021 q1Volume change, cf. with previous quarter,%Contribution to GDP volume change, cf. with previous quarter,% pointsVolume change, cf. with corresponding quarter last year,%
GDP at market prices 1 260 066 0.8 0.8 ‑0.5
Imports 506 989 1.4 ‑0.6 0.5
Goods (SPIN A01–F43) 362 501 2.7 ‑0.8 6.3
Services (SPIN G45–T98) 144 488 ‑1.7 0.2 ‑11.3
Total domestic supply 1 767 055 1.0   ‑0.2
Household consumption expenditure 542 036 0.5 0.2 ‑1.2
Households excluding NPISH 528 030 0.6 0.2 ‑1.1
NPISH [1] 14 006 ‑0.2 0.0 ‑3.1
Public consumption expenditure 330 534 0.4 0.1 ‑0.3
Central government 83 478 1.3 0.1 3.4
Municipalities [2] 247 056 0.0 0.0 ‑1.5
Gross fixed capital formation 296 255 ‑0.1 0.0 ‑0.8
Inventories [3] 18 887   0.5  
Exports 579 343 1.3 0.6 0.5
Goods (SPIN A01–F43) 429 000 1.7 0.6 2.4
Services (SPIN G45–T98) 150 343 0.1 0.0 ‑4.2
Total domestic demand 1 767 055 1.0   ‑0.2

(1) Non-profit institutions serving households (2) Including regional governments (3) Including changes in valuables

GDP - Production approach
  Seasonally and calendar adjusted values Calendar adjusted values
  Volume change, cf. with previous quarter,% Volume change, cf. with corresponding quarter last year,%
GDP at market prices 0.8 0.0
Goods producers (SNI A01-F43) 0.7 0.7
Manufacturing (SNI C10-C33) 1.1 2.6
Service producers (SNI G45-T98) 1.3 ‑0.1
Market production [1] 1.1 0.2
Government production 1.2 ‑0.3
Hours worked [2] 1.3 ‑1.8

(1) Excluding tariffs and net product taxes (2) In the whole economy

Revisions

Non-adjusted GDP growth has been revised compared with the publication in February of the fourth quarter 2020. In 2020, the first quarter has been revised downwards by 0.1 percentage point, the second quarter has been revised downwards by 0.4 percentage points, the third quarter has been revised upwards by 0.5 percentage points, and the fourth quarter has been revised upwards by 0.2 percentage points. However, the full year of 2020 remains largely unchanged. Additionally, the quarters of 2019 have been revised due to detailed annual calculations.

Publication

The current quarterly tables from 1980 onwards are available on the Statistics Sweden website, under National Accounts, quarterly and annual reports, and in the statistical databases.

Next publishing will be

The GDP indicator for the second quarter of 2021 will be published on 2021-07-29 at 9:30.

Complete quarterly national accounts for the second quarter of 2021 will be published on 2021-08-27 at 9:30.

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

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Neda Shahbazi

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