National accounts: Monthly GDP indicator, June 2023
GDP down in June
Statistical news from Statistics Sweden 2023-07-28 8.00
Sweden’s GDP decreased by 1.4 percent in June, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the second quarter as a whole, GDP decreased by 1.5 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.
“We have seen a decline in Swedish economic activity through the second quarter of 2023 with June taking one additional step downwards. There are more than one underlying component explaining the decrease, but one factor in the last month of the quarter was a decline in exports of goods.” says Mattias Kain Wyatt, economist at Statistics Sweden.
In June, GDP was 3.6 percent lower than in the corresponding month a year ago. For the second quarter as a whole, GDP decreased by 2.4 percent compared with the same quarter a year ago. June had the same number of working days 2022 and 2023 while the quarter as a whole had one less working day in 2023 than in 2022.
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 June presented actual GDP development from the use side of -2.7 percent and corresponding development for the production side of -4.5 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 -3.6 percent.
For the second quarter as a whole, actual GDP development was -1.9 percent for the use side and -4.0 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of -2.9 percent.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, April and May.
| Published 28/07/2023 | Published 07/07/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | ‑4.3 | ‑2.4 | ‑3.4 | ‑2.8 | ‑1.2 | ‑2.0 | |
| May | ‑3.2 | ‑0.5 | ‑1.8 | ‑1.6 | 0.4 | ‑0.6 | |
| June | ‑4.5 | ‑2.7 | ‑3.6 | ||||
| Quarter 2 | ‑4.0 | ‑1.9 | ‑2.9 | ||||
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 July 2023 will be published on 2023-09-08 at 08.00.
The ordinary calculation of the second quarter 2023 will be published 2023-08-29 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.