Suècia: Panorama econòmic
For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.
Despite Sweden's exposure to global trade dynamics, Covid-19 has had a rather limited impact on its economy compared with most other European countries. In 2021, the continued rebound of consumption and investment contributed to an estimated growth of 4% (with the economy returning to its pre-pandemic level by the third quarter of the year). GDP growth is projected to reach 3.4% in 2022, before easing to 2.8% as the post-pandemic catch-up dissipates, with private consumption as the main growth driver (IMF).
Sweden is among rare advanced economies to show both a current account surplus and low public debt in Europe. Monetary and fiscal policies have been supportive since the outbreak of the pandemic, hence the government budget turned negative (-2.4% of GDP in 2021). The 2022 budget increases spending by SEK 74 billion (1.5% of GDP), and includes tax cuts for low-income earners and grants to municipalities to fight the pandemic. A rise in revenues and increased GDP will balance these expenses so that the IMF forecasts the deficit to gradually decrease to -0.7% this year and -0.2% in 2023 (grants from the EU Recovery and Resilience Facility should total around 0.2% of GDP in 2022 and 2023). The country’s debt-to-GDP ratio, although still low, reached 39.6% in 2021, from a pre-pandemic level of 34.9%, and is expected to gradually decrease over the forecast horizon (39.9% and 39% in 2022 and 2023, respectively). Driven largely by higher energy costs, inflation stood at 2% in 2021 but is projected to fall below Riksbank’s 2% target this year (1.6%).
Job creation was impacted by Covid-19 as the services industry slowed activity even when Sweden opted against nationwide lockdowns. The government's compensation schemes limited further unemployment, which was estimated at 8.9% in 2021 by the IMF, while wages, which are largely centrally negotiated, have increased only slightly faster than before the pandemic. The rate is projected to decrease to 7.9% this year and 7.7% in 2023. Overall, Swedish citizens enjoy a high per capita GDP of USD 55,566 (PPP – 2021), 18.5% higher than the EU’s average (USD 46,888), and the European Anti-Poverty Network (EAPN) estimates that only 2% of Sweden’s population lives in serious material poverty conditions.
GDP Indicators | 2020 | 2021 | 2022 (e) | 2023 (e) | 2024 (e) |
GDP (billions USD) | 547.05 | 635.66e | 603.92 | 653.96 | 693.15 |
GDP (constant prices, annual % change) | -2.2 | 5.1e | 2.6 | -0.1 | 2.1 |
GDP per capita (USD) | 52 | 60e | 56 | 60 | 63 |
General government balance (in % of GDP) | -1.6 | -0.3e | -0.3 | 0.1 | 1.1 |
General government gross debt (in % of GDP) | 39.2 | 36.8e | 33.5 | 31.2 | 28.8 |
Inflation rate (%) | 0.7 | 2.7 | 7.2 | 8.4 | 3.5 |
Unemployment rate (% of the labor force) | 8.5 | 8.8 | 7.6 | 7.4 | 7.3 |
Current Account (billions USD) | 32.24 | 34.02 | 23.07 | 22.69 | 24.29 |
Current account (in % of GDP) | 5.9 | 5.4 | 3.8 | 3.5 | 3.5 |
Font: IMF – World Economic Outlook Database, 2016
Note: (e) Estimated data
Monetary indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
Swedish Krona (SEK) - Average annual exchange rate for 1 EUR | 9.11 | 9.66 | 10.26 | 10.67 | 10.52 |
Font: World Bank, 2015
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Actualitzacions: January 2023