Government consumption continued to grow, mainly with an increase in local government consumption which grew by roughly 3 percent.
The present economic situation could be compared to the situation in the mid-1990s when a weaker demand from the U.S. also led to slower development in Sweden. Today the American economic cycle does not have the same impact on the world economy, but the slower increase in Swedish exports can partly be seen as a consequence of a sluggish American market.
Domestic demand has to a large extent replaced exports as the main driving force in the economy and GDP growth was powered by both gross investments and consumption. This implies that imports also increase because the import content in household consumption, especially gross investments, is high. Adjusted for import contents, export also continued to significantly contribute to growth.
Different methods for calculation of terms of trade and its development during the last fifteen years are discussed in a thematic article.
A significant revision of National Accounts has been done and will be released this autumn. The revision is presented in a thematic article. A number of methodological changes and revisions are being done to improve the quality of economic statistics for the users.
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