Page last updated on February 5, 2013
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, but growth slipped to 1.2% in 2012. The government proposed stimulus measures in 2012 to curb the effects of a global economic slowdown and boost employment and growth.
GDP (purchasing power parity):
$395.8 billion (2012 est.)
country comparison to the world: 35
$390.9 billion (2011 est.)
$376 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$520.3 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
1.2% (2012 est.)
country comparison to the world: 159
4% (2011 est.)
5.9% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$41,700 (2012 est.)
country comparison to the world: 22
$41,400 (2011 est.)
$39,900 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 1.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
27.3%
services:
70.9% (2012 est.)
Labor force:
5.032 million (2012 est.)
country comparison to the world: 75
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 1.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
28.2%
services:
70.7% (2008 est.)
Unemployment rate:
7.5% (2012 est.)
country comparison to the world: 84
7.5% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 3.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
22.2% (2000)
Distribution of family income - Gini index:
23 (2005)
country comparison to the world: 136
25 (1992)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
18.2% of GDP (2012 est.)
country comparison to the world: 117
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $287.9 billion
[see also: Budget revenues country ranks ]
expenditures:
$289.3 billion (2012 est.)
Taxes and other revenues:
55.3% of GDP (2012 est.)
country comparison to the world: 14
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-0.3% of GDP (2012 est.)
country comparison to the world: 47
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
38.6% of GDP (2012 est.)
country comparison to the world: 94
38.3% of GDP (2011 est.)
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
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
1.4% (2012 est.)
country comparison to the world: 19
3% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
5.5% (31 December 2010 est.)
country comparison to the world: 139
0.5% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
3.8% (31 December 2012 est.)
country comparison to the world: 167
4.28% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$243 billion (31 December 2012 est.)
country comparison to the world: 17
$232.6 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$440.2 billion (31 December 2011 est.)
country comparison to the world: 25
$422.6 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$803.3 billion (31 December 2012 est.)
country comparison to the world: 19
$725.2 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$470.1 billion (31 December 2011)
country comparison to the world: 21
$581.2 billion (31 December 2010)
$432.3 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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.)
country comparison to the world: 46
[see also: Industrial production growth rate country ranks ]
Current account balance:
$37.56 billion (2012 est.)
country comparison to the world: 13
$37.73 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$177.6 billion (2012 est.)
country comparison to the world: 29
$189.1 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals
Exports - partners:
Germany 10.4%, Norway 9.3%, UK 7.4%, Denmark 6.5%, Finland 6.4%, US 5.5%, Netherlands 5.2%, France 4.8%, Belgium 4.7% (2011)
Imports:
$166.4 billion (2012 est.)
country comparison to the world: 30
$176.1 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Imports - partners:
Germany 18.1%, Denmark 8%, Norway 7.7%, Netherlands 5.9%, UK 5.8%, Russia 5.6%, Finland 5.3%, China 4.6%, France 4.5% (2011)
Reserves of foreign exchange and gold:
$50.35 billion (31 December 2011 est.)
country comparison to the world: 35
