Is Sweden a rich country?
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.
What is the GDP of Sweden?
|Currency Name and Code||Swedish Krona (SEK)|
|GDP - Gross Domestic Product (PPP)||$450,500,000,000 (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%
|Labor Force By Occupation- agriculture||1.1%|
|Labor Force By Occupation- industry||28.2%|
|Labor Force By Occupation- services||70.7%|
|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%|