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National accounts, fourth quarter 2019

Slight GDP growth in the fourth quarter of 2019

Statistical news from Statistics Sweden 2020-02-28 9.30

Sweden’s GDP increased by 0.2 percent in the fourth quarter of 2019, seasonally adjusted and compared with the third quarter of 2019. This increase was driven by household consumption but was weighed down by exports. Calendar adjusted and compared with the fourth quarter of 2018, GDP increased by 0.8 percent. GDP in the full year of 2019 increased by 1.2 percent compared with 2018.

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 fourth 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 0.7 percent. Household consumption of transports, including vehicles, contributed to this increase.
  • General government consumption remained largely unchanged. Central government consumption decreased by 0.3 percent, while consumption in local and regional government increased by 0.1 percent.
  • Changes in inventories contributed to GDP growth by 0.2 percentage points.
  • Gross fixed capital formation decreased by 0.4 percent. This downturn is mainly explained by reduced investment in machinery and equipment.
  • Exports decreased by 1.7 percent and imports decreased by 1.2 percent. Overall, net exports contributed downwards to GDP growth by 0.3 percentage points.
  • Market production increased by 0.1 percent. Output in goods-producing industries decreased by 0.2 percent, while in service-producing industries, output increased by 0.3 percent. Government production decreased by 0.1 percent.
  • The total number of employed persons increased by 0.3 percent, the number of hours worked decreased by 0.3 percent in the whole economy and by 0.2 percent in the business sector. Labour productivity in the business sector increased by 0.3 percent.
  • Households’ real disposable income increased by 2.1 percent in comparison with the fourth quarter 2018.
  • Public administration recorded a deficit of SEK 23.4 billion for the fourth quarter 2019.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2018), SEK billions

diagram

GDP - Expenditure approach
 Current prices, SEK millionsSeasonally and calendar adjusted valuesNon-adjusted values
 2019 q4Volume 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 1 317 003 0.2 0.2 0.8
Imports 569 869 ‑1.2 0.5 ‑1.7
Goods (SPIN A01–F43) 377 542 ‑2.1 0.6 ‑4.7
Services (SPIN G45–T98) 192 327 0.6 ‑0.1 4.9
Total domestic supply 1 886 872 ‑0.3   0.1
Household consumption expenditure 575 679 0.7 0.3 2.0
Households excluding NPISH 561 112 0.8 0.3 2.0
NPISH [1] 14 567 0.0 0.0 1.5
Public consumption expenditure 352 102 0.0 0.0 0.0
Central government 93 600 ‑0.3 0.0 ‑1.1
Municipalities [2] 258 502 0.1 0.0 0.3
Gross fixed capital formation 340 400 ‑0.4 ‑0.1 ‑1.3
Inventories [3] ‑325   0.2  
Exports 619 016 ‑1.7 ‑0.8 0.2
Goods (SPIN A01–F43) 425 222 ‑1.2 ‑0.4 ‑0.8
Services (SPIN G45–T98) 193 794 ‑2.8 ‑0.4 2.5
Total domestic demand 1 886 872 ‑0.3   0.1

(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 0.2 0.8
Goods producers (SNI A01-F43) ‑0.2 0.0
Manufacturing (SNI C10-C33) ‑1.1 ‑2.1
Service producers (SNI G45-T98) 0.3 1.6
Market production [1] 0.1 1.1
Government production ‑0.1 ‑0.8
Hours worked [2] ‑0.3 ‑1.5

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

Revisions

GDP growth in non-adjusted figures has been revised upwards by 0.3 percentage points for the third quarter 2019, compared with the publication on GDP in November.

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

Statistics on the first quarter of 2020 will be published on 2020-05-29 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.

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