Economy of Sweden

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 like Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.

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. In 2014, the percent of national wealth owned by the government was 24%.

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, the total tax revenue was 44.2% of GDP, down from 48.3% in 2006.

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