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 2022 to 2021.
Source: Statistics Sweden.

Sweden GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.0 2.0 -2.3 5.9 2.7
GDP (USD bn) 555 534 547 639 590
GDP (EUR bn) 470 477 480 541 561
GDP (SEK bn) 4,828 5,050 5,039 5,487 5,972
Economic Growth (Nominal GDP, ann. var. %) 4.4 4.6 -0.2 8.9 8.8

GDP contracts again in Q4, undershooting market expectations

A second national accounts release revealed the Swedish economy fell deeper into a recession, shrinking 0.1% on a seasonally adjusted quarter-on-quarter basis and mirroring the third quarter’s result. The contraction was the third consecutive one, surprising markets on the downside and marking a deterioration from the 0.1% expansion reported in the preliminary estimate. On an annual basis, the economy fell at a softer 0.1% in Q4 compared to the previous period's 1.0% contraction. Q4’s result brought the economy to flatline overall in 2023; though better than expected, the reading was a deterioration from 2022’s 2.8% increase and the worst since 2012—barring 2020’s pandemic-induced downturn.

The quarterly result chiefly reflected private consumption growth hitting an over one-year high of 0.7% in the final quarter of 2023 (Q3: -0.5% s.a. qoq). Moreover, public consumption growth came in at 0.5% in Q4, following Q3’s flat reading. Less positively, fixed investment dropped at a more pronounced pace of 1.8% in Q4, from the 0.6% contraction recorded in the previous quarter. Turning to the external sector, exports of goods and services deteriorated, contracting 0.1% in Q4 (Q3: +2.2% s.a. qoq). Conversely, imports of goods and services bounced back, growing 0.9% in Q4 (Q3: -0.7% s.a. qoq), marking the best performance in a year. Consequently, the external sector detracted 0.5 percentage points from the overall GDP reading.

Our panelists see the economy flatlining in quarter-on-quarter terms in Q1. Afterward, our Consensus is for sequential growth to make a comeback in Q2 and accelerate through Q4. While our panel expects the economy to grow overall in 2024, the recovery will be shallow as the Riksbank’s still-tight monetary policy stance continues to restrain economic activity.

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 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. 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.

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest