| 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 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):
|
$379.4 billion (2011 est.)
$363.4 billion (2010 est.)
$343.8 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$40,600 (2011 est.)
$38,900 (2010 est.)
$37,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$571.6 billion (2011 est.) |
GDP - real growth rate:
|
4.4% (2011 est.)
5.7% (2010 est.)
-5.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.8%
industry: 26.9%
services: 71.3% (2011 est.) |
Investment (gross fixed):
|
18.3% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 22.2% (2000) |
Distribution of family income - Gini index:
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23 (2005)
25 (1992) |
Inflation rate (consumer prices):
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2.5% (2011 est.)
1.3% (2010 est.) |
Central bank discount rate:
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5.5% (31 December 2010 est.)
0.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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4.3% (31 December 2011 est.)
3.386% (31 December 2010 est.) |
Stock of money:
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$185.4 billion (31 December 2008)
$217.1 billion (31 December 2007) |
Stock of money - per capita:
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20,399 USD per capita |
Stock of quasi money:
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$54.55 billion (31 December 2008)
$48.49 billion (31 December 2007) |
Stock of quasi money - per capita:
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6,002 USD per capita |
Stock of domestic credit:
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$790.7 billion (31 December 2011 est.)
$705.4 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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86,998 USD per capita |
Stock of narrow money:
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$270.6 billion (31 December 2011 est.)
$235.6 billion (31 December 2010 est.) |
Stock of broad money:
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$329.8 billion (31 December 2011 est.)
$298.8 billion (31 December 2010 est.) |
Labor force:
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5.011 million (2011 est.) |
Labor force participation rate:
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55.13 % 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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7.6% (2011 est.)
8.4% (2010) |
Unemployment, youth ages 15-24:
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total: 25%
male: 26.3%
female: 23.7% (2009) |
Budget:
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revenues: $293 billion
expenditures: $289.6 billion (2011 est.) |
Budget revenues per capita:
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32,238 USD per capita |
Taxes and other revenues:
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51.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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0.6% of GDP (2011 est.) |
Public debt:
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36.8% of GDP (2011 est.)
39.7% of GDP (2010)
note: 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. |
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:
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9.4% (2011 est.) |
Electricity - production:
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129.4 billion kWh (2009 est.) |
Electricity - production per capita:
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14,238 kWh per capita |
Electricity - consumption:
|
132.1 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
14,535 kWh per capita |
Electricity - exports:
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9.085 billion kWh (2009 est.) |
Electricity - imports:
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4.686 billion kWh (2009 est.) |
Oil - production:
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4,833 bbl/day (2010 est.) |
Oil - production per capita:
|
532 bbl/day per capita |
Oil - consumption:
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351,100 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
14.10 bbl/year per capita |
Oil - exports:
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243,200 bbl/day (2009 est.) |
Oil - imports:
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546,500 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2010 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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1.626 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
179 cu m per capita |
Natural gas - exports:
|
0 cu m (2010 est.) |
Natural gas - imports:
|
1.626 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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barley, wheat, sugar beets; meat, milk |
Current account balance:
|
$41.6 billion (2011 est.)
$28.74 billion (2010 est.) |
Current account balance - per capita:
|
4,578 USD per capita |
Exports:
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$204.2 billion (2011 est.)
$160.4 billion (2010 est.) |
Exports per capita:
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22,468 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 10.5%, 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.) |
Imports per capita:
|
20,619 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 18.3%, 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.)
$47.29 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
|
5,315 USD per capita |
Debt - external:
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$1.016 trillion (30 June 2011)
$853.3 billion (30 June 2010) |
Debt - external - per capita:
|
111,787 USD per capita |
Stock of direct foreign investment - at home:
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$359.9 billion (31 December 2011 est.)
$348.6 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
39,599 USD per capita |
Stock of direct foreign investment - abroad:
|
$362.3 billion (31 December 2011 est.)
$336.1 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
39,863 USD per capita |
Market value of publicly traded shares:
|
$581.2 billion (31 December 2010)
$432.3 billion (31 December 2009)
$252.5 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
63,948 USD per capita |
Currency (code):
|
Swedish krona (SEK) |
Exchange rates:
|
Swedish kronor (SEK) per US dollar -
6.35 (2011 est.)
7.2012 (2010 est.)
7.6529 (2009)
6.4074 (2008)
6.7629 (2007) |
Fiscal year:
|
calendar year |
|
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