According to the latest report from Statistics Sweden (SCB), the production value index for the overall business sector in Sweden decreased by 0.2 percent in May 2023 compared to April 2023, when seasonally adjusted. In calendar-adjusted terms, production declined by 1.0 percent compared to May 2022.
Industries Experience Varied Growth: Within the industrial sector, production increased by 3.8 percent in May 2023 compared to the same period last year, in calendar-adjusted terms. The motor vehicle industry made the largest positive contribution to the overall business sector’s development, with a growth rate of 29.9 percent in constant prices, contributing 0.8 percentage points. However, the pulp and paper industry had the largest negative impact on the sector’s development, with a decrease of 13.4 percent in constant prices, contributing -0.2 percentage points.
Decline in Service Sector Production: The production within the service sector decreased by 0.7 percent in May 2023 compared to the same period last year, in calendar-adjusted terms. The real estate services industry made the most significant positive contribution to the overall business sector’s development, with a growth rate of 3.7 percent in constant prices, contributing 0.4 percentage points. On the other hand, the transport and storage industry had the largest negative impact, with a decline of 11.3 percent in constant prices, contributing -0.6 percentage points.
Decrease in Construction Sector Production: The construction sector experienced a decline of 6.3 percent in production in May 2023 compared to the same period last year, in calendar-adjusted terms. In constant prices, the sector exhibited a decrease of 6.2 percent. The construction industry, which accounts for 8.5 percent of the overall business sector’s value-added, contributed -0.5 percentage points to the sector’s development.
Considerations: It is important to note that the spread of COVID-19 has been affecting the business sector since March 2020. When interpreting comparative statistics, such as annual growth rates, this factor should be taken into account.
Starting from the reference year 2023, there have been changes in the statistical unit of activity. Additionally, from April 2023, monthly turnover data from tax declarations to the Swedish Tax Agency for small and medium-sized enterprises in the manufacturing sector (SNI 07-33) have been utilized. These changes aim to improve the quality and efficiency of producing functional statistics that describe specific activities in the economy, such as the business sector’s production value. Further information can be found in the document “Changes in Statistics – Production Value Index – April 2023” (PDF).