| Economy | Sweden |
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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 only 1% of GDP and 2% 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 the fourth as deteriorating global conditions reduced export demand and consumption. On 3 February 2009, the Swedish Government announced a $6 billon rescue package for the banking sector. |
GDP (purchasing power parity):
|
$348.6 billion (2008 est.)
$346.2 billion (2007)
$337.1 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$38,500 (2008 est.)
$38,300 (2007 est.)
$37,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$512.9 billion (2008 est.) |
GDP - real growth rate:
|
0.7% (2008 est.)
2.7% (2007 est.)
4.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 1.5%
industry: 28.9%
services: 69.6% (2008 est.) |
Investment (gross fixed):
|
19.6% of GDP (2008 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:
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23 (2005) |
Inflation rate (consumer prices):
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1.6% (November 2008 est.) |
Central bank discount rate:
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3.5% (31 December 2007) |
Commercial bank prime lending rate:
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4% (2004) |
Stock of money:
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$217.1 billion (31 December 2007) |
Stock of money - per capita:
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23,964 USD per capita |
Stock of quasi money:
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$48.49 billion (31 December 2007) |
Stock of quasi money - per capita:
|
5,353 USD per capita |
Stock of domestic credit:
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$630.8 billion (31 December 2007) |
Stock of domestic credit - per capita:
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69,628 USD per capita |
Labor force:
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4.9 million (2008 est.) |
Labor force participation rate:
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54.09 % of population |
Labor force - by occupation:
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agriculture: 1.1%
industry: 28.2%
services: 70.7% (2008 est.) |
Unemployment rate:
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6.4% (2008 est.) |
Budget:
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revenues: $270.5 billion
expenditures: $258.6 billion (2008 est.) |
Budget revenues per capita:
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29,858 USD per capita |
Public debt:
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36.5% of GDP (2008 est.) |
Industries:
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iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles |
Industrial production growth rate:
|
1.1% (2008 est.) |
Electricity - production:
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143.8 billion kWh (2007 est.) |
Electricity - production per capita:
|
15,873 kWh per capita |
Electricity - consumption:
|
133.6 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
14,747 kWh per capita |
Electricity - exports:
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14.74 billion kWh (2007) |
Electricity - imports:
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16.61 billion kWh (2007 est.) |
Oil - production:
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2,350 bbl/day (2007 est.) |
Oil - production per capita:
|
260 bbl/day per capita |
Oil - consumption:
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353,700 bbl/day (2007 est.) |
Oil - consumption - per capita:
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14.25 bbl/year per capita |
Oil - exports:
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219,200 bbl/day (2005) |
Oil - imports:
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581,000 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
1.006 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
112 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
1.006 billion cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
barley, wheat, sugar beets; meat, milk |
Current account balance:
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$35.22 billion (2008 est.) |
Current account balance - per capita:
|
3,888 USD per capita |
Exports:
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$185.1 billion f.o.b. (2008 est.) |
Exports per capita:
|
20,432 USD per capita |
Exports - commodities:
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machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals |
Exports - partners:
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Germany 10.4%, Norway 9.4%, US 7.6%, Denmark 7.4%, UK 7.1%, Finland 6.4%, Netherlands 5.1%, France 5%, Belgium 4.6% (2007) |
Imports:
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$166.6 billion f.o.b. (2008 est.) |
Imports per capita:
|
18,390 USD per capita |
Imports - commodities:
|
machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing |
Imports - partners:
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Germany 18.4%, Denmark 9.2%, Norway 8.3%, UK 6.8%, Finland 6.1%, Netherlands 5.8%, France 5%, China 4.3%, Belgium 4.1% (2007) |
Reserves of foreign exchange and gold:
|
$31.04 billion (2006 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,427 USD per capita |
Debt - external:
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$598.2 billion (30 June 2006) |
Debt - external - per capita:
|
66,030 USD per capita |
Stock of direct foreign investment - at home:
|
$225.9 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
24,935 USD per capita |
Stock of direct foreign investment - abroad:
|
$289.6 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
31,966 USD per capita |
Market value of publicly traded shares:
|
$612.5 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
67,608 USD per capita |
Economic aid - donor:
|
ODA, $3.955 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Swedish krona (SEK) |
Exchange rates:
|
Swedish kronor (SEK) per US dollar - 6.4074 (2008 est.), 6.7629 (2007), 7.3731 (2006), 7.4731 (2005), 7.3489 (2004) |
Fiscal year:
|
calendar year |
|
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