National accounts: Monthly GDP indicator, June 2024
Higher GDP in June
Statistical news from Statistics Sweden 2024-07-29 8.00
Sweden’s GDP increased 0.9 percent in June, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator. For the second quarter as a whole GDP contracted 0.8 percent compared with the preceding quarter. In June GDP was 1.9 percent higher than in June of 2023 while the second quarter remained in line 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 grew in June but figures for the second quarter as a whole were weighed down by weak figures in April.” says Mattias Kain Wyatt, 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 showed actual GDP development from the use side of -2.3 percent and corresponding development from the production side of -2.2 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -2.2 percent.
For the second quarter as a whole, non-adjusted GDP growth from both the production and use side of the economy was 0,6 percent. June had two less working days than the corresponding month of the previous year, while the quarter as a whole had one more working day than the same quarter last year.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, April and May.
| Published 29/07/2024 | Published 05/07/2024 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | 5.0 | 4.6 | 4.8 | 5.0 | 4.7 | 4.9 | |
| May | ‑0.8 | ‑0.4 | ‑0.6 | ‑0.8 | 0.3 | ‑0.2 | |
| June | ‑2.2 | ‑2.3 | ‑2.2 | ||||
| Second 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 July 2024 will be published on 2024-09-10 at 08:00.
The ordinary calculation of the second quarter 2024 will be published on 2024-08-29 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.