National accounts: Monthly GDP indicator, September 2024
Lower GDP in September
Statistical news from Statistics Sweden 2024-10-29 8.00
Sweden’s GDP decreased 0.4 percent in September, seasonally adjusted and compared with the previous month, as shown by the preliminary compilation of the GDP indicator. For the third quarter as a whole GDP decreased 0,1 percent compared with the preceding quarter. In September GDP was 0.1 percent higher than in September of 2023 while the third quarter decreased 0,1 percent compared with the corresponding quarter 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.
“Sweden’s gross domestic product decreased in September which together with weak development in July contributed to negative growth for the third quarter as a whole compared with the previous quarter.” says Melker Pettersson Loberg, economist at Statistics Sweden.
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 showed actual GDP development from the use side of 0.3 percent and corresponding development from the production side of 0.1 percent, compared with the corresponding month a year ago. In line with ordinary balancing procedures, this results in a reconciled actual GDP development of 0.2 percent.
For the third quarter as a whole, non-adjusted GDP development was 0.6 percent for the use side and 0.1 percent for the production side compared with the corresponding quarter a year ago. This resulted in actual GDP growth of 0.4 percent.
September had the same number of working days that the corresponding month of the previous year, while the quarter as a whole had one more working day than the same quarter last year.
In accordance with revision policy for the GDP indicator, only months in the current quarter have been revised, that is, July and August.
| Published 29/10/2024 | Published 10/10/2024 | ||||||
|---|---|---|---|---|---|---|---|
| Production | Use | Reconciled | Production | Use | Reconciled | ||
| July | 1.8 | 2.2 | 2.0 | 2.3 | 1.2 | 1.8 | |
| August | ‑1.4 | ‑0.3 | ‑0.8 | ‑0.9 | ‑0.4 | ‑0.7 | |
| September | 0.1 | 0.3 | 0.2 | ||||
| Third quarter | 0.1 | 0.6 | 0.4 | ||||
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 2024 will be published on 2024-12-10 at 08:00.
The ordinary calculation of the third quarter 2024 will be published on 2024-11-29 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.