National accounts: Monthly GDP indicator, May 2021
GDP indicator: The economy grew in May
Sweden’s GDP increased by 0.4 percent in May, 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.
“After a strong growth rate in March and a weak growth rate in April, both developments largely caused by the effects of tax changes introduced on 1 April concerning new registration of motor vehicles, the development in May was more in line with what we have seen in earlier months,” says Mattias Kain Wyatt, statistician at Statistics Sweden.
Economic activity was 10.2 percent higher in May 2021, calendar-adjusted, than in May 2020. This month had one more working day than the corresponding month a year ago.
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 May showed actual GDP development of 11.2 percent from the use side and corresponding development of 12.1 percent from the production side, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in reconciled actual GDP development of 11.7 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised. This publication thus includes revised figures on April.
| Published 07/07/2021 | Published 08/06/2021 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | 9.6 | 8.7 | 9.2 | 8.6 | 8.6 | 8.6 | |
| May | 12.1 | 11.2 | 11.7 | ||||
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 June 2021 will be published on 2021-07-29 at 09:30.
The ordinary calculation of the second quarter 2021 will be published on 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.