Sweden Economy 2001

Economy - overview: Aided by peace and neutrality for the whole twentieth 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. In recent years, however, this extraordinarily favorable picture has been somewhat clouded by budgetary difficulties, high unemployment, and a gradual loss of competitiveness in international markets. Sweden has harmonized its economic policies with those of the EU, which it joined at the start of 1995. GDP growth is forecast for 4% in 2001.

GDP: purchasing power parity - $197 billion (2000 est.)

GDP - real growth rate: 4.3% (2000 est.)

GDP - per capita: purchasing power parity - $22,200 (2000 est.)

GDP - composition by sector:
agriculture: 2.2%
industry: 27.9%
services: 69.9% (1999)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 20.1% (1992)

Inflation rate (consumer prices): 1.2% (2000 est.)

Labor force: 4.4 million (2000 est.)

Labor force - by occupation: agriculture 2%, industry 24%, services 74% (2000 est.)

Unemployment rate: 6% (2000 est.)

Budget:
revenues: $133 billion
expenditures: $125.2 billion, including capital expenditures of $NA (2000 est.)

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: 7% (2000 est.)

Electricity - production: 146.633 billion kWh (1999)

Electricity - production by source:
fossil fuel: 5.53%
hydro: 47.24%
nuclear: 45.42%
other: 1.81% (1999)

Electricity - consumption: 128.819 billion kWh (1999)

Electricity - exports: 15.9 billion kWh (1999)

Electricity - imports: 8.35 billion kWh (1999)

Agriculture - products: grains, sugar beets, potatoes; meat, milk

Exports: $95.5 billion (f.o.b., 2000)

Exports - commodities: machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

Exports - partners: EU 55% (Germany 11%, UK 10%, Denmark 6%, Finland 5%, France 5%), US 9%, Norway 8% (1999)

Imports: $80 billion (f.o.b., 2000)

Imports - commodities: machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing

Imports - partners: EU 67% (Germany 18%, UK 10%, Denmark 7%, France 6%), Norway 8%, US 6% (1999)

Debt - external: $66.5 billion (1994)

Economic aid - donor: ODA, $1.7 billion (1997)

Currency: Swedish krona (SEK)

Currency code: SEK

Exchange rates: Swedish kronor per US dollar - 9.4669 (January 2001), 9.1622 (2000), 8.2624 (1999), 7.9499 (1998), 7.6349 (1997), 6.7060 (1996)

Fiscal year: calendar year

NOTE: The information regarding Sweden on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sweden Economy 2001 information contained here. All suggestions for corrections of any errors about Sweden Economy 2001 should be addressed to the CIA.