New report: Swedish tech is growing – despite weak economy
Despite a weak economy and increased global uncertainty, the tech industry is consolidating its role as one of Sweden's most important growth engines – and as a driving force for jobs, innovation, and prosperity throughout the country.
Sweden's tech exports continue to grow, reaching SEK 387 billion in 2024, according to the new report Svenska techbranschen 2025 (The Swedish Tech Industry in 2025) from the industry and employer organization TechSweden. The industry's turnover rose to SEK 1,133 billion, and tech companies contributed SEK 336 billion to GDP – more than traditional basic industry. Tech employs just over 260,000 people and generated SEK 194 billion in tax revenue, which is more than the entire defense budget.
The report shows that the tech industry is not only an important economic driver, but also a key source of Swedish prosperity by creating jobs and strengthening productivity and public services throughout the country.
Sweden stands strong globally
Swedish tech exports are increasingly driven by digital solutions: 57 percent consist of data services such as software licenses, cloud-based services, and IT consulting services. Tech exports are more global than Sweden's foreign trade as a whole, with 57 percent going to countries outside the EU, where the US is the largest market, but with the fastest growth in China, India, Poland, and the UK.
The report also shows that technological developments are becoming increasingly important in international trade. Trade barriers and different regulations for data and digital services are creating new challenges for Swedish companies in a more complex global landscape.
Sweden can be a guiding light in the EU's efforts to strengthen Europe's economic development.
Sweden is well positioned as a technation. We have a digitally mature population, a business community that is quick to adopt new technology, and tech companies that are in demand globally. This enables Sweden to be a guiding light in the EU's efforts to strengthen Europe's economic development. To maintain a leading role—and create space for more companies to start, grow, and stay in Sweden—long-term and competitive conditions are needed that attract cutting-edge expertise, companies, and investments, says Christina Ramm-Ericson, chief economist at TechSverige.
TechSweden's forecasts show that the industry could grow by 20–27 percent by 2028, driven by AI, cybersecurity, cloud services, and industrial 5G solutions.
Read the report here:
Svenska techbranschen 2025
The Swedish tech industry 2025 (English version)
Watch the seminar where the report was presented on December 3:
https://www.youtube.com/watch?v=JC0ol1VtPGE