National accounts: Monthly GDP indicator, February 2021
GDP indicator: Continued growth in February 2021
Sweden’s GDP increased by 0.7 percent in February, 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.
Goods-producing industries like construction and manufacturing continue to contribute to the economic recovery and now show positive growth compared to before the pandemic, says Mattias Kain Wyatt, statistician at Statistics Sweden.
Household Consumption also contributed positively to GDP growth in February, seasonally adjusted and compared with January. For more information on household consumption, see the Monthly Indicator of Household Consumption Expenditure.
Economic activity was 1.1 percent lower in February 2021, calendar-adjusted and compared with February 2020. This month had the same number of working days in 2021 compared with the previous year.
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 February presented actual GDP development from the use side of -1.1 percent and corresponding development for the production side of -1.1 percent, both compared with the corresponding month last year. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -1.1 percent.
In accordance with the GDP indicator’s revision policy, only months in the current quarter are revised, i.e January.
| Published 09/03/2021 | Published 08/04/2021 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| January | ‑5.2 | ‑5.5 | ‑5.4 | ‑5.6 | ‑6.3 | ‑5.9 | |
| February | ‑1.1 | ‑1.1 | ‑1.1 | ||||
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 March 2021 will be published on 2021-04-29 at 09.30.
Ordinary calculation of the first quarter 2021 will be published 2021-05-28 at 09.30.
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.