National accounts: Monthly GDP indicator, February 2023
GDP indicator decreased in February
Statistical news from Statistics Sweden 2023-04-06 8.00
Sweden’s GDP decreased by 1.0 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.
“GDP decreased by 1.0 percent in February, explained by among other factors decreasing household consumption. Taken together with stronger January figures the Swedish economy seems to have started 2023 with approximately the same level of activity that we saw in the five preceding quarters, says Mattias Kain Wyatt, economist at Statistics Sweden.”
For more information on household final consumption expenditure, see the Monthly household consumption indicator.
In February, GDP was 0,8 percent higher than in the corresponding month a year ago. February had the same number of working days in 2022 and 2023.
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 showed actual GDP development from the use side of 1.4 percent and corresponding development from the production side of 0.3 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 0.8 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 06/04/2023 | Published 09/03/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| January | 3.5 | 4.4 | 3.9 | 2.9 | 4.3 | 3.6 | |
| February | 0.3 | 1.4 | 0.8 | ||||
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 2023 will be published on 2023-04-27 at 08.00.
The ordinary calculation of the first quarter 2023 will be published 2023-05-30 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.