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The Economy of Sweden

Swedish Economy

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Economy - overview: Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports. Agriculture accounts for only 1% of GDP and 2% of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in the fourth as deteriorating global conditions reduced export demand and consumption. On 3 February 2009, the Swedish Government announced a $6 billon rescue package for the banking sector.

GDP:

GDP - real growth rate: 0.7% (2008 est.) 2.7% (2007 est.) 4.6% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.5% industry: 28.9% services: 69.6% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 3.6% highest 10%: 22.2% (2000)

Distribution of family income - Gini index: 23 (2005)

Inflation rate (consumer prices):

Labor force: 4.9 million (2008 est.)

Labor force - by occupation: agriculture: 1.1% industry: 28.2% services: 70.7% (2008 est.)

Unemployment rate: 6.4% (2008 est.)

Budget: revenues: $270.5 billion expenditures: $258.6 billion (2008 est.)

Industries: iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles

Industrial production growth rate: 1.1% (2008 est.)

Electricity - production: 143.8 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 133.6 billion kWh (2006 est.)

Electricity - exports: 14.74 billion kWh (2007)

Electricity - imports: 16.61 billion kWh (2007 est.)

Oil - production: 2,350 bbl/day (2007 est.)

Oil - consumption: 353,700 bbl/day (2007 est.)

Oil - exports: 219,200 bbl/day (2005)

Oil - imports: 581,000 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 1.006 billion cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 1.006 billion cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: barley, wheat, sugar beets; meat, milk

Exports: $185.1 billion f.o.b. (2008 est.)

Exports - commodities: machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

Exports - partners: Germany 10.4%, Norway 9.4%, US 7.6%, Denmark 7.4%, UK 7.1%, Finland 6.4%, Netherlands 5.1%, France 5%, Belgium 4.6% (2007)

Imports: $166.6 billion f.o.b. (2008 est.)

Imports - commodities: machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing

Imports - partners: Germany 18.4%, Denmark 9.2%, Norway 8.3%, UK 6.8%, Finland 6.1%, Netherlands 5.8%, France 5%, China 4.3%, Belgium 4.1% (2007)

Debt - external: $598.2 billion (30 June 2006)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Swedish kronor (SEK) per US dollar - 6.4074 (2008 est.), 6.7629 (2007), 7.3731 (2006), 7.4731 (2005), 7.3489 (2004)

Fiscal year: