GDP

Last updated: 2024-09-18

Gross Domestic Product (GDPGDP:) 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 GDPGDP:, 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 GDPGDP: 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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