Sweden's Macroeconomic Analysis:
Nominal GDP of USD 585 billion in 2023.
Nominal GDP of USD 591 billion in 2022.
GDP per capita of USD 55,425 compared to the global average of USD 10,589.
GDP per capita of USD 56,208 compared to the global average of USD 10,589.
Average real GDP growth of 2% over the last decade.
Average real GDP growth of 2.1% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Sweden
A second release showed that GDP expanded 0.3% in sequential terms in Q3. The upturn surpassed market expectations of a decline and marked an improvement from both Q2’s flat reading and the preliminary estimate of a 0.1% contraction. Rebounding fixed investment and improvements in private and public spending outweighed negative net exports. That said, the highest percentage-point contribution to the GDP print came from inventories, which tend to be volatile and, therefore, not fully representative of the underlying health of the economy. Moving to Q4, our Consensus is for the economy to tally a stronger sequential expansion. That said, available data suggests downside risks: Monthly GDP and private spending weakened from Q3’s level in October, the latter likely dented by faster inflation compared to Q3. More positively, industrial output rose from Q3’s average in October.Sweden Economic Forecasts
Projections out to 2034.52 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 27 expert analysts.
Want to get insight on the economic outlook for Sweden in the coming years? FocusEconomics collects projections out to 2034 on 52 economic indicators for Sweden from a panel of 27 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.