Sweden’s Economy

I’m Learning

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 highly 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 vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports.  Agriculture accounts for little more than 1% of GDP and 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 continued downward in 2009 as deteriorating global conditions reduced export demand and consumption.  Strong exports of commodities and a return to profitability by Sweden's banking sector drove the strong rebound in 2010, which continued in 2011, and the government is proposing stimulus measures in the 2012 budget to curb the effects of a global economic slowdown and boost employment and growth.

Gross Domestic Production (GDP) $379.4 billion (2011 est.)  $363.4 billion (2010 est.)  $343.8 billion (2009 est.)  GDP growth rates 4.4% (2011 est.)  5.7% (2010 est.)  -5.3% (2009 est.)

Purchasing power comparison put them at 34^th in the world.  note: data in 2011 US dollars

Per capita GDP estimated $40,600 (2011), $38,900 (2010), $37,000 (2009) ranks them 20^th in the world.

GDP by sector; agriculture: 1.8%, industry: 26.9%, services: 71.3% (2011 est.)

Labor force, 5.011 million (2011 est.)  Unemployment rate 7.6% (2011 est.)

8.4% (2010)

Budget revenues of $293 billion, expenditures $289.6 billion (2011 est.)

Taxes and other revenue 51.3% of GDP (2011 est.)

Public debt 36.8% of GDP (2011 est.)  39.7% of GDP (2010)

Inflation rate 2.5% (2011 est.)  1.3% (2010 est.)

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

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 9.4% (2011 est.)

No proven oil reserves, no natural gas production. 

Exports; $204.2 billion (2011 est. $160.4 billion (2010 est.)  machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

Export partners; Germany 10.5%, Norway 9.8%, UK 7.8%, Denmark 6.9%, Finland 6.5%, US 6.4%, Netherlands 5.2%, France 5.2%, Belgium 4.3% (2010)

Imports $187.4 billion (2011 est.)  $149.5 billion (2010 est.)

Import commodities; machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing

Import partners; Germany 18.3%, Norway 8.5%, Denmark 8.3%, Netherlands 6.2%, UK 5.7%, Finland 5.4%, China 4.9%, Russia 4.9%, France 4.7% (2010) 6.7629 (2007)

Currency exchange rates Swedish kronor (SEK) per US dollar - 6.35 (2011 est.) 7.2012 (2010 est.) 7.6529 (2009) 6.4074 (2008)

Whew, that was exhaustive and boring, but necessary.  That’s all the economic data I can stand for now.

mer senare, hejdå