Economy of Sweden

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 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 growth 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.
GDP (purchasing power parity)
$386.6 billion (2011 est.)
$351.2 billion (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP (official exchange rate)
$538.2 billion (2011 est.)
GDP - real growth rate
4% (2011 est.)
-4.8% (2009 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
GDP - per capita (PPP)
$40,900 (2011 est.)
$37,600 (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP - composition by sector
agriculture:
1.8%
industry:
27.3%
services:
70.9% (2011 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Labor force
5.018 million (2011 est.)
rank:
75
Labor force - by occupation
agriculture:
1.1%
industry:
28.2%
services:
70.7% (2008 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Unemployment rate
7.5% (2011 est.)
8.4% (2010 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%:
3.6%
highest 10%:
22.2% (2000)
Distribution of family income - Gini index
23 (2005)
25 (1992)
Investment (gross fixed)
18.3% of GDP (2011 est.)
rank:
115
Budget
revenues:
$277.6 billion
expenditures:
$277.1 billion (2011 est.)
Taxes and other revenues
51.6% of GDP (2011 est.)
rank:
16
Budget surplus (+) or deficit (-)
0.1% of GDP (2011 est.)
rank:
44
Get Chart Code
Get Chart Code
Public debt
37.5% of GDP (2011 est.)
39.4% of GDP (2010 est.)
data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)
3% (2011 est.)
1.2% (2010 est.)
Get Chart Code
Get Chart Code
Central bank discount rate
5.5% (31 December 2010 est.)
0.5% (31 December 2009 est.)
Commercial bank prime lending rate
4.3% (31 December 2011 est.)
3.386% (31 December 2010 est.)
Stock of narrow money
$229.1 billion (31 December 2011 est.)
$235.6 billion (31 December 2010 est.)
Stock of broad money
$440.2 billion (31 December 2011 est.)
$298.8 billion (31 December 2010 est.)
Stock of domestic credit
$790.7 billion (31 December 2011 est.)
$705.4 billion (31 December 2010 est.)
Market value of publicly traded shares
$470.1 billion (31 December 2011)
$432.3 billion (31 December 2009)
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
6.8% (2011 est.)
rank:
46
Electricity - production
129.4 billion kWh (2009 est.)
rank:
26
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Electricity - consumption
132.1 billion kWh (2008 est.)
rank:
24
Get Chart Code
Get Chart Code
Electricity - exports
9.085 billion kWh (2009 est.)
Electricity - imports
4.686 billion kWh (2009 est.)
Oil - production
4,833 bbl/day (2010 est.)
rank:
96
Oil - consumption
351,100 bbl/day (2010 est.)
rank:
37
Get Chart Code
Get Chart Code
Oil - exports
243,200 bbl/day (2009 est.)
rank:
46
Oil - imports
546,500 bbl/day (2009 est.)
rank:
21
Oil - proved reserves
0 bbl (1 January 2011 est.)
rank:
197
Natural gas - production
0 cu m (2010 est.)
rank:
132
Natural gas - consumption
1.626 billion cu m (2010 est.)
rank:
82
Natural gas - exports
0 cu m (2010 est.)
rank:
187
Natural gas - imports
1.626 billion cu m (2010 est.)
rank:
51
Natural gas - proved reserves
0 cu m (1 January 2011 est.)
rank:
133
Current account balance
$41.2 billion (2011 est.)
$30.41 billion (2010 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Exports
$192.9 billion (2011 est.)
$160.4 billion (2010 est.)
Exports - commodities
machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals
Exports - partners
Germany 10.5%, Norway 9.3%, UK 7.4%, Denmark 6.5%, Finland 6.5%, US 5.5%, Netherlands 5.2%, France 4.9%, Belgium 4.8% (2011)
Imports
$179.6 billion (2011 est.)
$149.5 billion (2010 est.)
Imports - commodities
machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Imports - partners
Germany 18.4%, Denmark 8.2%, Norway 7.8%, Netherlands 6.1%, UK 5.9%, Russia 5.7%, Finland 5.3%, China 4.7%, France 4.6% (2011)
Reserves of foreign exchange and gold
$50.35 billion (31 December 2011 est.)
$48.3 billion (31 December 2010 est.)
Get Chart Code
Get Chart Code
Debt - external
$1.016 trillion (30 June 2011)
$853.3 billion (30 June 2010)
Stock of direct foreign investment - at home
$360.8 billion (31 December 2011 est.)
$348.6 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$364.2 billion (31 December 2011 est.)
$336.1 billion (31 December 2010 est.)
Exchange rates
6.7629 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

Comments are closed.