Economy - overview:
Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system.

Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe.

GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Swedish economists expect economic growth to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The Central Bank is keeping an eye on deflationary pressures and bank observers expect it to maintain an expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness.

In the short and medium term, Sweden’s economic challenges include providing affordable housing and successfully integrating migrants into the labor market.

GDP (purchasing power parity):
$518 billion (2017 est.)
$507.3 billion (2016 est.)
$494 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 40
[see also: GDP country ranks ]

GDP (official exchange rate):
$535.6 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.1% (2017 est.)
2.7% (2016 est.)
4.5% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 148
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$51,200 (2017 est.)
$50,800 (2016 est.)
$50,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 26
[see also: GDP - per capita country ranks ]

Gross national saving:
28.9% of GDP (2017 est.)
28.8% of GDP (2016 est.)
28.8% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 34
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 44.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 26% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.3% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -41.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.6% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 65.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
4.1% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 74
[see also: Industrial production growth rate country ranks ]

Labor force:
5.361 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 77
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12%
[see also: Labor force - by occupation - industry country ranks ]
services: 86% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2017 est.)
7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 101
[see also: Unemployment rate country ranks ]

Population below poverty line:
15% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24% (2012)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
24.9 (2013)
25 (1992)
country comparison to the world (CIA rank, may be based on non-current data): 153
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 271.2 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 264.4 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
50.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 27
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.8% of GDP (2017 est.)
42.3% of GDP (2016 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.9% (2017 est.)
1.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 100
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
-0.5% (31 December 2017)
-0.5% (31 December 2016)
note: the Discount rate was abolished in 2002, and replaced by a "Reference rate" with no bearing on monetary policy; the rate quoted here is the Reference rate
country comparison to the world (CIA rank, may be based on non-current data): 163
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.93% (31 December 2017 est.)
2% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 185
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$329.2 billion (31 December 2017 est.)
$273.9 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 14
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$329.2 billion (31 December 2017 est.)
$273.9 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 14
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$929.1 billion (31 December 2017 est.)
$749.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$560.5 billion (31 December 2012 est.)
$470.1 billion (31 December 2011 est.)
$581.2 billion (31 December 2010 est.)
country comparison to the world (CIA rank, may be based on non-current data): 21
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$17.79 billion (2017 est.)
$21.84 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Current account balance country ranks ]

Exports:
$165.6 billion (2017 est.)
$151.4 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 31
[see also: Exports country ranks ]

Exports - partners:
Germany 11%, Norway 10.2%, Finland 6.9%, US 6.9%, Denmark 6.9%, UK 6.2%, Netherlands 5.5%, China 4.5%, Belgium 4.4%, France 4.2% (2017)

Exports - commodities:
machinery (26%), motor vehicles, paper products, pulp and wood, iron and steel products, chemicals (2016 est.)

Imports:
$153.2 billion (2017 est.)
$140.2 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 30
[see also: Imports country ranks ]

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

Imports - partners:
Germany 18.7%, Netherlands 8.9%, Norway 7.7%, Denmark 7.2%, China 5.5%, UK 5.1%, Finland 4.7%, Belgium 4.7% (2017)

Reserves of foreign exchange and gold:
$62.22 billion (31 December 2017 est.)
$59.39 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$939.9 billion (31 March 2016 est.)
$929.4 billion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$458.2 billion (31 December 2017 est.)
$390.5 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 19
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$523.5 billion (31 December 2017 est.)
$479.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Swedish kronor (SEK) per US dollar -
8.442 (2017 est.)
8.5605 (2016 est.)
8.5605 (2015 est.)
8.4335 (2014 est.)
6.8612 (2013 est.)