National accounts: Monthly GDP indicator, August 2023
GDP indicator decreased in August
Statistical news from Statistics Sweden 2023-10-10 8.00
Swedish GDP decreased 0.2 percent in August, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator.
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.
” Swedish GDP ticked down somewhat in August, weighed down in part by strong import figures concerning goods. Household consumption however went in the other direction and continued the upturn that started in July,” says Mattias Kain Wyatt, economist at Statistics Sweden.
For more information about development in different parts of economy, see:
Monthly household consumption indicator
GDP was 0.3 percent higher in August 2023, than in the corresponding month of 2022. The month had the same number of working days in both years.
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 August showed actual GDP development from the use side of 0.7 percent and corresponding development from the production side of -0.2 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 0.3 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 10/10/2023 | Published 08/09/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| July | ‑1.7 | 1.1 | ‑0.3 | ‑1.6 | 0.0 | ‑0.8 | |
| August | ‑0.2 | 0.7 | 0.3 | ||||
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 September 2023 will be published on 2023-10-30 at 08:00.
The ordinary calculation of the third quarter 2023 will be published on 2023-11-29 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.