National accounts: Monthly GDP indicator, May 2023
GDP indicator increased in May
Statistical news from Statistics Sweden 2023-07-07 8.00
Sweden’s GDP increased by 0.1 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 Swedish economy grew somewhat in May, although as in the two preceding months the overall change could be seen as close to marginal. Among underlying aggregates stronger net exports concerning goods balanced out lower activity in construction.” says Mattias Kain Wyatt, economist at Statistics Sweden.
For more information about development in different parts of the economy, see:
In May, GDP was 0.6 percent lower than in the corresponding month a year ago. May 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 May showed actual GDP development from the use side of 0.4 percent and corresponding development from the production side of -1.6 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -0.6 percent.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 07/07/2023 | Published 09/06/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| April | ‑2.8 | ‑1.2 | ‑2.0 | ‑2.7 | ‑0.9 | ‑1.8 | |
| May | ‑1.6 | 0.4 | ‑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 June 2023 will be published on 2023-07-28 at 08.00.
The ordinary calculation of the second quarter 2023 will be published 2023-08-29 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.