National accounts: Monthly GDP indicator, September 2023
GDP decreased in September
Statistical news from Statistics Sweden 2023-10-30 8.00
Sweden’s GDP decreased by 0.5 percent in September, seasonally adjusted and compared with the previous month, as shown in the preliminary compilation of the GDP indicator. For the third quarter, GDP remained in line with the preceding quarter.
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 slowed somewhat towards the end of the third quarter of 2023, with contractions in both August and September. For the third quarter as a whole it is the stronger figures in July that keep overall growth just above zero.” says Tora Hammar, economist at Statistics Sweden.
In September, calendar adjusted, GDP was 3.0 percent lower than in the corresponding month a year ago while in the third quarter as a whole GDP decreased by 1.2 percent compared with the corresponding period of 2022.
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 September presented actual GDP development from the use side of -2.3 percent and corresponding development for the production side of -3.8 percent, both compared with the same month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of -3.0 percent.
For the third quarter as a whole, actual GDP development was -0.9 percent for the use side and -2.3 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of -1.6 percent.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, July and August.
| Published 30/10/2023 | Published 10/10/2023 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| July | ‑2.4 | ‑0.2 | ‑1.3 | ‑1.7 | 1.1 | ‑0.3 | |
| August | ‑0.6 | 0.2 | ‑0.2 | ‑0.2 | 0.7 | 0.3 | |
| September | ‑3.8 | ‑2.3 | ‑3.0 | ||||
| Quarter 3 | ‑2.3 | ‑0.9 | ‑1.6 | ||||
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 October 2023 will be published on 2023-12-08 at 08.00.
The ordinary calculation of the third quarter 2023 will be published 2023-11-29 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.