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Sweden Economy Profile

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Economy - overview

Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system.

 

Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe.

 

GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Swedish economists expect economic growth to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The Central Bank is keeping an eye on deflationary pressures and bank observers expect it to maintain an expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness.

 

In the short and medium term, Sweden’s economic challenges include providing affordable housing and successfully integrating migrants into the labor market.

GDP (purchasing power parity)$547.595 billion (2019 est.)

$540.776 billion (2018 est.)

$530.433 billion (2017 est.)

note: data are in 2010 dollars
GDP (official exchange rate)$531.35 billion (2019 est.)
GDP - real growth rate1.29% (2019 est.)

2.06% (2018 est.)

2.82% (2017 est.)
GDP - per capita (PPP)$53,240 (2019 est.)

$53,146 (2018 est.)

$52,739 (2017 est.)

note: data are in 2010 dollars
Gross national saving29.4% of GDP (2019 est.)

28.5% of GDP (2018 est.)

28.4% of GDP (2017 est.)
GDP - composition, by end usehousehold consumption: 44.1% (2017 est.)

government consumption: 26% (2017 est.)

investment in fixed capital: 24.9% (2017 est.)

investment in inventories: 0.8% (2017 est.)

exports of goods and services: 45.3% (2017 est.)

imports of goods and services: -41.1% (2017 est.)
GDP - composition by sectoragriculture: 1.6% (2017 est.)

industry: 33% (2017 est.)

services: 65.4% (2017 est.)
Ease of Doing Business Index scoresOverall score: 82 (2020)

Starting a Business score: 93.1 (2020)

Trading score: 98 (2020)

Enforcement score: 67.6 (2020)
Population below poverty line17.1% (2018 est.)
Labor force5.029 million (2020 est.)
Labor force - by occupationagriculture: 2%

industry: 12%

services: 86% (2014 est.)
Unemployment rate6.78% (2019 est.)

6.33% (2018 est.)
Unemployment, youth ages 15-24total: 20.1%

male: 20.5%

female: 19.7% (2019 est.)
Household income or consumption by percentage sharelowest 10%: 3.4%

highest 10%: 24% (2012)
Distribution of family income - Gini index28.8 (2017 est.)

25 (1992)
Budgetrevenues: 271.2 billion (2017 est.)

expenditures: 264.4 billion (2017 est.)
Taxes and other revenues50.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)1.3% (of GDP) (2017 est.)
Public debt40.8% of GDP (2017 est.)

42.3% of GDP (2016 est.)

note: data cover general government debt and include 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 intragovernmental debt; intragovernmental 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
Inflation rate (consumer prices)1.7% (2019 est.)

1.9% (2018 est.)

1.7% (2017 est.)
Credit ratingsFitch rating: AAA (2004)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (2004)
Agriculture - productswheat, milk, sugar beet, barley, potatoes, oats, rapeseed, pork, rye, triticale
Industriesiron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Industrial production growth rate4.1% (2017 est.)
Current Account Balance$22.339 billion (2019 est.)

$13.902 billion (2018 est.)
Exports$302.65 billion (2019 est.)

$291.846 billion (2018 est.)

$279.461 billion (2017 est.)
Exports - commoditiescars and vehicle parts, packaged medicines, refined petroleum, broadcasting equipment, lumber (2019)
Exports - partnersGermany 10%, Norway 9%, United States 8%, Denmark 7%, Finland 6%, United Kingdom 5%, Netherlands 5%, China 5% (2019)
Imports$276.622 billion (2019 est.)

$273.125 billion (2018 est.)

$262.597 billion (2017 est.)
Imports - commoditiescars and vehicle parts, crude petroleum, refined petroleum, broadcasting equipment, computers (2019)
Imports - partnersGermany 18%, Netherlands 9%, Denmark 7%, Norway 7%, China 6%, Finland 5%, Belgium 5%, Poland 5% (2019)
Reserves of foreign exchange and gold$62.22 billion (31 December 2017 est.)

$59.39 billion (31 December 2016 est.)
Debt - external$911.317 billion (2019 est.)

$1,012,171,000,000 (2018 est.)
Exchange ratesSwedish kronor (SEK) per US dollar -

8.49085 (2020 est.)

9.52915 (2019 est.)

9.01895 (2018 est.)

8.4335 (2014 est.)

6.8612 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on September 18, 2021

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