The recent evolution of Sweden’s GDP growth shows a trajectory marked by strong initial volatility, followed by a movement towards normalisation and consolidation. After the economic contraction of 2020, resulting from the COVID-19 pandemic, Sweden experienced a robust recovery in 2021, reflecting the effectiveness of the economic policies implemented, the efficiency of support mechanisms, and the structural resilience of the Swedish economy.

In the following years, economic growth slowed, with GDP increasing by just 1.5% in 2022, reflecting inflationary pressures, supply chain disruptions and greater external uncertainty — mainly due to the war in Ukraine. In 2023, this trend weakened even further, resulting in a slight contraction of -0.1%, in a context of tighter financial conditions and the persistent impact of energy costs across Europe.

GDP growth projections point to a phase of gradual stabilisation: 1% in 2024 (totalling around €535.01 billion¹) and 1.9% in 2025 (around €543.93 billion²), suggesting that the Swedish economy will enter a more moderate yet sustained cycle of expansion. This outlook is based on solid structural foundations — namely openness and ease of doing business, a strong export orientation, competitiveness in goods and manufacturing, and growth in the services sectors. Taken together, these factors support a macroeconomic environment in a phase of consolidation, with lower volatility and a more balanced growth profile.

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