The skyline in Sweden

Sweden GDP

Sweden GDP

Economic Growth in Sweden

The economy of Sweden recorded an average growth rate of 2.3% in the decade to 2022. In 2022, real GDP growth was 2.9%. For more GDP information, visit our dedicated page.

Sweden GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Sweden from 2014 to 2023.
Source: Statistics Sweden.

Sweden GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.0 2.0 -2.3 5.9 3.0
GDP (USD bn) 555 534 547 639 591
GDP (EUR bn) 470 477 480 541 563
GDP (SEK bn) 4,828 5,050 5,039 5,487 5,985
Economic Growth (Nominal GDP, ann. var. %) 4.4 4.6 -0.2 8.9 9.1

Economy enters technical recession in Q3

A second national accounts release showed the Swedish economy entered a technical recession in the third quarter of 2023, when GDP declined by 0.3% on a seasonally adjusted quarter-on-quarter basis. While this fall was an improvement from the 0.8% decline posted in Q2, it was a deterioration from the flat reading reported in the preliminary release.

The smaller quarterly contraction was due to a positive contribution from the external sector amid improving exports. Domestically, private consumption fell 0.6% in the third quarter, which was a deterioration from the second quarter's 0.3% contraction. Similarly, fixed investment contracted 0.6% in Q3 (Q2: -0.1% s.a. qoq), marking the worst result since Q4 2022. Lastly, public consumption decelerated and flatlined in Q3 (Q2: +0.4% s.a. qoq). On the external front, exports of goods and services expanded by a seasonally adjusted 1.4% quarter on quarter in Q3, improving from Q2’s flat reading and marking the best performance in a year. Conversely, imports of goods and services deteriorated, contracting 1.5% in Q3 (Q2: +0.4% s.a. qoq). Consequently, the external sector contributed 1.5 percentage points to the overall reading. On a year-on-year basis, economic activity declined at a quicker rate of 1.4% in Q3, following the previous period's 0.4% fall. Q3's reading marked the largest decrease since Q2 2020.

Our Consensus is that the economy will contract again in sequential terms in the final quarter of 2023, which would confirm the anticipated 2023 GDP contraction—the only one among the Nordic economies.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Swedish GDP projections for the next ten years from a panel of 28 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Swedish GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Swedish GDP projections.

Want to get access to the full dataset of Swedish GDP forecasts? Send an email to info@focus-economics.com.

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