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GDP increased in the second quarter 2021 To main content

National accounts, second quarter 2021

GDP increased in the second quarter 2021

Statistical news from Statistics Sweden 2021-08-27 9.30

GDP increased by 0.9 percent in the second quarter 2021, seasonally adjusted and compared with the first quarter 2021. This upturn mainly came from gross fixed capital formation and household consumption. Calendar adjusted and compared with the second quarter of 2020, GDP increased by 9.7 percent.

“GDP continued its strong growth during the second quarter. This upturn mainly came from gross fixed capital formation and household consumption,” says Helena Kaplan, head of unit at the National Accounts Department.

What is GDP?

Gross domestic product, GDP, is defined as the value of all goods and services produced in the country. GDP is used as a measure of economic growth and is published quarterly.

Summary of the second quarter

Percentages refer to seasonally adjusted volume changes compared with the previous quarter, unless otherwise stated. Tables available at the end of this statistical news also show volume changes in relation to the corresponding quarter the previous year.

  • Household final consumption increased by 1.0 percent. Foreign consumption in Sweden and recreation and culture contributed to this increase.
  • General government consumption rose by 0.8 percent. Central government consumption increased by 0.5 percent and consumption in local and regional governments rose by 0.9 percent.
  • Changes in inventories contributed to GDP growth by 0.1 percentage point.
  • Gross fixed capital formation increased by 3.8 percent. The largest contribution came from machinery investment, at 1.4 percentage points.
  • Exports decreased by 1.1 percent and imports increased by 0.7 percent. Overall, the downward contribution from net exports to GDP growth was 0.8 percentage points.
  • Market production increased by 0.6 percent. Output in goods-producing industries remained unchanged, while output in service-producing industries rose by 0.9 percent. Government production increased by 0.8 percent.
  • The total number of employed persons increased by 0.4 percent. The number of hours worked decreased by 0.1 percent in the whole economy and by 0.6 percent in the business sector. Labour productivity in the business sector increased by 1.2 percent.
  • Households’ real disposable income increased by 10.1 percent compared with the second quarter 2020.
  • Public administration noted a surplus of SEK 20.4 billion in the second quarter 2021.
GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2020), SEK billions

Graph: GDP, seasonally adjusted, volume changes and levels in constant prices (reference year 2020), SEK billions

GDP - Expenditure approach
  Current prices, SEK millions Seasonally and calendar adjusted values Non-adjusted values
  2021 q2 Volume change, cf. with previous quarter,% Contribution to GDP volume change, cf. with previous quarter,% points Volume change, cf. with corresponding quarter last year,%
GDP at market prices 1 367 048 0.9 0.9 10.2
Imports 545 073 0.7 ‑0.3 17.8
Goods (SPIN A01–F43) 387 581 0.4 ‑0.1 21.6
Services (SPIN G45–T98) 157 492 1.4 ‑0.2 9.7
Total domestic supply 1 912 121 0.8   12.2
Household consumption expenditure 592 003 1.0 0.4 9.4
Households excluding NPISH 575 659 1.0 0.4 9.5
NPISH [1] 16 344 1.4 0.0 5.3
Public consumption expenditure 352 876 0.8 0.2 5.1
Central government 91 759 0.5 0.0 3.3
Municipalities [2] 261 117 0.9 0.2 5.7
Gross fixed capital formation 351 114 3.8 0.9 10.2
Inventories [3] [4] 2 495   0.1  
Exports 613 633 ‑1.1 ‑0.5 21.2
Goods (SPIN A01–F43) 454 778 ‑0.7 ‑0.2 24.0
Services (SPIN G45–T98) 158 855 ‑2.3 ‑0.3 14.1
Total domestic demand 1 912 121 0.8   12.2

(1) Non-profit institutions serving households (2) Including regional governments (3) Including changes in valuables

GDP - Production approach
  Seasonally and calendar adjusted values Calendar adjusted values
  Volume change, cf. with previous quarter,% Volume change, cf. with corresponding quarter last year,%
GDP at market prices 0.9 9.7
Goods producers (SNI A01-F43) 0.0 15.1
Manufacturing (SNI C10-C33) ‑0.6 30.4
Service producers (SNI G45-T98) 0.9 10.1
Market production [1] 0.6 11.7
Government production 0.8 5.3
Hours worked [2] ‑0.1 3.4

(1) Excluding tariffs and net product taxes (2) In the whole economy

Revisions

Non-adjusted GDP growth has been revised compared with the previous publication. In 2020, the second quarter has been revised upwards by 0.1 percentage point, while the third quarter has been revised downwards by 0.1 percentage point. However, the full year of 2020 remains largely unchanged. The first quarter of 2021 has been revised downwards by 0.2 percentage points.

Publication

The current quarterly tables from 1980 onwards are available on the Statistics Sweden website, under National Accounts, quarterly and annual reports, and in the statistical databases.

Next publishing will be

The GDP indicator for the third quarter of 2021 will be published on 2021-10-28 at 9:30.

Complete quarterly national accounts for the third quarter of 2021 will be published on 2021-11-29 at 9:30.

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.

Statistical agency and producer

Statistics Sweden, National Accounts

Address
Solna strandväg 86
171 54 Solna
E-mail
nrinfo@scb.se

Enquiries

Neda Shahbazi

Telephone
+46 10 479 40 09
E-mail
Neda.Shahbazi@scb.se

Agnes Norberg

Telephone
+46 10 479 40 15
E-mail
agnes.norberg@scb.se