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Sweden Economy Profile 2017

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Economy - overviewSweden 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 an economy heavily oriented toward foreign trade.

Sweden’s economy experienced modest growth in 2014-16, with real GDP growth above 2%, but continues to struggle with deflationary pressure.
GDP (purchasing power parity)$498.1 billion (2016 est.)
$482.2 billion (2015 est.)
$463.2 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$511.4 billion (2016 est.)
GDP - real growth rate3.3% (2016 est.)
4.1% (2015 est.)
2.6% (2014 est.)
GDP - per capita (PPP)$49,700 (2016 est.)
$48,800 (2015 est.)
$47,400 (2014 est.)
note: data are in 2016 dollars
Gross national saving30.7% of GDP (2016 est.)
29.8% of GDP (2015 est.)
28.4% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 45%
government consumption: 25.8%
investment in fixed capital: 24.9%
investment in inventories: 0.4%
exports of goods and services: 43.7%
imports of goods and services: -39.8% (2016 est.)
GDP - composition by sectoragriculture: 1.7%
industry: 34.2%
services: 64% (2016 est.)
Population below poverty line15% (2014 est.)
Labor force4.898 million (2016 est.)
Labor force - by occupationagriculture: 2%
industry: 12%
services: 86% (2014 est.)
Unemployment rate6.9% (2016 est.)
7.4% (2015 est.)
Unemployment, youth ages 15-24total: 22.9%
male: 24.2%
female: 21.5% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 3.4%
highest 10%: 24% (2012)
Distribution of family income - Gini index24.9 (2013)
25 (1992)
Budgetrevenues: $248.3 billion
expenditures: $250.2 billion (2016 est.)
Taxes and other revenues48% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-0.4% of GDP (2016 est.)
Public debt31% of GDP (2016 est.)
33.8% of GDP (2015 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
Inflation rate (consumer prices)1% (2016 est.)
0% (2015 est.)
Central bank discount rate-0.5% (31 December 2016)
-0.35% (31 December 2015)
note:: the Discount rate was abolished in 2002, and replaced by a "Reference rate" with no bearing on monetary policy; the rate quoted here is the Reference rate
Commercial bank prime lending rate2% (31 December 2016 est.)
1.96% (31 December 2015 est.)
Stock of narrow money$278.7 billion (31 December 2016 est.)
$255.7 billion (31 December 2015 est.)
Stock of broad money$339.5 billion (31 December 2016 est.)
$318.4 billion (31 December 2015 est.)
Stock of domestic credit$747.3 billion (31 December 2016 est.)
$749.3 billion (31 December 2015 est.)
Market value of publicly traded shares$560.5 billion (31 December 2012 est.)
$470.1 billion (31 December 2011 est.)
$581.2 billion (31 December 2010 est.)
Agriculture - productsbarley, wheat, sugar beets; meat, milk
Industriesiron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Industrial production growth rate2.4% (2016 est.)
Current Account Balance$23.84 billion (2016 est.)
$23.27 billion (2015 est.)
Exports$147.3 billion (2016 est.)
$151.1 billion (2015 est.)
Exports - commoditiesmachinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals (2012 est.)
Exports - partnersNorway 10.3%, Germany 10.3%, US 7.7%, UK 7.2%, Denmark 6.8%, Finland 6.7%, Netherlands 5.2%, Belgium 4.4%, France 4.2% (2015)
Imports$134.9 billion (2016 est.)
$137.3 billion (2015 est.)
Imports - commoditiesmachinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Imports - partnersGermany 17.9%, Netherlands 8.1%, Norway 7.8%, Denmark 7.7%, China 6%, UK 5.5%, Finland 4.6%, France 4.3%, Belgium 4.3% (2015)
Reserves of foreign exchange and gold$59.83 billion (31 December 2016 est.)
$55.13 billion (31 December 2015 est.)
Debt - external$939.9 billion (31 March 2016 est.)
$929.4 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$390.8 billion (31 December 2016 est.)
$380.9 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$465.4 billion (31 December 2016 est.)
$445 billion (31 December 2015 est.)
Exchange ratesSwedish kronor (SEK) per US dollar -
8.569 (2016 est.)
8.4335 (2015 est.)
8.4335 (2014 est.)
6.8612 (2013 est.)
6.77 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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