TechSverige presents the report today 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 increased layoffs in the wake of the recession and high inflation, as well as increased international competition. It takes action 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 basic industry. Tax revenues from tech exceeded SEK 190 billion, which is more than the state's expenditure on defense and the Police Authority combined.
– Tech industry is a cornerstone of the Swedish economy and employment. One in eight new jobs is created here. At the same time, the tech industry, like many other industries, faces challenges as a result of Weak economic conditions 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, equivalent 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 layoffs 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. TechSweden Forecasts show that the tech industry can grow by between 18-25 percent until 2027.
– However, this requires high demand and investments in areas such as AI, 5G, cloud services and cybersecurity, as well as balanced wage development 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 ahead of us, and fewer people are choosing to become entrepreneurs here today.
– Sweden has a tradition of drive, entrepreneurship, innovation and cooperation. This has given the tech country Sweden 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 Asa Zetterberg.
TechSverige becomes an independent organization
TechSweden, which is 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.
– It is a milestone that makes us an even stronger voice for the entire tech industry and can fully focus 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.
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