The output of the Arts, Entertainment, and Recreation sector in Sweden has shown a consistent upward trend from 2013 to 2019, with the value increasing from 100.46 billion SEK in 2013 to 127.98 billion SEK in 2019. The sector experienced a significant setback in 2020, dropping to 115.58 billion SEK due to the impact of the COVID-19 pandemic, but started to recover in subsequent years, reaching 126.45 billion SEK in 2023.
The year-on-year growth rate has varied, with notable fluctuations: a -0.021% decline in 2014, a peak increase of 7.38% in 2019, followed by a significant -9.69% contraction in 2020. The recovery has been steady but modest, with growth rates of 4.31%, 2.77%, and 2.05% in 2021, 2022, and 2023, respectively. The compound annual growth rate (CAGR) over the last five years, up to 2023, was 1.19%.
Looking forward, the Arts, Entertainment, and Recreation sector in Sweden is expected to grow at a steady pace. Forecasts suggest a continued increase in the output value, reaching 138.79 billion SEK by 2028. The forecasted 5-year CAGR stands at 1.48%, with an overall 5-year growth rate of 7.62% from 2024 to 2028.
Future Trends to Watch For:
- Impact of digital transformation and the integration of new technologies.
- Changes in consumer behavior post-pandemic, influencing demand and preferences.
- The role of sustainability and eco-friendly practices in the Arts and Entertainment sector.
- Potential economic fluctuations and their impacts on discretionary spending in recreation and entertainment.
