National accounts: Monthly GDP indicator, December 2024
Higher GDP in December
Statistical news from Statistics Sweden 2025-01-29 8.00
Sweden’s GDP increased by 0.7 percent in December, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator. For the fourth quarter as a whole GDP increased by 0.2 percent compared with the preceding quarter. In December GDP was 2.1 percent higher than in December of 2023 while the fourth quarter increased by 1.1 percent compared with the corresponding quarter of the preceding year.
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.
“The Swedish economy ended 2024 with growth in November and December that made up for an October slump", says Mattias Kain Wyatt, economist at Statistics Sweden.
With figures on the fourth quarter the GDP-indicator provides a first preliminary estimate of annual GDP-growth for 2024 of 0.6 percent.
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 showed actual GDP development from the use side of 0.9 percent and corresponding development from the production side of 0.0 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 0.5 percent.
For the fourth quarter as a whole, non-adjusted GDP development was 0.6 percent for the use side and 0.6 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of 0.6 percent.
Both December and the quarter as a whole had one less working day than the corresponding periods of the previous year.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, October and November.
| Published 29/01/2025 | Published 10/01/2025 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| October | 1.7 | 0.7 | 1.2 | 1.8 | 0.4 | 1.1 | |
| November | 0.1 | 0.1 | 0.1 | 0.9 | 0.3 | 0.6 | |
| December | 0.0 | 0.9 | 0.5 | ||||
| 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 2025 will be published on 2025-03-10 at 08:00.
The full quarterly national accounts for the fourth quarter of 2024 will be published on 2025-02-28 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.