The Production Value Index for the total business sector increased by 0.5 percent in August 2023 compared to July 2023, in seasonally adjusted terms. Compared to August 2022, production increased by 0.7 percent in calendar-adjusted terms.
Industrial Sector’s Production Value Increased
Production within the industrial sector increased by 4.7 percent in August 2023 compared to the same period last year, in calendar-adjusted terms. The motor vehicle industry made the most significant positive contribution to the business sector’s development, increasing by 28.3 percent in fixed prices and contributing 0.7 percentage points. However, the pulp and paper industry made the most substantial negative contribution, decreasing by 10.0 percent in fixed prices and contributing -0.2 percentage points.
Service Sector’s Production Value Increased
The production in the service sector increased by 0.6 percent in August 2023 compared to the same period last year, in calendar-adjusted terms. Information and communication services made the most significant contribution to the business sector’s development, increasing by 6.4 percent in fixed prices and contributing 0.7 percentage points. On the other hand, administrative and technical services made the most significant negative contribution, decreasing by 2.2 percent in fixed prices and contributing -0.2 percentage points.
Decrease in the Construction Sector’s Production Value
Production within the construction sector decreased by 2.0 percent in August 2023 compared to the same period last year, in calendar-adjusted terms. Without calendar correction, the sector showed a 2.0 percent decrease. The construction industry, accounting for 8.5 percent of the business sector’s total value added, contributed -0.2 percentage points to the overall development.
Considerations
In addition to the industrial, service, and construction sectors, industries D (electricity, gas, and heat production) and E (water supply; sewage, waste management) also influence the overall business sector’s development. Contributions and developments for these industries can be seen in the narrative. Note that seasonal adjustment and calendar correction are applied separately to each individual series, which may result in a seasonally adjusted or calendar-adjusted figure for an aggregate differing from a weighted average of the corresponding figures for the constituent industries.
As of the reference year 2023, there have been changes to the statistical unit, the operational unit. Additionally, starting from April 2023, estimated monthly turnover data from declared VAT data to the Swedish Tax Agency for small and medium-sized enterprises within industrial sectors (SNI 07–33) are used. These changes are implemented with the ambition to improve the quality and streamline the production of functional statistics describing individual activities in the economy, such as the business sector’s production value.
For more information, refer to the relevant documents on the statistical office’s website.
Production Value Index Revisions
When the Production Value Index is published for a new month, the index for the two preceding months is revised if new information has become available. After the end of the quarter, administrative data from the Swedish Tax Agency is also used to increase the number of surveyed companies before calculating final statistics, which then replace the preliminary data for the completed quarter.
The use of administrative data for each quarter aims to improve the quality of the Production Value Index and reduce the reporting burden. Normally, the material is revised between two to four months backward, depending on where the reference month is in relation to the most recently completed quarter. With the publication of the first and second months in a quarter, the entire preceding quarter is revised. The calendar-adjusted, seasonally adjusted, and trend-estimated series are always revised from January 2010 onwards. Information about significant revisions is published on the statistical office’s website.
Contributions in Percentage Points to the Rate of Change in PVI
Production Value Index, August 2023
Calendar-Adjusted Index Numbers and Rate of Change
- Total business sector excl. financial and insurance activities: 127.2 (August 2023), Annual change: -0.7%
- Industry: 135.0 (August 2023), Annual change: -0.2%
- Electricity, gas, and heat production: 117.9 (August 2023), Annual change: -14.8%
- Water supply; sewage, waste management: 116.9 (August 2023), Annual change: 0.6%
- Construction: 115.2 (August 2023), Annual change: -4.1%
- Services excl. financial and insurance activities: 126.5 (August 2023), Annual change: 0.6%