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National accounts, fourth quarter 2020

Minor downturn in GDP fourth quarter 2020

Statistical news from Statistics Sweden 2021-02-26 9.30

GDP decreased by 0.2 percent in the fourth quarter, seasonally adjusted and compared with the third quarter. This is a relatively minor change compared with the strong rebound in the third quarter. The decline was mainly driven by a decrease in household consumption and in changes in inventories. Calendar adjusted and compared with the fourth quarter of 2019, GDP decreased by 2.2 percent. GDP in the full year of 2020 decreased by 2.8 percent compared with 2019.

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 decreased by 0.8 percent. Decreased housing expenses, as well as decreased consumption of hotel and restaurant services contributed to the downturn.
  • General government consumption remained unchanged. Central government consumption increased by 0.6 percent, while consumption in local and regional governments decreased by 0.2 percent.
  • Changes in inventories contributed downwards to GDP growth by 0.7 percentage points.
  • Gross fixed capital formation increased by 0.1 percent. The upturn is mainly explained by increased investments in total machinery and equipment including weapon systems.
  • Exports increased by 4.5 percent and imports increased by 3.0 percent. Overall, net exports contributed upwards to GDP growth by 0.8 percentage points.
  • Market production decreased by 0.4 percent. Output in goods-producing industries decreased by 1.7 percent, while output in service-producing industries increased by 0.3 percent. Government production increased by 0.5 percent.
  • The total number of employed persons increased by 0.5 percent. The number of hours worked increased by 1.0 percent in the whole economy and by 1.6 percent in the business sector. Labour productivity in the business sector decreased by 1.9 percent.
  • Households’ real disposable income increased by 2.5 percent compared with the fourth quarter 2019.
  • Public administration noted a deficit of SEK 74 billion in the fourth quarter 2020. The deficit in the corresponding quarter a year ago was SEK 19 billion.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2019), 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
 2020 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 1 310 339 ‑0.2 ‑0.2 ‑1.7
Imports 527 575 3.0 ‑1.3 0.0
Goods (SPIN A01–F43) 357 668 1.0 ‑0.3 1.9
Services (SPIN G45–T98) 169 907 7.7 ‑1.0 ‑3.9
Total domestic supply 1 837 914 0.7   ‑1.2
Household consumption expenditure 566 043 ‑0.8 ‑0.3 ‑4.5
Households excluding NPISH 550 708 ‑0.8 ‑0.3 ‑4.5
NPISH [1] 15 335 0.3 0.0 ‑2.7
Public consumption expenditure 361 013 0.0 0.0 0.1
Central government 96 386 0.6 0.0 1.5
Municipalities [2] 264 627 ‑0.2 0.0 ‑0.4
Gross fixed capital formation 336 905 0.1 0.0 0.9
Inventories [3] ‑15 144   ‑0.7  
Exports 589 097 4.5 2.1 1.9
Goods (SPIN A01–F43) 410 138 2.2 0.7 4.4
Services (SPIN G45–T98) 178 959 1 0.6 1.3 ‑3.6
Total domestic demand 1 837 914 0.7   ‑1.2

(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 ‑0.2 ‑2.2
Goods producers (SNI A01-F43) ‑1.7 ‑1.0
Manufacturing (SNI C10-C33) ‑1.2 0.6
Service producers (SNI G45-T98) 0.3 ‑3.0
Market production [1] ‑0.4 ‑2.3
Government production 0.5 ‑2.5
Hours worked [2] 1.0 ‑3.6

(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 November of the third quarter 2020. In 2020, the first quarter has been revised downwards by 0.3 percentage points, the second quarter has been revised downwards by 0.2 percentage points and the third quarter has been revised upwards by 0.1 percentage point.

In 2019, the first and second quarters have been revised upwards by 0.2 percentage points, while the third and fourth quarters have been revised downwards by 0.1 percentage point. GDP in the full year of 2019 has been revised upwards by 0.1 percentage point.

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 first quarter of 2021 will be published on 2021-04-29 at 9.30.

Complete quarterly national accounts for the first quarter of 2021 will be published on 2021-05-28 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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