Spain, the EU’s fourth-largest economy, is one of Sweden’s closest and most valued partners in a multitude of different areas. Ties between the two countries have grown even more in recent years, especially regarding trade – Spain is Sweden's second biggest EU trading partner.
This report presents the fifth consecutive edition of our Business Climate Survey of Swedish companies operating in Spain. In this context, we find that the positive trend for Swedish companies from past years has continued, with 80 per cent of respondents reporting profitability and 72 per cent expecting their turnover to increase in 2025.
Spain finished 2024 as the world’s fastest-growing major economy, with 3.2 per cent GDP growth for the whole year. Fuelled by record-breaking tourism numbers, strong labour market development, and high immigration, Spain’s growth is forecasted to continue outpacing the Eurozone through 2025 and 2026, before converging with the EU average. This makes it a compelling destination for Swedish exports and investments.
The ‘Swedish brand’ continues to enjoy a highly positive reputation in Spain and contributes positively to Swedish companies’ business. Many respondents report that Sweden is broadly associated with fairness, equality, sustainability, high quality of life, and sound governance – qualities that help create a favourable perception in the Spanish market.
Swedish companies operating in Spain span a broad range of industries, but their primary activities in the market remain strongly focused on commercial operations, with marketing and sales constituting the most common activity, followed by after-sales services. The respondents also indicate that environmental concerns play a moderate role with growing consumer awareness in the Spanish market, but are not yet crucial in purchase decisions.
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ABOUT THE SURVEY
Team Sweden in Spain – the Embassy of Sweden in Madrid, Business Sweden, and the Swedish-Spanish Chambers of Commerce in Madrid and Barcelona – conducts its annual Business Climate Survey to gauge the performance, opportunities, and challenges faced by Swedish companies operating in Spain. This year’s Business Climate Survey for Spain featured the participation of 60 Swedish companies active in the Spanish market. The respondents represent a diverse range of sectors, with a majority classified as large enterprises with over 1,000 employees globally (51 per cent) and mature with a presence in the market since before 2003 (55 per cent).
We extend our sincere gratitude to all participants for sharing their experiences and perspectives, which have been instrumental in shaping a deeper understanding of the Spanish business landscape Team Sweden hopes the insights gathered here can be a vital tool in tracking the evolution of bilateral trade relations as well as support the continued growth and cooperation of Sweden and Spain.
