Overview: Aided by a long period of peace and neutrality during World War I through World War II, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has essentially full employment, a modern distribution system, excellent internal and external communications, and a skilled and intelligent labor force. Timber, hydropower, and iron ore constitute the resource base of an economy that is 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. As the 1990s open,

however, Sweden faces serious economic problems: long waits for adequate housing, the decay of the work ethic, and a loss of competitive edge in international markets.

GDP: $132.7 billion, per capita $15,700; real growth rate 2.1% (1989 est.)

Inflation rate (consumer prices): 5.7% (September 1989)

Unemployment rate: 1.5% (1989)

Budget: revenues $58.0 billion; expenditures $57.9 billion, including capital expenditures of $NA (FY89)

Exports: $52.2 billion (f.o.b., 1989 est.); commodities--machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, petroleum and petroleum products; partners--EC 52.1%, (FRG 12.1%, UK 11.2%, Denmark 6.8%), US 9.8%, Norway 9.3%

Imports: $48.5 billion (c.i.f., 1989 est.); commodities--machinery, petroleum and petroleum products, chemicals, motor vehicles, foodstuffs, iron and steel, clothing; partners--EC 55.8% (FRG 21.2%, UK 8.6%, Denmark 6.6%), US 7.5%, Norway 6.0%

External debt: $17.9 billion (1988)

Industrial production: growth rate 3.3% (1989)

Electricity: 39,716,000 kW capacity; 200,315 million kWh produced, 23,840 kWh per capita (1989)

Industries: iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles

Agriculture: animal husbandry predominates, with milk and dairy products accounting for 37% of farm income; main crops--grains, sugar beets, potatoes; 100% self-sufficient in grains and potatoes, 85% self-sufficient in sugar beets

Aid: donor--ODA and OOF commitments (1970-87), $7.9 billion

Currency: Swedish krona (plural--kronor); 1 Swedish krona (SKr) = 100 ore

Exchange rates: Swedish kronor (SKr) per US$1--6.1798 (January 1990), 6.4469 (1989), 6.1272 (1988), 6.3404 (1987), 7.1236 (1986), 8.6039 (1985)

Fiscal year: 1 July-30 June

NOTE: The information regarding Sweden on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sweden Economy 1990 information contained here. All suggestions for corrections of any errors about Sweden Economy 1990 should be addressed to the CIA.