"Positive outlook but economic uncertainty on the rise"
Together with the Confederation of Swedish Enterprise, TechSverige has started to monitor, compile and present a number of questions about changes in employment, sales and investments at member companies. Four times a year, around 5,000 members of the Confederation of Swedish Enterprise's Entrepreneurial Panel answer questions, which are then broken down by tech industry. TechSverige's Chief Economist Christina Ramm-Ericson comments on this year's first survey:
Christina Ramm-Ericson, Head of Industrial Policy / Chief Economist. TechSweden- For the tech sector, growth has slowed down but expectations for the future remain optimistic. The Entrepreneurs' Panel shows that a majority of companies in the tech sector expect an increase in future sales volumes, as well as a need to increase staff over the next year.
How has confidence in the future changed this year compared to previous surveys?
- We see that companies' outlook has fallen compared to the last survey conducted in November 2022. The net figures, i.e. the share of companies that believe in an increase minus the share that believe in a decrease in sales volumes, have fallen from 63 percentage points at the end of last year to 47 percentage points now.
What are the changes in employment?
- There is still a high demand for staff in the sector, although it is lower compared to previous surveys. More than half of respondents believe they will have more employees in 12 months' time.
How does the tech industry see the future?
- We are facing a tough economic situation but the tech industry is still confident about the future, but that can change quickly.
- The forecast for the Swedish economy is gloomy and is expected to be in a recession in 2023, which is expected to last for the next two years. GDP is expected to fall, household consumption to decrease and we will see an increase in unemployment. We have a situation that we have not seen for a very long time, with high inflation at the same time as we are entering a recession. However, one ray of hope is that there are signs that inflation is falling.
How should we act going forward?
- In this situation, it is important to continue investing and not slow down to seize the opportunities of digitalization and ensure Swedish competitiveness and create a more sustainable society.
Find out more and join the Entrepreneur Panel: svensktnaringsliv.se/foretagarpanelen/