National accounts: Monthly GDP indicator, June 2021
GDP indicator: Continued growth in June 2021
Statistical news from Statistics Sweden 2021-07-29 9.30
Sweden’s GDP increased by 2.5 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 grew by 0.9 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.
In June, GDP was 10.5 percent higher than in the corresponding month a year ago, in calendar-adjusted figures. For the second quarter as a whole, GDP grew by 10.0 percent compared with the same quarter a year ago after working day adjustments. June had the same number of working days as the corresponding month last year while the first quarter as a whole had one additional working day compared to the same quarter last year.
“The economy continued to grow during the second quarter, in line with what we have seen earlier this year. Year on year growth rates are the highest we currently have in our time series on Swedish GDP. This should be seen in the light of the severe economic effects of the pandemic on the economy in the second quarter last year. ” says Melker Loberg, economist at Statistics Sweden.
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 7.3 percent and corresponding development for the production side of 9.3 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 8.3 percent ahead of benchmarking to quarterly GDP-growth.
For the second quarter as a whole, actual GDP development was 10.3 percent for the use side and 10.6 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of 10.5 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 29/07/2021 | Published 07/07/2021 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | 10.0 | 8.9 | 9.4 | 9.6 | 8.7 | 9.2 | |
| May | 12.8 | 11.0 | 11.9 | 12.1 | 11.2 | 11.7 | |
| June | 9.3 | 7.3 | 8.3 | ||||
| Second quarter | 10.6 | 10.3 | 10.5 | ||||
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 2021 will be published on 2021-09-08 at 09.30.
The ordinary calculation of the second quarter 2021 will be published 2021-08-27 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.