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

Sweden,

I Know You Little

A significant number of people in Sweden find some of my blog articles interesting.  I began last week searching the internet for information about Swedish history, culture, politics and current events.

I’ve haven’t learned much yet, but I will keep working on it and posting what I think I’ve learned on this blog.  Hopefully, the Swedes that read this blog will correct my misunderstandings and incorrect impressions by commenting on my opinions and that way I will learn more about them.

I am a 5^th generation American.  My ancestors were Norwegian and German.  My great, great, grandfather, Knute Hanson, came from Stormo near Tvedestrand, a little northeast of Arendal in southern Norway.  I visited there in 1994 and met a few of my relatives.  It is a beautiful place.

So, what have I learned of Sweden from my recent research?  I read Stieg Larsson’s books.  I enjoyed his extensive descriptions of Swedish culture and politics.  I saw the movie, The Girl With The Dragon Tattoo with Daniel Craig and Rooney Mara.  It followed the book surprisingly closely.

From the CIA World Factbook website I learned Sweden was a military power during the 17th century.  Sweden has not participated in any war for almost two centuries.  Armed neutrality was preserved in both world wars.  Sweden's long-successful economic formula of a capitalist system interlarded with substantial welfare elements was challenged in the 1990s by high unemployment and in 2000-02 and 2009 by the global economic downturns, but fiscal discipline over the past several years has allowed the country to weather economic vagaries.  Sweden joined the EU in 1995, but the public rejected the introduction of the euro in a 2003 referendum.

Total area 450,295 sq km, 39,960 sq km of that water, 56^th in size comparison to the world, slightly larger than California and with 3,218 km of coastline.

Natural resources - iron ore, copper, lead, zinc, gold, silver, tungsten, uranium, arsenic, feldspar, timber, hydropower

A party to and signed almost all modern international environmental agreements, but has not ratified any.

Occupies strategic locations along Danish Straits linking Baltic and North Seas.  

The indigenous population is Swedes with Finnish and Sámi minorities with foreign-born or first-generation immigrants; Finns, Yugoslavs, Danes, Norwegians, Greeks, Turks.

Official language is Swedish with small Sámi- and Finnish-speaking minorities

Religions; Lutheran 87%, other (includes Roman Catholic, Orthodox, Baptist, Muslim, Jewish, and Buddhist) 13%.

Population; 9,103,788 (July 2012 est.)  STOCKHOLM (capital) 1.279 million (2009) 

Health expenditures 9.9% of GDP (2009).  Doctors were 3.58 per 1000 population (2006).  Education expenditure 9.9% of GDP (2009) 

Government; the conventional long form name is the Kingdom of Sweden, short form is Sweden.  The local language long form is Konungariket Sverige, local short form is Sverige.  It is a constitutional monarchy.  Stockholm is the Capital.  Administrative divisions are 21 counties.  Independence Day was 6 June 1523 when Gustav VASA elected king.  The constitution established 1 January 1975.  It is a civil law system influenced by Roman-Germanic law and customary law. 

Chief of state is King CARL XVI GUSTAF since 19 September 1973; Heir Apparent Princess VICTORIA Ingrid Alice Desiree, daughter of the monarch born 14 July 1977.  Head of government; Prime Minister Fredrik REINFELDT since 5 October 2006; Deputy Prime Minister Jan BJORKLUND since 5 October 2010.  Cabinet appointed by the prime minister

Elections; the monarchy is hereditary, following legislative elections, the leader of the majority party or the leader of the majority coalition usually becomes the prime minister.

Parliament or Riksdag is unicameral with 349 seats.  Members are elected by popular vote on a proportional representation basis to serve four-year terms. 

Elections last held on 19 September 2010, next to be held in September 2014.

Election results percentage of vote by party - Social Democratic Party 30.7%, Moderate Party 30.1%, Green Party 7.3%, Liberal People's Party 7.1%, Center Party 6.6%, Sweden Democrats 5.7%, Christian Democrats 5.6%, Left Party 5.6%, others 1.3%.

Seats by party - Social Democratic Party 112, Moderate Party 107, Green Party 25, Liberal People's Party 24, Center Party 23, Sweden Democrats 20, Christian Democrats 19, Left Party 19

Supreme Court or Hogsta Domstolen the judges are appointed by the prime minister and the cabinet.

Party leaders; Center Party (Centerpartiet) [Annie LOOF]; Christian Democrats (Kristdemokraterna) or CD [Goran HAGGLUND]; Green Party (Miljopartiet de Grona) [no formal leader, spokespersons are Asa ROMSON and Gustav FRIDOLIN]; Left Party (Vansterpartiet) (formerly Communist Party) [Lars OHLY]; Liberal People's Party (Folkpartiet) or LPP [Jan BJORKLUND]; Moderate Party (Moderaterna) [Fredrik REINFELDT]; Social Democratic Party (Socialdemokraterna) or SDP [Hakan JUHOLT]; Sweden Democrats (Sverigedemokraterna) or SD [Jimmie AKESSON]

Political pressure groups are the Children's Rights in Society; Swedish Confederation of Professional Employees or TCO; Swedish Trade Union Confederation (Landsorganisationen) or LO [Wanja LUNDBY-WEDIN] others are environmental groups and media.

The flag is blue with a golden yellow cross extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors reflect those of the Swedish coat of arms which is three gold crowns on a blue field; the national symbols are three crowns and the lion

That’s what I think I’ve learned so far.  In the future articles on Sweden I’ll review any comments from my new Swedish friends and try to learn about Sweden’s economy, culture and social welfare programs, and explore current events in Swedish news.

så länge för nu