Sweden’s gross domestic product generally increased over the past decade apart from the year 2020, when it decreased slightly due to the coronavirus pandemic. The low figures from 2010 and onwards were caused by the financial crisis in 2008. The decline in the growth rate was -4.3 percent in 2009 compared to the previous year, which was the largest fall in the GDP growth rate in Sweden since the Second World War.
Household consumption affects the GDP
There are many factors affecting the gross domestic product of a country, and the household consumption is one important factor. The household consumption is regulated by the level of employment in the country, and the economics of the households. In the past 10 years, both the level of employment and the annual household disposable income overall increased, which in turn generated a higher household consumption.
Export of goods
Another important factor influencing Sweden’s GDP is the export of services and goods. The export of services increased quicker than the exports of goods for several years, but the export of goods are still larger than the export of services. The commodity with the largest exported value in 2021 was machinery and transport equipment, which was valued at around 615 billion Swedish kronor.
Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022
(in billion SEK)
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Statistics Sweden. (November 29, 2023). Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022 (in billion SEK) [Graph]. In Statista. Retrieved September 21, 2024, from https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/
Statistics Sweden. "Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022 (in billion SEK)." Chart. November 29, 2023. Statista. Accessed September 21, 2024. https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/
Statistics Sweden. (2023). Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022 (in billion SEK). Statista. Statista Inc.. Accessed: September 21, 2024. https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/
Statistics Sweden. "Gross Domestic Product (Gdp) at Current Prices in Sweden from 2010 to 2022 (in Billion Sek)." Statista, Statista Inc., 29 Nov 2023, https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/
Statistics Sweden, Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022 (in billion SEK) Statista, https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/ (last visited September 21, 2024)
Gross domestic product (GDP) at current prices in Sweden from 2010 to 2022 (in billion SEK) [Graph], Statistics Sweden, November 29, 2023. [Online]. Available: https://www.statista.com/statistics/529811/sweden-gross-domestic-product-gdp/