The skyline in Sweden

Sweden Economy

Sweden's economy in numbers:

Nominal GDP of USD 591 billion in 2022.

GDP per capita of USD 56,208 compared to the global average of USD 10,589.

Average real GDP growth of 2.1% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 77% of overall GDP, manufacturing 13%, other industrial activity 9%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 44% of GDP in 2021, government consumption 26%, fixed investment 26%, and net exports 4%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 72% of total merchandise exports, mineral fuels 7%, food 6%, ores and metals 6% and agricultural raw materials 5%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 10%, food 10%, ores and metals 3% and agricultural raw materials 1%, with other goods accounting for 5% of the total. Total exports were worth USD 219 billion in 2022, while total imports were USD 198 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.1% in the decade to 2022. To read more about GDP growth in Sweden, go to our dedicated page.

Fiscal policy:

Sweden's fiscal deficit averaged 0.2% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 7.6% in the decade to 2022. For more information on Sweden's unemployment click here.

Inflation:

Inflation averaged 1.7% in the decade to 2022. Go to our Sweden inflation page for extra insight.

Monetary Policy:

Sweden's monetary policy rate ended 2022 at 2.50%, up from 1.00% a decade earlier. See our Sweden monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the krona weakened by 37.5% vs the U.S. dollar. For more info on the krona, click here.
The Swedish economy saw a significant improvement in Q1 following Q4’s stagnation. In Q2, our panelists expect sequential growth to have decelerated sharply to around a halt. Available data aligns with the projection. GDP slumped month on month in April—the steepest contraction in 10 months—and rebounded only marginally in May. Moreover, private consumption was downbeat: Retail sales growth—a proxy for private consumption—decelerated in April–May from Q1; despite inflation averaging below Q1 in Q2, still-elevated interest rates likely continued to hurt credit demand and household budgets with variable-rate mortgages. Moreover, compared to Q1, annual average wage growth slowed in April and the unemployment rate rose slightly in April–May. Further, the services PMI averaged notably below Q1 in Q2. More positively, the manufacturing PMI improved over the same period from Q1.
Projections out to 2033.

52 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 30 expert analysts.

Want to get insight on the economic outlook for Sweden in the coming years? FocusEconomics collects projections out to 2033 on 52 economic indicators for Sweden from a panel of 30 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Sweden economy. To download a sample report on the Sweden's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Sweden Economic Data

2019 2020 2021 2022 2023
Population (million) 10.3 10.4 10.5 10.5 10.6
GDP (USD bn) 532 545 637 580 585
GDP per capita (USD) 51,532 52,557 60,912 55,085 55,421
GDP (EUR bn) 475 478 539 551 541
GDP per capita (EUR) 46,039 46,102 51,528 52,406 51,260
GDP (SEK bn) 5,033 5,021 5,465 5,865 6,206
Economic Growth (Nominal GDP, ann. var. %) 5.0 -0.2 8.8 7.3 5.8
Economic Growth (GDP, ann. var. %) 2.6 -2.2 5.7 1.5 0.1
Domestic Demand (ann. var. %) 0.3 -2.2 6.0 2.8 -2.5
Private Consumption (ann. var. %) 0.8 -3.1 5.8 2.9 -2.2
Government Consumption (ann. var. %) 0.0 -1.7 3.0 0.8 1.3
Fixed Investment (ann. var. %) -0.2 1.7 7.1 0.4 -1.0
Exports (G&S, ann. var. %) 7.1 -5.9 11.7 6.2 3.6
Imports (G&S, ann. var. %) 2.1 -6.5 12.5 9.7 -0.7
Industrial Production (ann. var. %) 2.3 -4.9 7.0 2.1 0.3
Retail Sales (ann. var. %) 2.5 2.0 6.1 -2.3 -5.1
Home Prices Index (ann. var. %) 2.2 6.8 16.6 4.9 -9.9
Disposable Income (ann. var. %) 2.6 -0.9 4.2 0.6 -0.8
Wages (ann. var. %) 2.6 2.1 2.6 2.7 3.7
Unemployment (% of active population, aop) 6.9 8.5 8.9 7.5 7.7
Fiscal Balance (% of GDP) 0.5 -2.8 0.0 1.2 -0.6
Public Debt (% of GDP) 35.6 40.2 36.7 33.2 31.2
Money (ann. var. of M2 %) 7.1 18.4 11.7 2.2 -0.5
Inflation (CPI, ann. var. %, eop) 1.8 0.5 3.9 12.3 4.4
Inflation (CPI, ann. var. %, aop) 1.8 0.5 2.2 8.4 8.5
Inflation (CPIF, ann. var. %, eop) 1.7 0.5 4.1 10.2 2.3
Inflation (CPIF, ann. var. %, aop) 1.7 0.5 2.4 7.7 6.0
Inflation (PPI, ann. var. %, aop) 3.0 -3.4 10.7 21.4 -0.9
Riksbank's Policy Rate (%, eop) -0.25 0.00 0.00 2.50 4.00
3-Month STIBOR (%, eop) 0.15 -0.05 -0.05 2.70 4.05
10-Year Bond Yield (%, eop) 0.14 0.03 0.29 2.37 2.02
Stock Market (ann. var. of OMXS30 %) 25.8 5.8 29.1 -15.6 17.3
Exchange Rate (SEK per USD, eop) 9.36 8.21 9.05 10.42 10.08
Exchange Rate (SEK per USD, aop) 9.46 9.20 8.58 10.12 10.61
Exchange Rate (SEK per EUR, eop) 10.51 10.05 10.30 11.12 11.13
Exchange Rate (SEK per EUR, aop) 10.59 10.49 10.15 10.64 11.47
Current Account Balance (EUR bn) 25.3 27.8 37.2 27.3 34.9
Current Account Balance (% of GDP) 5.3 5.8 6.9 5.0 6.5
Merchandise Trade Balance (EUR bn) 20.2 22.7 25.8 22.3 31.2
Foreign Direct Investment (EUR bn) 7.8 18.3 18.9 42.5 27.2

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