Gross domestic product (GDP) at current prices in Sweden 2010-2023

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 decline in the growth rate was -1.7 percent in 2020 compared to the previous year.

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 connected to several factors, such as level of employment and inflation, as people will hold on to their savings in times of high unemployment and high inflation. In recent years, both the inflation rate and unemployment rate were exceptionally high, leading to slowing GDP growth.

Export of goods

Another important factor influencing Sweden’s GDP is the export of services and goods. High export levels will boost a country's GDP. However, if imports exceed exports, this leads to a trade deficit, having a negative impact on a country's currency.