Sweden

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Introduction - Sweden:
Location - Sweden:
People - Sweden:
Government - Sweden:
Economy - Sweden:

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. 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 2% of employment. The governments commitment to fiscal discipline resulted in a substantial budgetary surplus in 2001, which was cut by more than half in 2002 due to the global economic slowdown, declining revenue, and increased spending. The Swedish central bank (the Riksbank) focuses on price stability with its inflation target of 2%. Growth remained sluggish in 2003 but picked up during 2004-06. Presumably because of generous sick-leave benefits, Swedish workers report in sick more often than other Europeans. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty.

Gdp purchasing power parity

$290.6 billion (2006 est.)

Gdp official exchange rate

$373.2 billion (2006 est.)

Gdp real growth rate

4.7% (2006 est.)

Gdp per capita ppp

$32,200 (2006 est.)

Gdp composition by sector

agriculture: 1.1%
industry: 28.1%
services: 70.9% (2006 est.)

Labor force

4.59 million (2006 est.)

Labor force by occupation

agriculture: 2%
industry: 24%
services: 74% (2000 est.)

Unemployment rate

5.6% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 3.7%
highest 10%: 20.1% (1992)

Distribution of family income gini index

25 (2000)

Inflation rate consumer prices

1.4% (2006 est.)

Investment gross fixed

17.6% of GDP (2006 est.)

Budget

revenues: $222 billion
expenditures: $210.5 billion; including capital expenditures of $NA (2006 est.)

Public debt

46.4% of GDP (2006 est.)

Agriculture products

barley, wheat, sugar beets; meat, milk

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

4.3% (2006 est.)

Electricity production

150.5 billion kWh (2004)

Electricity consumption

137.8 billion kWh (2004)

Electricity exports

17.8 billion kWh (2004)

Electricity imports

15.6 billion kWh (2004)

Oil production

3,208 bbl/day (2004 est.)

Oil consumption

362,400 bbl/day (2004 est.)

Oil exports

231,100 bbl/day (2004)

Oil imports

580,600 bbl/day (2004)

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

979 million cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

979 million cu m (2004 est.)

Current account balance

$28.61 billion (2006 est.)

Exports

$173.9 billion f.o.b. (2006 est.)

Exports commodities

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

Exports partners

Germany 9.7%, US 9.2%, Norway 9.1%, UK 7.1%, Denmark 6.8%, Finland 5.9%, France 4.9%, Netherlands 4.7%, Belgium 4.5% (2006)

Imports

$151.8 billion f.o.b. (2006 est.)

Imports commodities

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

Imports partners

Germany 17.2%, Denmark 9%, Norway 8.1%, UK 5.9%, Netherlands 5.7%, Finland 5.6%, France 4.5%, Belgium 4% (2006)

Reserves of foreign exchange and gold

$22.26 billion (August 2006 est.)

Economic aid donor

ODA, $1.7 billion (1997)

Debt external

$598.2 billion (30 June 2006)

Currency code

Swedish krona (SEK)

Exchange rates

Swedish kronor per US dollar - 7.3731 (2006), 7.4731 (2005), 7.3489 (2004), 8.0863 (2003), 9.7371 (2002)

Communications - Sweden:
Transportation - Sweden:
Military - Sweden:
This page was last updated on 16 September, 2007
Source: CIA >>>


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