Business Climate Surveys

Mexico is the second largest market in Latin America, with almost 130 million inhabitants, and the 15th largest economy in the world. Thanks to its geographical proximity and strong trade relations with the United States, Mexico poses an interesting opportunity for manufacturing companies with sales in North America. It is our hope that this report will provide a fresh perspective and serve to create many new business opportunities between Mexican and Swedish companies.

Businesses in Singapore are struggling with rising inflation and supply-side bottlenecks. However, Swedish companies have over the year shifted from cost-savings to a sales-driven approach and investments and new establishments of Swedish companies in Singapore have remained strong.

Sweden and Indonesia have a long and successful history of exchanging ideas, knowledge and technology in a long-term partnership for mutual growth. With its population approaching 270 million, rising domestic demand and massive investments in physical and digital infrastructure, Indonesia is, without a doubt, a market with great potential for Swedish businesses.

Spain is the fourth largest economy in the EU and the 14th largest in the world, with a population of around 47 million people. Spain and Sweden’s long-standing trade relationship has been solid with a relative trade balance between the two countries. The Business Climate Survey for Spain 2022 reveals that Swedish companies in general viewed the business climate in 2021 as improved compared to 2020, with a more positive outlook on the future for their businesses.

As an emerging economy, South Africa has been a constantly attractive market for Swedish companies looking to expand within the region. There has been continuous investment into creating an enabling environment that fosters opportunities for economic growth. As “Team Sweden” in the region, we are constantly looking for new avenues of collaboration and growth focusing on sustainability, technology, and innovation.

In 2021 the Business Climate Survey was launched for the first time in the Netherlands. Most of the respondents, 76 per cent, then found the Dutch business climate good or very good. This year, as many as 84 per cent believe so.

In line with the overall market situation, many Swedish companies in China experienced a profitable 2021, and they saw stronger growth than the previous year. But they also faced a number of challenges. A key issue for companies was the trade impact from the pandemic as well as the barriers caused by the pandemic management in China.

Recently, Hong Kong was hit by the fifth wave of COVID-19 which took many lives and affected the city economically. Most respondents are still profitable, but the financial performance is weakening. Only a third of the companies are planning to increase their investments and some are even considering relocation. Yet, Hong Kong is still viewed to be on par with other cities or more competitive according to a majority.

As the largest economy in Europe and accounting for one quarter of the European Union’s GDP, Germany is Sweden’s most important trade partner. Throughout the turbulence of the past years, the relationship between Sweden and Germany remains strong. Most respondents expect both industry turnover and investments in Germany to increase in the coming year.

Sweden has a significant presence and a solid reputation in Mexico – Latin America’s second largest economy. Currently, there are over 150 companies in the country with a Swedish background. Swedish companies are present within most industries in Mexico, e.g., within security, construction, healthcare, retail, mining, and digital services to name but a few. Over the last decade, the Mexican economy has shown stable and robust growth providing a prosperous market for Swedish companies.

Swedish companies have a long history in Canada, with strong engagement, entrepreneurialism, and innovative thinking. This survey shows that the Canadian market offers excellent expansion opportunities for Swedish companies. Canada is a stable, growing, and competitive market, open to trade with foreign companies. Canada is recovering well from the initial shock of the Covid-19 pandemic with highly engaged federal and provincial government bodies.

France has historically been an important trade partner for Sweden and this relationship keeps growing. With its 67 million inhabitants, France is the third largest market in Europe, and the seventh largest economy in the world. Key findings of the Business Climate Survey of 2021 are that France is considered an important market for Swedish companies and that the trust in the economic recovery is high.

In these uncertain times, increased government spending can bring a multiplier effect in the economic growth and result in the boosted private sector’s sentiments and demand. A review of the outcome of the India Business Climate Survey 2021 reveals that despite the Covid pandemic, the performance expectations on the market have not much shifted in India.

Team Sweden España (the Embassy, Business Sweden, the Swedish Chamber of Commerce in Madrid and the Swedish Chamber of Commerce in Barcelona) have joined forces and carried out a business climate survey among Swedish companies in Spain. The purpose of the survey has been to increase the understanding of how Swedish companies perform in Spain and deepen the appreciation of the opportunities and challenges that the Spanish market poses.

In the Business Climate Survey Japan 2020, the market outlook was quite poor due to the concerns regarding the impact of Covid-19. However, despite the challenges posed by the pandemic, the large majority – 75 per cent – of Swedish firms in Japan remained profitable.