Sweden

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Economics

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 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.

GDP (purchasing power parity):

$354.7 billion (2010 est.)

country comparison to the world: 33

$336.1 billion (2009 est.)

$355.1 billion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$455.8 billion (2010 est.)

 

GDP - real growth rate:

5.5% (2010 est.)

country comparison to the world: 62

-5.3% (2009 est.)

-0.6% (2008 est.)

 

GDP - per capita (PPP):

$39,100 (2010 est.)

country comparison to the world: 23

$37,100 (2009 est.)

$39,300 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

agriculture: 1.9%

industry: 26.6%

services: 71.5% (2010 est.)

 

Labor force:

4.961 million (2010 est.)

country comparison to the world: 75

 

Labor force - by occupation:

agriculture: 1.1%

industry: 28.2%

services: 70.7% (2008 est.)

 

Unemployment rate:

8.4% (2010 est.)

country comparison to the world: 97

8.3% (2009 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:

24.1 (2010)*

 

Investment (gross fixed):

17.9% of GDP (2010 est.)

country comparison to the world: 146

 

Budget:

revenues: $241.5 billion

expenditures: $243.1 billion (2010 est.)

 

Taxes and other revenues:

53% of GDP (2010 est.)

country comparison to the world: 16

 

Budget surplus (+) or deficit (-):

-0.3% of GDP (2010 est.)

country comparison to the world: 47

 

Public debt:

39.7% of GDP (2010 est.)

country comparison to the world: 70

42.8% of GDP (2009 est.)

 

Inflation rate (consumer prices):

1.3% (2010 est.)

country comparison to the world: 35

-0.3% (2009 est.)

 

Central bank discount rate:

5.5% (31 December 2010 est.)

country comparison to the world: 140

0.5% (31 December 2009 est.)

 

Commercial bank prime lending rate:

3.386% (31 December 2010 est.)

country comparison to the world: 186

2.38% (31 December 2009 est.)

 

Stock of narrow money:

$235.6 billion (31 December 2010 est.)

country comparison to the world: 17

$207.7 billion (31 December 2009 est.)

 

Stock of broad money:

$298.8 billion (31 December 2010 est.)

country comparison to the world: 30

$267.3 billion (31 December 2009 est.)

 

Stock of domestic credit:

$705.4 billion (31 December 2010 est.)

country comparison to the world: 20

$625.9 billion (31 December 2009 est.)

 

Market value of publicly traded shares:

$581.2 billion (31 December 2010)

country comparison to the world: 21

$432.3 billion (31 December 2009)

$252.5 billion (31 December 2008)

 

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:

8.7% (2010 est.)

country comparison to the world: 36

 

Electricity - production:

129.4 billion kWh (2009 est.)

country comparison to the world: 27

 

Electricity - consumption:

132.1 billion kWh (2008 est.)

country comparison to the world: 24

 

Electricity - exports:

9.085 billion kWh (2009 est.)

 

Electricity - imports:

4.686 billion kWh (2009 est.)

 

Oil - production:

4,833 bbl/day (2010 est.)

country comparison to the world: 94

 

Oil - consumption:

351,100 bbl/day (2010 est.)

country comparison to the world: 37

 

Oil - exports:

243,200 bbl/day (2009 est.)

country comparison to the world: 47

 

Oil - imports:

546,500 bbl/day (2009 est.)

country comparison to the world: 22

 

Oil - proved reserves:

0 bbl (1 January 2011 est.)

country comparison to the world: 193

 

Natural gas - production:

0 cu m (2010 est.)

country comparison to the world: 128

 

Natural gas – consumption:

1.626 billion cu m (2010 est.)

country comparison to the world: 82

 

Natural gas - exports:

0 cu m (2010 est.)

country comparison to the world: 182

 

Natural gas - imports:

1.626 billion cu m (2010 est.)

country comparison to the world: 50

 

Natural gas - proved reserves:

0 cu m (1 January 2011 est.)

country comparison to the world: 193

 

Current account balance:

$28.74 billion (2010 est.)

country comparison to the world: 14

$29.03 billion (2009 est.)

 

Exports:

$160.4 billion (2010 est.)

country comparison to the world: 28

$134.2 billion (2009 est.)

 

Exports - commodities:

machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

 

Exports - 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:

$149.5 billion (2010 est.)

country comparison to the world: 29

$121.2 billion (2009 est.)

 

Imports - commodities:

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

 

Imports - 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)

 

Reserves of foreign exchange and gold:

$48.3 billion (31 December 2010 est.)

country comparison to the world: 33

$47.29 billion (31 December 2009 est.)

 

Debt - external:

$1.016 trillion (30 June 2011)

country comparison to the world: 15

$853.3 billion (30 June 2010)

 

Stock of direct foreign investment - at home:

$348.6 billion (31 December 2010 est.)

country comparison to the world: 15

$332.1 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

$336.1 billion (31 December 2010 est.)

country comparison to the world: 14

$347.5 billion (31 December 2009 est.)

 

Exchange rates:

Swedish kronor (SEK) per US dollar -

7.5077 (2010)

7.6529 (2009)

6.4074 (2008)

6.7629 (2007)

7.3731 (2006)

 

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Source*: http://epp.eurostat.ec.europa.eu