Economy - overview:
Aided by peace and neutrality for the whole 20th 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. The government's commitment to fiscal discipline
resulted in a substantial budgetary surplus in 2001, which was cut
by more than half in 2002, due to the global economic slowdown,
revenue declines, and spending increases. The Swedish central bank
(the Riksbank) is focusing on price stability with its inflation
target of 2%. Growth remained sluggish in 2003. On September 14,
2003, Swedish voters turned down entry into the euro system,
concerned about the impact on democracy and sovereignty.
GDP:
purchasing power parity - $230.7 billion (2002 est.)
GDP - real growth rate:
1.9% (2002 est.)
GDP - per capita:
purchasing power parity - $26,000 (2002 est.)
GDP - composition by sector:
agriculture: 2%
industry: 29%
services: 69% (2001)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 20.1% (1992)
Distribution of family income - Gini index:
25 (1992)
Inflation rate (consumer prices):
2.2% (2002 est.)
Labor force:
4.4 million (2000 est.)
Labor force - by occupation:
agriculture 2%, industry 24%, services 74% (2000 est.)
Unemployment rate:
4% (2002 est.)
Budget:
revenues: $119 billion
expenditures: $110 billion, including capital expenditures of $NA
(2001 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:
0.9% (2002 est.)
Electricity - production:
152.9 billion kWh (2001)
Electricity - production by source:
fossil fuel: 4%
hydro: 50.8%
other: 2.3% (2001)
nuclear: 43%
Electricity - consumption:
134.9 billion kWh (2001)
Electricity - exports:
18.45 billion kWh (2001)
Electricity - imports:
11.14 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
328,600 bbl/day (2001 est.)
Oil - exports:
203,700 bbl/day (2001)
Oil - imports:
553,100 bbl/day (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
949 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
968 million cu m (2001 est.)
Agriculture - products:
barley, wheat, sugar beets; meat, milk
Exports:
$80.6 billion f.o.b. (2002 est.)
Exports - commodities:
machinery 35%, motor vehicles, paper products, pulp and wood, iron
and steel products, chemicals
Exports - partners:
US 11.6%, Germany 10.1%, Norway 9%, UK 8.2%, Denmark 5.9%, Finland
5.6%, Netherlands 5.3%, France 5.1%, Belgium 4.7% (2002)
Imports:
$68.6 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, petroleum and petroleum products, chemicals, motor
vehicles, iron and steel; foodstuffs, clothing
Imports - partners:
Germany 18.5%, Denmark 8.8%, UK 8.6%, Norway 8.2%, Netherlands
6.7%, France 5.4%, Finland 5.2%, US 5% (2002)
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 - 9.74 (2002), 10.33 (2001), 9.16
(2000), 8.26 (1999), 7.95 (1998)
Fiscal year:
calendar year