New report: Tech remains pillar of Swedish economy and jobs

TechSverige's report Swedish tech industry 2024, which shows that the tech industry continues to be a pillar of the Swedish economy. However, the past year has been challenging with reduced employment and an increased number of redundancies in the wake of the recession, high inflation and increased international competition. Vigorous action and the right conditions are needed for tech to continue to be a driver of growth, jobs and welfare. 

In 2023, the industry had a turnover of over SEK 1 100 billion and contributed around SEK 350 billion to GDP - more than traditional basic industry. Tax revenues from tech exceeded SEK 190 billion, which is more than government spending on defense and police combined.

- The tech industry is a pillar of the Swedish economy and employment. Every eighth new job is created here. At the same time, the tech industry, like many other industries, is facing challenges as a result of a weak economy and an uncertain international situation. International competition is intensifying, which means that Sweden needs to act to secure entrepreneurship, investment and Swedish competitiveness," says Åsa Zetterberg, CEO of TechSverige.

Tech accounts for 12% of Sweden's exports, equivalent to SEK 370 billion in 2023, and the sector employs nearly 265 000 people. Since 2020, 32 000 new tech jobs have been created. However, employment has fallen by 1 000 people in the past year and the number of redundancies has increased. 

The industry continues to grow but at a slower pace. If Sweden manages to seize the opportunities and create the right conditions going forward, the potential is great. TechSverige's forecasts show that the tech industry could grow by between 18-25 percent by 2027. 

- However, this requires high demand and investments in areas such as AI, 5G, cloud services and cybersecurity, as well as a balanced wage development that strengthens Sweden's attractiveness for companies and investments," says Christina Ramm-Ericson, Chief Economist at TechSverige.

Tech entrepreneurs lead the way to brighter times 

Sweden has a long tradition of entrepreneurship and innovation, with global tech successes. But the report shows that other countries are outpacing us, and fewer people are choosing to become entrepreneurs here.

- Sweden has a tradition of drive, entrepreneurship, innovation and collaboration. This has led to an impressive CV for Sweden as a tech country and has also contributed to our prosperity and development. Given the global tech race where Sweden and the EU should take a stronger position, a more ambitious tech policy is needed. The government has taken some important initiatives, but more is needed to secure our competitiveness," says Åsa Zetterberg.

TechSverige becomes an independent organization

TechSverige, Sweden's largest industry and employer organization for tech companies, takes a big step forward at the turn of the year and becomes an independent organization within the Confederation of Swedish Enterprise. 

- This is a milestone that will make us an even stronger voice for the entire tech industry and allow us to focus entirely on the tech sector's unique challenges and opportunities. Our primary mission is to support our member companies so that they can continue to be attractive employers and create the best conditions for the tech industry's growth and contribution to Sweden's prosperity," says Åsa Zetterberg. 

TechSverige today presents the report Swedish tech industry 2024, which shows that the tech industry continues to be a cornerstone of the Swedish economy. However, the past year has been challenging with reduced employment and an increased number of notices in the wake of the recession and high inflation as well as increased international competition. It takes momentum and the right conditions going forward for tech to continue to be a driving force for growth, jobs and welfare. 

In 2023, the industry had a turnover of over SEK 1,100 billion and contributed approximately SEK 350 billion to GDP - more than the traditional base industry. The tax revenue from tech exceeded SEK 190 billion, which is more than the government's spending on defense and the Swedish Police Agency combined. 

- The tech industry is a cornerstone of the Swedish economy and employment. Every eighth new job is created here. At the same time, the tech industry, like many other industries, has challenges as a result of a weak economy and an uncertain global situation. International competition is intensifying, which means that Sweden needs to act to secure entrepreneurship, investments and Swedish competitiveness, says Åsa Zetterberg, CEO of TechSverige. 

Tech accounts for 12 percent of Sweden's exports, corresponding to SEK 370 billion in 2023, and the industry employs nearly 265,000 people. Since 2020, 32,000 new tech jobs have been created. However, employment has decreased by 1,000 people in the past year and the number of notices has increased. 

The industry continues to grow but at a slower pace. If Sweden manages to take advantage of the opportunities and create the right conditions going forward, the potential is great. TechSverige's forecasts show that the tech industry can grow by between 18-25 percent until 2027. 

- However, this requires a high demand and investments in areas such as AI, 5G, cloud services and cyber security, as well as a balanced wage trend that strengthens Sweden's attractiveness for companies and investments, says Christina Ramm-Ericson, chief economist at TechSverige. 

Tech entrepreneurs show the way to brighter times 

Sweden has a long tradition of entrepreneurship and innovation, with global tech successes. But the report shows that other countries are running away from us, and fewer choose today to become entrepreneurs here. 

- Sweden has a tradition of enterprise, entrepreneurship, innovativeness and cooperation. This has meant that the tech country Sweden has an impressive CV and it has also contributed to our prosperity and development. Given the global tech race where Sweden and the EU should take a stronger position, a more ambitious tech policy is needed. The government has taken some important initiatives, but more is needed to secure our competitiveness, says Åsa Zetterberg.