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National accounts, third quarter 2021

GDP increased in the third quarter 2021

Statistical news from Statistics Sweden 2021-11-29 9.30

GDP increased by 2.0 percent in the third quarter 2021, seasonally adjusted and compared with the second quarter 2021. The upturn was driven mainly by increased household consumption. Calendar adjusted and compared with the third quarter of 2020, GDP increased by 4.7 percent.

“GDP continued to grow during the third quarter. The growth is largely explained by household consumption, with a strong increase in expenditures on hotel and restaurant services.” says Jessica Engdahl, head of section 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 third 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 2.4 percent. The main contribution came from increased expenditure on hotel and restaurant services.
  • General government consumption rose by 0.2 percent. Local and regional governments rose by 0.3 percent while central government consumption remained unchanged.
  • Changes in inventories contributed to GDP growth by 1.0 percentage point.
  • Gross fixed capital formation increased by 2.6 percent. The main contributions came from investments in dwellings and in other buildings and structures.
  • Exports increased by 0.5 percent and imports rose by 2.4 percent. Overall, net exports reduced GDP growth by 0.8 percentage point.
  • Market production increased by 2.4 percent. Output in goods-producing industries rose by 2.6 percent and output in service-producing industries increased by 2.3 percent. Government production remained unchanged.
  • The total number of employed persons increased by 0.4 percent. The number of hours worked rose by 0.5 percent in the whole economy and by 0.7 percent in the business sector. Labour productivity in the business sector increased by 1.7 percent.
  • Households’ real disposable income increased by 4.1 percent compared with the third quarter 2020.
  • Public administration noted a deficit of SEK 3.8 billion in the third quarter 2021.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2020), SEK billions

diagram

GDP - Expenditure approach
 Current prices, SEK millionsSeasonally and calendar adjusted valuesNon-adjusted values
 2021 q3Volume 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 1 301 619 2.0 2.0 4.7
Imports 557 874 2.4 ‑1.0 10.4
Goods (SPIN A01–F43) 380 203 1.2 ‑0.4 7.4
Services (SPIN G45–T98) 177 671 5.1 ‑0.7 17.2
Total domestic supply 1 859 493 2.1   6.4
Household consumption expenditure 593 646 2.4 1.0 6.7
Households excluding NPISH 579 029 2.4 1.0 6.8
NPISH [1] 14 617 0.8 0.0 3.1
Public consumption expenditure 346 584 0.2 0.1 3.1
Central government 87 591 0.0 0.0 2.1
Municipalities [2] 258 993 0.3 0.1 3.5
Gross fixed capital formation 324 233 2.6 0.7 8.1
Inventories [3] ‑2 191   1.0  
Exports 597 221 0.5 0.2 6.1
Goods (SPIN A01–F43) 428 734 ‑0.7 ‑0.2 3.5
Services (SPIN G45–T98) 168 487 3.6 0.4 13.0
Total domestic demand 1 859 493 2.1   6.4

(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 2.0 4.7
Goods producers (SNI A01-F43) 2.6 2.6
Manufacturing (SNI C10-C33) 3.4 3.6
Service producers (SNI G45-T98) 2.3 6.4
Market production [1] 2.4 5.2
Government production 0.0 2.4
Hours worked [2] 0.5 2.4

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

Revisions

Non-adjusted GDP growth has been revised compared to the previous publication. In 2020, the first, second and fourth quarter have been revised downwards by 0.1, 0.4 and 0.1 percentage point respectively. The calendar year 2020 has been revised downwards by 0.1 percentage point.

Non-adjusted GDP growth for the first quarter of 2021 has been revised upwards by 0.3 percentage point while the second quarter has been revised downwards by 0.2 percentage point.

Next publishing will be

The GDP indicator for the fourth quarter of 2021 will be published on 2022-02-28 at 8.00.

Complete quarterly national accounts for the fourth quarter of 2021 will be published on 2022-02-28 at 8:00.

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.

Statistical agency

Statistics Sweden

Enquiries

Neda Shahbazi

Telephone
+46 10 479 40 09
E-mail
Neda.Shahbazi@scb.se

Agnes Norberg

Telephone
+46 10 479 40 15
E-mail
agnes.norberg@scb.se