National accounts: Monthly GDP indicator, December 2022
GDP indicator down in December
Statistical news from Statistics Sweden 2023-01-30 8.00
Sweden’s GDP decreased by 0.5 percent in December, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the fourth quarter as a whole, GDP decreased by 0.6 percent, seasonally adjusted and compared with the previous quarter.
The GDP indicator provides an early picture of the development of the gross domestic product, GDP. It is compiled on a monthly and quarterly basis with more limited and preliminary statistics than the regular quarterly national accounts. The monthly version of the indicator lies outside the official statistics and is classified as statistics under construction.
In December, GDP was 1.8 percent lower than in the corresponding month a year ago. For the fourth quarter as a whole, GDP decreased by 0.6 percent compared with the same quarter a year ago. Both December and the fourth quarter as a whole had the same number of working days as the corresponding periods last year.
The results for the last quarter of the year indicates that GDP increased by 2.4 percent during 2022, in comparison to the previous year.
“GDP decreased in December, indicating a weak ending of last year. The development for 2022 as a whole was however slightly above the historical average seen during the last decades, but this is mainly explained by low economic activity during the first half of 2021 rather than a clear increase in GDP during 2022” says Neda Shahbazi, economist at Statistics Sweden.
Balancing and revisions
In a first step, the GDP indicator calculates two separate GDP outcomes from the production and use side of the economy. Then a reconciliation is made in which one side is adjusted downwards and the other side is adjusted upwards to arrive at a single final result. Before reconciliation, the statistical data in December presented actual GDP development from the use side of -1.6 percent and corresponding development for the production side of -2.0 percent, both compared with the same month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -1.8 percent ahead of benchmarking to quarterly GDP-growth.
For the fourth quarter as a whole, actual GDP development for both the use and the production side was -0.6 percent compared with the corresponding quarter a year ago.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, October and November.
| Published 30/01/2023 | Published 10/01/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| October | 1.0 | 0.2 | 0.6 | 2.2 | 1.9 | 2.0 | |
| November | ‑0.7 | ‑0.4 | ‑0.5 | 0.3 | 1.1 | 0.7 | |
| December | ‑2.0 | ‑1.6 | ‑1.8 | ||||
| Fourth Quarter | ‑0.6 | ‑0.6 | ‑0.6 | ||||
Additional information
Time series and revision history for the GDP indicator.
For more information about the indicator, see Compilation of the Swedish GDP indicator.
Next publishing will be
The GDP indicator for January 2023 will be published on 2023-03-09 at 08.00.
The ordinary calculation of the fourth quarter 2022 will be published 2023-02-28 at 08.00.
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.