Sweden/Economy

Economy of Sweden

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$585.0B(2023)
GDP PPP (USD)
$708.0B(2023)
GDP per Capita (USD)
$55,517(2023)
GDP Growth (inflation-adjusted)
-0.3%(2023)
Inflation (CPI Annual %)
2.8%(2024)

Trade & Finance

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Exports (as share of GDP)
55.2%(2023)
Imports (as share of GDP)
51.2%(2023)
FDI Inflows (as share of GDP)
3.1%(2023)
Remittance Inflow (USD)
$4.2B(2023)
Tax Revenue (as share of GDP)
27.6%(2022)

Labor & Income

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Unemployment Rate
8.5%(2024)
Employment in Services
80.9%(2023)
Poverty Rate
16.1%(2022)
GINI Index
31.6(2022)
GNI per Capita (USD)
$60,480(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
4253 kg oil eq.(2023)
Renewable Energy Consumption (%)
57.9%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Sweden

  • The economic architecture of Sweden is substantial, anchored by a Gross Domestic Product (GDP) of approximately $584.96B
    2023
    . This places it as the 24th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $55.52K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $708.04B, reflecting the population's domestic purchasing power. The economy is facing a contraction, with a negative growth rate of -0.3%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.8%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 55.2% of GDP and imports 51.2%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 3.08% of the economy
    2023
    . This performance positions the country 63rd globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $4.17B annually
    2023
    , highlighting the economic importance of its diaspora. The government's fiscal position is supported by a strong tax base, with tax revenue accounting for 27.6% of GDP
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $60,480
    2023
    . Globally, this ranks the nation 13th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 8.5%
    2024
    . The services sector is a primary driver of the labor market, accounting for 80.9% of total employment
    2023
    . Poverty remains a key issue, with 16.1% of the population living below the national poverty line
    2022
    . The country has a relatively equitable distribution of income, with a Gini index of 31.6
    2022
    .
  • On the environment and energy front, energy consumption per capita is 4,252.628 kg of oil equivalent
    2023
    . The country is a leader in clean energy, with renewable sources making up 57.9% of total final energy consumption
    2021
    . Its commitment to clean energy places it 151st among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Stagnant growth combined with high unemployment points to significant structural issues that may require bold policy interventions.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.