Currency | Swedish krona (SEK • KR) |
---|---|
Calendar year | |
Trade organisations | EU, WTO, OECD and others |
Country group | |
Statistics | |
Population | 10,540,886 (2023) |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| |
Population below poverty line | |
29.5 low (2023)[7] | |
| |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | €46,400, per annum |
€34,600, per annum | |
Main industries |
|
External | |
Exports | $170 billion (2017)[13] |
Export goods | machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, military armaments |
Main export partners |
|
Imports | $155 billion (2017)[15] |
Import goods | machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing |
Main import partners |
|
FDI stock | $0.5 trillion (31 December 2012 est.) |
Gross external debt | $911 billion (2019)[17] |
Public finances | |
Revenues | 49.8% of GDP (2019)[18] |
Expenses | 49.3% of GDP (2019)[18] |
Economic aid |
|
$60 billion (31 December 2012 est.)[24] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce. Today Sweden further develops engineering, mine, steel, and pulp industries, which are competitive internationally, as evidenced by companies such as Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.[25]
Sweden is a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. There is also a strong welfare state, with public-sector spending accounting up to three-fifths of GDP.[26][27] In 2014, the percent of national wealth owned by the government was 24%.[28]
Due to Sweden being one of the neutral powers during World War II, it did not have to rebuild its economic base, the banking system, and country as a whole, as did many other European countries. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark, as a share of the country's income. As of 2012[update], the total tax revenue was 44.2% of GDP, down from 48.3% in 2006.[29]
In 2014 the National Institute of Economic research predicted GDP growth of 1.8%, 3.1% and 3.4% in 2014, 2015 and 2016 respectively.[30][needs update] A comparison of upcoming economic growth rates of European Union countries revealed that the Baltic states, Poland, and Slovakia are the only countries that are expected to keep comparable or higher growth rates.[31]
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Today, Sweden has a diverse and highly competitive and successful economy. The World Economic Forum ranks Sweden among the top ten most competitive countries in the world. Sweden is also one of the easiest countries in the world to do business with, according to the World Bank. A key feature of the Swedish economy is its openness and liberal approach to trade and doing business.
Most enterprises are privately owned and market-oriented, but when transfer payments—such as pensions, sick pay, and child allowances—are included, roughly three-fifths of gross domestic product (GDP) passes through the public sector. Education, health care, and child care costs are primarily met by taxation. Government involvement in the distribution of national income, however, diminished over the last two decades of the 20th century.
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