Sweden Economy
Is Sweden a wealthy country?
Sweden is known for its highly developed mixed economy and strong welfare state.
Strong Economy: Sweden boasts a high standard of living and a strong economy. It is the largest economy in Scandinavia and ranks among the top countries globally in terms of GDP per capita. Key sectors of the Swedish economy include manufacturing, services, innovation, and exports.
Export-Oriented: Sweden has a robust export-oriented economy. Major exports include machinery, vehicles, pharmaceuticals, chemicals, and electrical equipment. Well-known Swedish companies such as Volvo, IKEA, Ericsson, and H&M contribute significantly to the country's export success.
Innovation and Technology: Sweden has a reputation for innovation and technological advancements. The country invests heavily in research and development (R&D) and promotes a supportive environment for entrepreneurship and startups. It is home to successful tech companies, including Spotify, Skype, and Klarna.
Well-Developed Welfare State: Sweden has a comprehensive welfare system that provides a high level of social security. It offers universal healthcare, generous parental leave, free education up to the university level, and strong social safety nets. The welfare state is funded through high taxes and contributions from individuals and businesses.
Strong Focus on Sustainability: Sweden places a strong emphasis on sustainability and environmental responsibility. The country has made significant strides in renewable energy, waste management, and sustainable transportation. It aims to be one of the world's first fossil fuel-free nations.
Stable Macroeconomic Policies: Sweden maintains a stable and well-managed economy. The government follows prudent fiscal policies, and the central bank, Sveriges Riksbank, focuses on maintaining price stability. This stability contributes to investor confidence and economic growth.
Active Labor Market: Sweden has a highly skilled and educated workforce. The labor market operates with a combination of flexibility and worker protection. Labor unions play a significant role in negotiating wages and working conditions.
Open to Global Trade: Sweden is an active participant in global trade. It is a member of the European Union (EU) but has not adopted the euro and uses the Swedish Krona (SEK) as its currency. The country has trade agreements with numerous countries and is known for its commitment to free trade.
Strong Social Partnership: The Swedish model is characterized by a strong social partnership between employers, employees, and the government. This collaboration contributes to labor market stability, cooperative wage-setting, and social harmony.
Sweden Economy Data
What is the GDP of Sweden?
| Currency Name and Code | Swedish Krona (SEK) |
| GDP - Gross Domestic Product (PPP) | $524,750,000,000 (USD) |
| GDP - official exchange rate | $483,700,000,000 (USD) |
| GDP - real growth rate | 2.8% |
| GDP Per Capita | $48,000.00 (USD) |
| GDP by Sector- agriculture | 1.8% |
| GDP by Sector- Industry | 33.5% |
| GDP by Sector- services | 64.7% |
| GDP - composition, by end use |
household consumption: 45.4% government consumption: 25.6% investment in fixed capital: 24.1% investment in inventories: 0% exports of goods and services: 45.3% imports of goods and services: -40.4% |
| Inflation Rate | 1.4% |
| Labor Force | 4,930,000 |
| Labor Force By Occupation- agriculture | 1.1% |
| Labor Force By Occupation- industry | 28.2% |
| Labor Force By Occupation- services | 70.7% |
| Unemployment Rate | 8.3% |
| Fiscal Year | calendar year |
| Annual Budget | $230,100,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -2% |
| Public Debt (% of GDP) | 50.3% |
| Taxes and other revenues - percent of GDP | 51.4% |
| Major Industries | iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles |
| Industrial Growth Rate | 8% |
| Agriculture Products | barley, wheat, sugar beets; meat, milk |
| Exchange Rate per US Dollar | Swedish krona (SEK) |
| Commercial Bank Prime Lending Rate | 3.3% |