Sweden Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$524.75 billion (2020 est.)

$539.96 billion (2019 est.)

$532.67 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.29% (2019 est.)

2.06% (2018 est.)

2.82% (2017 est.)

Real GDP per capita

$50,700 (2020 est.)

$52,500 (2019 est.)

$52,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$531.35 billion (2019 est.)

Inflation rate (consumer prices)

1.7% (2019 est.)

1.9% (2018 est.)

1.7% (2017 est.)

Credit ratings

Fitch rating: AAA (2004)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (2004)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.6% (2017 est.)

industry: 33% (2017 est.)

services: 65.4% (2017 est.)

GDP - composition, by end use

household consumption: 44.1% (2017 est.)

government consumption: 26% (2017 est.)

investment in fixed capital: 24.9% (2017 est.)

investment in inventories: 0.8% (2017 est.)

exports of goods and services: 45.3% (2017 est.)

imports of goods and services: -41.1% (2017 est.)

Agricultural products

wheat, milk, sugar beet, barley, potatoes, oats, rapeseed, pork, rye, triticale

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.)

Labor force

5.029 million (2020 est.)

Labor force - by occupation

agriculture: 2%

industry: 12%

services: 86% (2014 est.)

Unemployment rate

6.78% (2019 est.)

6.33% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 24.8%

male: 25.3%

female: 24.1% (2021 est.)

Population below poverty line

17.1% (2018 est.)

Gini Index coefficient - distribution of family income

28.8 (2017 est.)

25 (1992)

Household income or consumption by percentage share

lowest 10%: 3.4%

highest 10%: 24% (2012)

Budget

revenues: 271.2 billion (2017 est.)

expenditures: 264.4 billion (2017 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2017 est.)

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

Taxes and other revenues

50.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$22.339 billion (2019 est.)

$13.902 billion (2018 est.)

Exports

$240.08 billion (2020 est.) note: data are in current year dollars

$254.53 billion (2019 est.) note: data are in current year dollars

$254.25 billion (2018 est.) note: data are in current year dollars

Exports - partners

Germany 10%, Norway 9%, United States 8%, Denmark 7%, Finland 6%, United Kingdom 5%, Netherlands 5%, China 5% (2019)

Exports - commodities

cars and vehicle parts, packaged medicines, refined petroleum, broadcasting equipment, lumber (2019)

Imports

$217.68 billion (2020 est.) note: data are in current year dollars

$232.81 billion (2019 est.) note: data are in current year dollars

$241.53 billion (2018 est.) note: data are in current year dollars

Imports - partners

Germany 18%, Netherlands 9%, Denmark 7%, Norway 7%, China 6%, Finland 5%, Belgium 5%, Poland 5% (2019)

Imports - commodities

cars and vehicle parts, crude petroleum, refined petroleum, broadcasting equipment, computers (2019)

Reserves of foreign exchange and gold

$62.22 billion (31 December 2017 est.)

$59.39 billion (31 December 2016 est.)

Debt - external

$911.317 billion (2019 est.)

$1,012,171,000,000 (2018 est.)

Exchange rates

Swedish kronor (SEK) per US dollar -

8.49085 (2020 est.)

9.52915 (2019 est.)

9.01895 (2018 est.)

8.4335 (2014 est.)

6.8612 (2013 est.)

NOTE: The information regarding Sweden on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Sweden 2022 information contained here. All suggestions for corrections of any errors about Sweden 2022 should be addressed to the CIA or the source cited on each page.