Sweden Economy - 2024

Economic overview

high-income, knowledge-based economy; EU member but non-euro user (refuses to peg krona to euro); large welfare state that complements its free-market capitalism; high living standards, environmental protections, income and gender equality; rebounding well from COVID-19 disruptions

Real GDP (purchasing power parity)

$580.099 billion (2022 est.)
$558.427 billion (2021 est.)
$531.455 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.6% (2022 est.)
5.08% (2021 est.)
-2.17% (2020 est.)

Real GDP per capita

$55,300 (2022 est.)
$53,600 (2021 est.)
$51,300 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$531.35 billion (2019 est.)

Inflation rate (consumer prices)

2.16% (2021 est.)
0.5% (2020 est.)
1.78% (2019 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 beets, 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

5.72% (2021 est.)

Labor force

5.556 million (2021 est.)

Unemployment rate

8.66% (2021 est.)
8.29% (2020 est.)
6.83% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 24.5% (2021 est.)

male: 26.1%

female: 23%

Population below poverty line

17.1% (2018 est.)

Gini Index coefficient - distribution of family income

29.3 (2019 est.)

Average household expenditures

on food: 12.4% of household expenditures (2018 est.)

on alcohol and tobacco: 3.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.4%

highest 10%: 24% (2012)

Remittances

0.52% of GDP (2021 est.)
0.57% of GDP (2020 est.)
0.6% of GDP (2019 est.)

Budget

revenues: $259.17 billion (2019 est.)

expenditures: $256.454 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2017 est.)

Public debt

44% of GDP (2020 est.)
38.69% of GDP (2019 est.)
42.28% of GDP (2018 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

26.58% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$34.075 billion (2021 est.)
$32.372 billion (2020 est.)
$29.361 billion (2019 est.)

Exports

$312.136 billion (2022 est.)
$290.793 billion (2021 est.)
$241.94 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Germany 10%, Norway 9%, United States 8%, Denmark 8%, Finland 6% (2021)

Exports - commodities

cars and vehicle parts, refined petroleum, packaged medicines, lumber, iron, broadcasting equipment (2021)

Imports

$294.817 billion (2022 est.)
$263.269 billion (2021 est.)
$217.165 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Germany 18%, Netherlands 9%, Norway 8%, China 7%, Denmark 7% (2021)

Imports - commodities

cars and vehicle parts, crude petroleum, refined petroleum, broadcasting equipment, computers (2021)

Reserves of foreign exchange and gold

$62.053 billion (31 December 2021 est.)
$58.26 billion (31 December 2020 est.)
$55.51 billion (31 December 2019 est.)

Debt - external

$911.317 billion (2019 est.)
$1,012,171,000,000 (2018 est.)

Exchange rates

Swedish kronor (SEK) per US dollar -

Exchange rates:
8.577 (2021 est.)
9.21 (2020 est.)
9.458 (2019 est.)
8.693 (2018 est.)
8.549 (2017 est.)