Economy of Sweden information

Economy of Sweden
Currency	Swedish krona; (SEK • KR)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD and others
Country group	Developed/Advanced; High-income economy;
Statistics
Population	10,540,886 (2023)
GDP	$599 billion (nominal, 2023); $712 billion (PPP, 2023);
GDP rank	25th (nominal, 2023); 40th (PPP, 2023);
GDP growth	2.6% (2022); −0.5% (2023); 1.0% (2024);
GDP per capita	$55,400 (nominal, 2023); $65,800 (PPP, 2023);
GDP per capita rank	14th (nominal, 2023); 18th (PPP, 2023);
GDP by sector	agriculture: 1.6%; industry: 33.0%; services: 65.4%; (2017);
Inflation (CPI)	6.8% (2023)
Population below poverty line	15% (2014); 18.8% at risk of poverty or social exclusion (AROPE; 2019);
Gini coefficient	27.6 low (2019, Eurostat)
Human Development Index	0.947 very high (2021) (7th); 0.885 very high IHDI (2021);
Labour force	5,503,812 (2020, ILO); 82.1% employment rate (2019);
Labour force by occupation	agriculture: 2%; industry: 12%; services: 86%; (2014);
Unemployment	9.0% (September 2020); 28.9% youth unemployment (July 2020; 15 to 24 year-olds);
Average gross salary	€46,400, per annum
Average net salary	€34,600, per annum
Main industries	Iron and steel; precision equipment (bearings; radio; telephone parts; armaments); pulp and paper; processed foods; motor vehicles;
External
Exports	$170 billion (2017)
Export goods	machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, military armaments
Main export partners	Germany 11%; Norway 10.2%; Finland 6.9%; United States 6.8%; Denmark 6.8%; United Kingdom 6.2%; Netherlands 5.4%; China 4.6%; (2017);
Imports	$155 billion (2017)
Import goods	machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Main import partners	Germany 18.7%; Netherlands 8.8%; Norway 8.2%; Denmark 7.2%; United Kingdom 5.2%; Belgium 5.0%; Finland 4.7%; China 4.6%; France 3.9%; (2017);
FDI stock	$0.5 trillion (31 December 2012 est.)
Gross external debt	$911 billion (2019)
Public finances
Government debt	35.1% of GDP (2019); SEK 1.765 trillion (2019);
Budget balance	SEK 24.8 billion surplus (2019); +0.5% of GDP (2019);
Revenues	49.8% of GDP (2019)
Expenses	49.3% of GDP (2019)
Economic aid	€1.9 billion from European Structural and Investment Funds (2007–2013); €3.65 billion from European Structural and Investment Funds (2014–2020);
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Stable; Scope:; AAA; Outlook: Stable;
Foreign reserves	$60 billion (31 December 2012 est.)
	; All values, unless otherwise stated, are in US dollars.

The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce. Today Sweden further develops engineering, mine, steel, and pulp industries, which are competitive internationally, as evidenced by companies such as Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.^[26]

Sweden is a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. There is also a strong welfare state, with public-sector spending accounting up to three-fifths of GDP.^[27]^[28] In 2014, the percent of national wealth owned by the government was 24%.^[29]

Due to Sweden being one of the neutral powers during World War II, it did not have to rebuild its economic base, the banking system, and country as a whole, as did many other European countries. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark, as a share of the country's income. As of 2012^[update], the total tax revenue was 44.2% of GDP, down from 48.3% in 2006.^[30]

^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Retrieved 16 September 2020.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ ^a ^b ^c ^d ^e ^f ^g ^h "Report for Selected Countries and Subjects". IMF. Retrieved 16 April 2023.
^ ^a ^b "EUROPE :: Sweden". CIA.gov. Central Intelligence Agency. Retrieved 19 November 2021.
^ "Sweden". The World Factbook. CIA. Retrieved 27 January 2020.
^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 3 July 2020.
^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 3 July 2020.
^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.
^ "Labor force, total - Sweden". data.worldbank.org. World Bank & ILO. Retrieved 27 September 2020.
^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 27 September 2020.
^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 17 October 2020.
^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
^ "CIA - the World Factbook -- Rank Order - Exports". Archived from the original on 4 October 2008. Retrieved 22 March 2017.
^ "Export till våra 30 största handelspartner". Statistics Sweden. Retrieved 18 February 2018.
^ "CIA - the World Factbook -- Rank Order - Imports". Archived from the original on 4 October 2008. Retrieved 22 March 2017.
^ "Import från våra 30 största handelspartner". Retrieved 18 February 2018.
^ Debt - External "Sweden", The World Factbook, Central Intelligence Agency, 7 April 2022, retrieved 20 April 2022
^ ^a ^b ^c ^d ^e ^f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ ^a ^b ^c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
^ "Scope affirms the Kingdom of Sweden's credit ratings at AAA and maintains the Stable Outlook". Scope Ratings. Retrieved 17 September 2023.
^ "CIA World Fact book – Sweden". CIA. 31 December 2012. Retrieved 26 July 2013.
^ Agricultural toward Industrial|Swedish economic history Archived 9 August 2012 at the Wayback Machine. Ekonomifakta.se (28 September 2012). Retrieved on 29 January 2013.
^ "How Sweden Created a Model Economy". Sweden.se. 2 November 2018. Archived from the original on 3 September 2019. Retrieved 3 October 2019. Today, Sweden has a diverse and highly competitive and successful economy. The World Economic Forum ranks Sweden among the top ten most competitive countries in the world. Sweden is also one of the easiest countries in the world to do business with, according to the World Bank. A key feature of the Swedish economy is its openness and liberal approach to trade and doing business.
^ "Sweden - Economy". Encyclopedia Britannica. Retrieved 3 October 2019. Most enterprises are privately owned and market-oriented, but when transfer payments—such as pensions, sick pay, and child allowances—are included, roughly three-fifths of gross domestic product (GDP) passes through the public sector. Education, health care, and child care costs are primarily met by taxation. Government involvement in the distribution of national income, however, diminished over the last two decades of the 20th century.
^ Public Wealth in the US and Nordic Countries
^ Skattetrycket| Skattetryck| Skatter| Fakta och statistik Archived 23 September 2015 at the Wayback Machine. Ekonomifakta.se. Retrieved on 29 January 2013.

[1] "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Retrieved 16 September 2020.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[IMFWEOSE-3] ^ ^a ^b ^c ^d ^e ^f ^g ^h "Report for Selected Countries and Subjects". IMF. Retrieved 16 April 2023.

[CIAWFSW-4] "EUROPE :: Sweden". CIA.gov. Central Intelligence Agency. Retrieved 19 November 2021.

[5] "Sweden". The World Factbook. CIA. Retrieved 27 January 2020.

[6] "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 3 July 2020.

[7] "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 3 July 2020.

[8] "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.

[9] "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.

[10] "Labor force, total - Sweden". data.worldbank.org. World Bank & ILO. Retrieved 27 September 2020.

[11] "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 27 September 2020.

[12] "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 17 October 2020.

[13] "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.

[14] "CIA - the World Factbook -- Rank Order - Exports". Archived from the original on 4 October 2008. Retrieved 22 March 2017.

[15] "Export till våra 30 största handelspartner". Statistics Sweden. Retrieved 18 February 2018.

[16] "CIA - the World Factbook -- Rank Order - Imports". Archived from the original on 4 October 2008. Retrieved 22 March 2017.

[17] "Import från våra 30 största handelspartner". Retrieved 18 February 2018.

[18] Debt - External "Sweden", The World Factbook, Central Intelligence Agency, 7 April 2022, retrieved 20 April 2022

[1st_Notif-19] ^ ^a ^b ^c ^d ^e ^f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.

[20] "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)

[21] "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)

[22] "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.

[guardian-23] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.

[24] "Scope affirms the Kingdom of Sweden's credit ratings at AAA and maintains the Stable Outlook". Scope Ratings. Retrieved 17 September 2023.

[25] "CIA World Fact book – Sweden". CIA. 31 December 2012. Retrieved 26 July 2013.

[26] Agricultural toward Industrial|Swedish economic history Archived 9 August 2012 at the Wayback Machine. Ekonomifakta.se (28 September 2012). Retrieved on 29 January 2013.

[27] "How Sweden Created a Model Economy". Sweden.se. 2 November 2018. Archived from the original on 3 September 2019. Retrieved 3 October 2019. Today, Sweden has a diverse and highly competitive and successful economy. The World Economic Forum ranks Sweden among the top ten most competitive countries in the world. Sweden is also one of the easiest countries in the world to do business with, according to the World Bank. A key feature of the Swedish economy is its openness and liberal approach to trade and doing business.

[28] "Sweden - Economy". Encyclopedia Britannica. Retrieved 3 October 2019. Most enterprises are privately owned and market-oriented, but when transfer payments—such as pensions, sick pay, and child allowances—are included, roughly three-fifths of gross domestic product (GDP) passes through the public sector. Education, health care, and child care costs are primarily met by taxation. Government involvement in the distribution of national income, however, diminished over the last two decades of the 20th century.

[29] Public Wealth in the US and Nordic Countries

[30] Skattetrycket| Skattetryck| Skatter| Fakta och statistik Archived 23 September 2015 at the Wayback Machine. Ekonomifakta.se. Retrieved on 29 January 2013.

Economy of Sweden information

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Statistics

Currency	Swedish krona (SEK • KR)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD and others
Country group	Developed/Advanced^[1] High-income economy^[2]
Population	10,540,886 (2023)
GDP	$599 billion (nominal, 2023)^[3] $712 billion (PPP, 2023)^[3]
GDP rank	25th (nominal, 2023) 40th (PPP, 2023)
GDP growth	2.6% (2022)^[3] −0.5% (2023)^[3] 1.0% (2024)^[3]
GDP per capita	$55,400 (nominal, 2023)^[3] $65,800 (PPP, 2023)^[3]
GDP per capita rank	14th (nominal, 2023) 18th (PPP, 2023)
GDP by sector	agriculture: 1.6% industry: 33.0% services: 65.4% (2017)^[4]
Inflation (CPI)	6.8% (2023)^[3]
Population below poverty line	15% (2014)^[5] 18.8% at risk of poverty or social exclusion (AROPE; 2019)^[6]
Gini coefficient	27.6 low (2019, Eurostat)^[7]
Human Development Index	0.947 very high (2021)^[8] (7th) 0.885 very high IHDI (2021)^[9]
Labour force	5,503,812 (2020, ILO)^[10] 82.1% employment rate (2019)^[11]
Labour force by occupation	agriculture: 2% industry: 12% services: 86% (2014)^[4]
Unemployment	9.0% (September 2020)^[12] 28.9% youth unemployment (July 2020; 15 to 24 year-olds)^[13]
Average gross salary	€46,400, per annum
Average net salary	€34,600, per annum
Main industries	Iron and steel precision equipment (bearings radio telephone parts armaments) pulp and paper processed foods motor vehicles
External
Exports	$170 billion (2017)^[14]
Export goods	machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, military armaments
Main export partners	Germany 11% Norway 10.2% Finland 6.9% United States 6.8% Denmark 6.8% United Kingdom 6.2% Netherlands 5.4% China 4.6% (2017)^[15]
Imports	$155 billion (2017)^[16]
Import goods	machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Main import partners	Germany 18.7% Netherlands 8.8% Norway 8.2% Denmark 7.2% United Kingdom 5.2% Belgium 5.0% Finland 4.7% China 4.6% France 3.9% (2017)^[17]
FDI stock	$0.5 trillion (31 December 2012 est.)
Gross external debt	$911 billion (2019)^[18]
Public finances
Government debt	35.1% of GDP (2019)^[19] SEK 1.765 trillion (2019)^[19]
Budget balance	SEK 24.8 billion surplus (2019)^[19] +0.5% of GDP (2019)^[19]
Revenues	49.8% of GDP (2019)^[19]
Expenses	49.3% of GDP (2019)^[19]
Economic aid	€1.9 billion from European Structural and Investment Funds (2007–2013)^[20] €3.65 billion from European Structural and Investment Funds (2014–2020)^[21]
Credit rating	Standard & Poor's:^[22] AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable^[23] Moody's:^[23] Aaa Outlook: Stable Fitch:^[23] AAA Outlook: Stable Scope:^[24] AAA Outlook: Stable
Foreign reserves	$60 billion (31 December 2012 est.)^[25]
All values, unless otherwise stated, are in US dollars.