National accounts: Monthly GDP indicator, October 2024
GDP indicator down in October
Statistical news from Statistics Sweden 2024-12-10 8.00
Sweden’s GDP contracted by 0.4 percent in October, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator. Calander adjusted GDP was 0.4 percent lower than in the corresponding month 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.
“Economic activity declined in October, held back by weak figures for household consumption expenditure and exports concerning goods, with the latter mirroring weak figures in manufacturing. Growth in construction and general government production counteracted the contraction,” says Mattias Kain Wyatt, economist at Statistics Sweden.
For more information about development in different parts of the economy, see:
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 October 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 1.0 percent.
October had an additional working day compared with the corresponding month last year.
In accordance with the revision policy of the GDP indicator, only months in the current quarter are revised.
| Published 10/12/2024 | ||||
|---|---|---|---|---|
| Production | Use | Reconciled | ||
| October | 1.6 | 0.4 | 1.0 | |
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 November 2024 will be published on 2025-01-10 at 08:00.
The full quarterly national accounts for the fourth quarter of 2024 will be published on 2025-02-28 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.