GDP

Last updated: 2024-09-18

Gross Domestic Product (GDP) measures a country’s economic performance by calculating the total value of all goods and services produced within its borders annually. In the early 1990s, Sweden experienced a decline in GDP, causing it to drop in global rankings. Since then, however, Sweden’s economic growth rate has generally outpaced that of many other countries, narrowing the GDP gap between Sweden and its peers.

During the 1970s and 1980s, Sweden’s GDPGDP: growth lagged behind both the average of European countries and the OECDOECD: average. The recessionrecession: of the early 1990s marked a significant downturn, with GDPGDP: declining by approximately 4% in volume over three years (1990-1993). A smaller setback occurred in 2000 due to the dot-com bubble, followed by a more severe recessionrecession: during the global financial crisis of 2008-2009.

Despite these challenges, Sweden’s economy has shown relatively strong growth since the early 1990s, aligning closely with U.S. economic growth and surpassing the OECDOECD: average. In the past two years, though, Sweden’s growth rates have once again slowed relative to other countries.

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