Sweden Economy Profile 2009

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 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 about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports. Agriculture accounts for only 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 the fourth as deteriorating global conditions reduced export demand and consumption. On 3 February 2009, the Swedish Government announced a $6 billon rescue package for the banking sector.

GDP (purchasing power parity)

$344.3 billion (2008 est.)
$345.7 billion (2007 est.)
$336.6 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$484.6 billion (2008 est.)

GDP - real growth rate

-0.4% (2008 est.)
2.7% (2007 est.)
4.5% (2006 est.)

GDP - per capita (PPP)

$38,100 (2008 est.)
$38,300 (2007 est.)
$37,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 1.6%
industry: 28%
services: 70.5% (2008 est.)

Population below poverty line

NA%

Labor force

4.897 million (2008 est.)

Labor force - by occupation

agriculture: 1.1%
industry: 28.2%
services: 70.7% (2008 est.)

Unemployment rate

6.2% (2008 est.)
6.1% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 3.6%
highest 10%: 22.2% (2000)

Distribution of family income - Gini index

23 (2005)
25 (1992)

Investment (gross fixed)

19.5% of GDP (2008 est.)

Budget

revenues: $259.9 billion
expenditures: $248.1 billion (2008 est.)

Public debt

36.7% of GDP (2008 est.)
51.6% of GDP (2004 est.)

Inflation rate (consumer prices)

3.5% (November 2008 est.)
2.2% (2007 est.)

Central bank discount rate

2% (31 December 2008)
3.5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
4% (2004)

Stock of money

$185.4 billion (31 December 2008)
$217.1 billion (31 December 2007)

Stock of quasi money

$54.55 billion (31 December 2008)
$48.49 billion (31 December 2007)

Stock of domestic credit

$549 billion (31 December 2008)
$630.8 billion (31 December 2007)

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

-1.8% (2008 est.)

Electricity - production

143.8 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 4%
hydro: 50.8%
nuclear: 43%
other: 2.3% (2001)

Electricity - consumption

133.6 billion kWh (2006 est.)

Electricity - exports

14.74 billion kWh (2007)

Electricity - imports

16.61 billion kWh (2007 est.)

Oil - production

2,350 bbl/day (2007 est.)

Oil - consumption

353,700 bbl/day (2007 est.)

Oil - imports

581,000 bbl/day (2005)

Oil - exports

219,200 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

1.006 billion cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

1.006 billion cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$39.96 billion (2008 est.)
$38.42 billion (2007 est.)

Agriculture - products

barley, wheat, sugar beets; meat, milk

Exports

$183.1 billion (2008 est.)
$170.5 billion (2007 est.)

Exports - commodities

machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

Exports - partners

Germany 10.4%, Norway 9.5%, Denmark 7.4%, UK 7.4%, US 6.6%, Finland 6.3%, Netherlands 5.1%, France 4.9%, Belgium 4.4% (2008)

Imports

$165.3 billion (2008 est.)
$152.2 billion (2007 est.)

Imports - commodities

machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing

Imports - partners

Germany 17.5%, Denmark 9.4%, Norway 8.6%, UK 6.2%, Finland 5.7%, Netherlands 5.6%, France 5%, Russia 4.4%, China 4.2% (2008)

Reserves of foreign exchange and gold

$29.72 billion (31 December 2008 est.)
$31.04 billion (31 December 2007 est.)

Debt - external

$617.6 billion (31 December 2008)
$598.2 billion (30 June 2006)

Stock of direct foreign investment - at home

$290.4 billion (31 December 2008 est.)
$252.3 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$343.9 billion (31 December 2008 est.)
$306.4 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008)
$612.5 billion (31 December 2007)
$573.3 billion (31 December 2006)

Economic aid - donor

ODA, $3.955 billion (2006)

Currency (code)

Swedish krona (SEK)

Currency (code)

SEK

Exchange rates

Swedish kronor (SEK) per US dollar - 6.4074 (2008 est.), 6.7629 (2007), 7.3731 (2006), 7.4731 (2005), 7.3489 (2004)

Fiscal year

calendar year