Topic
World
Business | Europe
Online | Europe
Business | Sweden
Economy - overview:
Aided by peace
and neutrality for the whole 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 2% of GDP and 2% of the jobs. The
government's 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 in 2004. Presumably because of generous sicktime benefits, Swedish workers
report in sick more often than other Europeans. On 14 September 2003, Swedish
voters turned down entry into the euro system, concerned about the impact
on democracy and sovereignty. |
Accommodations - Places to Stay
Sweden
Hotels
Europe
Hotels
International
Hotel Search
Agriculture
barley, wheat, sugar beets; meat,
milk
Airlines
Airlines
in Europe
Airlines
Worldwide
Airports
Airports
in Europe
Airports
Worldwide
Country Budget
revenues: $201.3 billion
expenditures: $199.6 billion, including
capital expenditures of NA (2004 est.)
Currency (code)
Swedish krona (SEK)
Currency Exchange Rate
Swedish kronor per US dollar - 7.3489
(2004), 8.0863 (2003), 9.7371 (2002), 10.3291 (2001), 9.1622 (2000)
Fiscal Year
calendar year
GDP (Gross Domestic Product)
GDP (purchasing power parity):
$255.4 billion (2004 est.)
GDP - real growth rate: 3.6%
(2004 est.)
GDP - per capita: purchasing
power parity - $28,400 (2004 est.)
GDP - composition by sector:
agriculture: 2%
industry: 29%
services: 69% (2001)
Imports / Exports
Exports: $121.7 billion f.o.b.
(2004 est.)
Exports - commodities: machinery
35%, motor vehicles, paper products, pulp and wood, iron and steel products,
chemicals
Exports - partners: US 10.7%,
Germany 10.2%, Norway 8.6%, UK 7.8%, Denmark 6.7%, Finland 5.7%, France
4.8%, Netherlands 4.8%, Belgium 4.5% (2004)
Imports: $97.97 billion f.o.b.
(2004 est.)
Imports - commodities: machinery,
petroleum and petroleum products, chemicals, motor vehicles, iron and steel;
foodstuffs, clothing
Imports - partners: Germany
18.7%, Denmark 9.2%, Norway 7.6%, UK 7.5%, Netherlands 6.8%, Finland 6.4%,
France 5.5%, Belgium 4% (2004)
Industries
iron and steel, precision equipment
(bearings, radio and telephone parts, armaments), wood pulp and paper products,
processed foods, motor vehicles
Investing
Forex,
Foreign Exchange Market: Currency Trading
Labor Force & Unemployment Rate
Labor force: 4.46 million
(2004 est.)
Labor force - by occupation:
agriculture 2%, industry 24%, services 74% (2000 est.)
Unemployment rate: 5.6% (2004
est.)
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