National accounts: Monthly GDP indicator, May 2022
GDP indicator increased in May
Statistical news from Statistics Sweden 2022-07-06 8.00
Sweden’s GDP increased by 0.7 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.
“The GDP-growth rate picked up somewhat in May, with one driving factor found in stronger growth among service producing industries.” says Mattias Kain Wyatt, economist at Statistics Sweden.
For more information on private sector production, see the Production Value Index
Economic activity was 4.5 percent higher in May 2022, calendar-adjusted, than in May 2021. This month had one additional working day compared with 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 from the use side of 5.9 percent and corresponding development from the production side of 5.9 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in reconciled actual GDP development of 5.9 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published on 6 July 2022 | Published on 9 June 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | 1.2 | 2.5 | 1.8 | 0.6 | 1.6 | 1.1 | |
| May | 5.9 | 5.9 | 5.9 | ||||
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 2022 will be published on 2022-07-28 at 08:00.
The ordinary calculation of the second quarter 2022 will be published on 2022-08-29 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.