Sweden/Economy

< Sweden

HomePage | Recent changes | View source | Discuss this page | Page history | Log in |

Printable version | Disclaimers | Privacy policy

Economy - overview: Aided by peace and neutrality for the whole 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. 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 2% of GDP and 2% of the jobs. In recent years, however, this extraordinarily favorable picture has been clouded by budgetary difficulties, inflation, high unemployment, and a gradual loss of competitiveness in international markets. Sweden has harmonized its economic policies with those of the EU, which it joined at the start of 1995. Sweden decided not to join the euro system at its outset in January 1999 but plans to hold a referendum in 2000 on whether to join. GDP growth is forecast for 4% in 2000, buttressed by solid consumer confidence.

GDP: purchasing power parity - $184 billion (1999 est.)

GDP - real growth rate: 3.8% (1999 est.)

GDP - per capita: purchasing power parity - $20,700 (1999 est.)

GDP - composition by sector:
agriculture: 2.2%
industry: 30.5%
services: 67.3% (1997)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 20.1% (1992)

Inflation rate (consumer prices): 0.4% (1999 est.)

Labor force: 4.3 million (1996)

Labor force - by occupation: agriculture 2%, industry 24%, services 74% (1999 est.)

Unemployment rate: 5.5% plus about 5% in training programs (1999 est.)

Budget:
revenues: $109.4 billion
expenditures: $146.1 billion, including capital expenditures of $NA (FY95/96)

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: 3% (1999 est.)

Electricity - production: 156.772 billion kWh (1998)

Electricity - production by source:
fossil fuel: 6.09%
hydro: 46.49%
nuclear: 45.16%
other: 2.26% (1998)

Electricity - consumption: 135.098 billion kWh (1998)

Electricity - exports: 16.8 billion kWh (1998)

Electricity - imports: 6.1 billion kWh (1998)

Agriculture - products: grains, sugar beets, potatoes; meat, milk

Exports: $85.7 billion (f.o.b., 1999)

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

Exports - partners: EU 57% (Germany 11%, United Kingdom 9%, Denmark 6%, Finland 5%), Norway 9%, United States 9% (1998)

Imports: $67.9 billion (f.o.b., 1999)

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

Imports - partners: EU 68% (Germany 19%, United Kingdom 10%, Denmark 6%, France 6%), Norway 8%, United States 6% (1998)

Debt - external: $66.5 billion (1994)

Economic aid - donor: ODA, $1.7 billion (1997)

Currency: 1 Swedish krona (SKr) = 100 öre

Exchange rates: Swedish kronor (SKr) per US$1 - 8.4831 (January 2000), 8.2624 (1999), 7.9499 (1998), 7.6349 (1997), 6.7060 (1996), 7.1333 (1995)

Fiscal year: calendar year