Sweden - Economic Indicators

Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, Kattegat, and Skagerrak, between Finland and Norway

62 00 N, 15 00 E

Europe

almost three times the size of Georgia; slightly larger than California

3,218 km

temperate in south with cold, cloudy winters and cool, partly cloudy summers; subarctic in north

mostly flat or gently rolling lowlands; mountains in west

highest point: Kebnekaise 2,111 m

iron ore, copper, lead, zinc, gold, silver, tungsten, uranium, arsenic, feldspar, timber, hydropower

arable land 6.4%; permanent crops 0%; permanent pasture 1.1%

1,640 sq km (2012)

most Swedes live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the Baltic coast in the east; the interior areas of the north remain sparsely populated

ice floes in the surrounding waters, especially in the Gulf of Bothnia, can interfere with maritime traffic

acid rain damage to soils and lakes; pollution of the North Sea and the Baltic Sea

strategic location along Danish Straits linking Baltic and North Seas; Sweden has almost 100,000 lakes, the largest of which, Vanern, is the third largest in Europe

9,960,487 (July 2017 est.)

indigenous population: Swedes with Finnish and Sami minorities; most common countries of origin among immigrants: Syria, Finland, Iraq, Poland, Iran

Swedish (official)

Church of Sweden (Lutheran) 63%, other (includes Roman Catholic, Orthodox, Baptist, Muslim, Jewish, and Buddhist) 17% (2016 est.)

0.81% (2017 est.)

12.1 births/1,000 population (2017 est.)

9.4 deaths/1,000 population (2017 est.)

5.3 migrant(s)/1,000 population (2017 est.)

most Swedes live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the Baltic coast in the east; the interior areas of the north remain sparsely populated

STOCKHOLM (capital) 1.486 million (2015)

29.1 years (2015 est.)

4 deaths/100,000 live births (2015 est.)

1.88 children born/woman (2017 est.)

11.9% of GDP (2014)

4.19 physicians/1,000 population (2014)

2.4 beds/1,000 population (2015)

urban: 100% of population

rural: 100% of population

total: 100% of population

urban: 0% of population

rural: 0% of population

total: 0% of population (2015 est.)

urban: 99.3% of population

rural: 99.6% of population

total: 99.3% of population

urban: 0.7% of population

rural: 0.4% of population

total: 0.7% of population (2015 est.)

0.2% (2016 est.)

11,000 (2016 est.)

<100 (2016 est.)

20.6% (2016)

7.7% of GDP (2014)

parliamentary constitutional monarchy

21 counties (lan, singular and plural); Blekinge, Dalarna, Gavleborg, Gotland, Halland, Jamtland, Jonkoping, Kalmar, Kronoberg, Norrbotten, Orebro, Ostergotland, Skane, Sodermanland, Stockholm, Uppsala, Varmland, Vasterbotten, Vasternorrland, Vastmanland, Vastra Gotaland

6 June 1523 (Gustav VASA elected king of Sweden, marking the abolishment of the Kalmar Union between Denmark, Norway, and Sweden)

National Day, 6 June (1983); note - from 1916 to 1982 this date was celebrated as Swedish Flag Day

civil law system influenced by Roman-Germanic law and customary law

accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction

18 years of age; universal

Center Party (Centerpartiet) or C [Annie LOOF]

Christian Democrats (Kristdemokraterna) or KD [Ebba Busch THOR]

Green Party (Miljopartiet de Grona) or MP [Isabella LOVIN and Gustav FRIDOLIN]

Left Party (Vansterpartiet) or V [Jonas SJOSTEDT]

Liberal Party (Liberalerna) or L [Jan BJORKLUND]

Moderate Party (Moderaterna) or M [Ulf KRISTERSSON]

Swedish Social Democratic Party (Socialdemokraterna) or SAP [Stefan LOFVEN]

Sweden Democrats (Sverigedemokraterna) or SD [Jimmie AKESSON]

Confederation of Swedish Enterprise (Svenskt Naringsliv) [Carola LEMNE]

Swedish Confederation of Professional Associations or SACO [Goran ARRIUS]

Swedish Confederation of Professional Employees or TCO [Eva NORDMARK]

Swedish Trade Union Confederation (Landsorganisationen) or LO [Karl-Petter THORWALDSSON]

ADB (nonregional member), AfDB (nonregional member), Arctic Council, Australia Group, BIS, CBSS, CD, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), EMU, ESA, EU, FAO, FATF, G-9, G-10, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, PFP, Schengen Convention, UN, UN Security Council (temporary), UNCTAD, UNESCO, UNHCR, UNIDO, UNMISS, UNMOGIP, UNRWA, UNTSO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

blue with a golden yellow cross extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors reflect those of the Swedish coat of arms - three gold crowns on a blue field

three crowns, lion; national colors: blue, yellow

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. Economic growth is expected 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 is expected to maintain its 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 keeping rising house prices in check and successfully integrating migrants into the labor market.

$521.7 billion (2017 est.)

$506 billion (2016 est.)

$490.4 billion (2015 est.)

$541.9 billion (2017 est.)

3.1% (2017 est.)

3.2% (2016 est.)

4.1% (2015 est.)

$51,300 (2017 est.)

$50,600 (2016 est.)

$49,800 (2015 est.)

29.9% of GDP (2017 est.)

29.2% of GDP (2016 est.)

28.9% of GDP (2015 est.)

barley, wheat, sugar beets; meat, milk

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

2.5% (2017 est.)

5.361 million (2017 est.)

6.6% (2017 est.)

7% (2016 est.)

15% (2014 est.)

24.9 (2013 est.)

25 (1992 est.)

50.7% of GDP (2017 est.)

0.9% of GDP (2017 est.)

39% of GDP (2017 est.)

41.7% of GDP (2016 est.)

calendar year

1.6% (2017 est.)

1.1% (2016 est.)

-0.5% (31 December 2016 est.)

-0.35% (31 December 2015 est.)

2% (31 December 2017 est.)

1.85% (31 December 2016 est.)

$339.9 billion (31 December 2017 est.)

$273.5 billion (31 December 2016 est.)

$395.8 billion (31 December 2017 est.)

$321.3 billion (31 December 2016 est.)

$953.1 billion (31 December 2017 est.)

$748.6 billion (31 December 2016 est.)

$560.5 billion (31 December 2012 est.)

$470.1 billion (31 December 2011 est.)

$581.2 billion (31 December 2010 est.)

$21.4 billion (2017 est.)

$23.07 billion (2016 est.)

$169.7 billion (2017 est.)

$151.4 billion (2016 est.)

machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals (2012 est.)

Germany 10.6%, Norway 10.4%, US 7.3%, Denmark 7%, Finland 6.8%, UK 6%, Netherlands 5.4%, Belgium 4.7%, France 4.4% (2016)

$154.8 billion (2017 est.)

$139.9 billion (2016 est.)

machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing

Germany 18.8%, Netherlands 8.2%, Norway 7.8%, Denmark 7.6%, China 5.6%, UK 5.2%, Belgium 4.6%, Finland 4.5%, France 4.1% (2016)

$59.39 billion (31 December 2016 est.)

$59.39 billion (31 December 2016 est.)

$939.9 billion (31 March 2016 est.)

$929.4 billion (31 March 2015 est.)

$405.1 billion (31 December 2017 est.)

$390.5 billion (31 December 2016 est.)

$495.7 billion (31 December 2017 est.)

$479.3 billion (31 December 2016 est.)

Swedish kronor (SEK) per US dollar -

8.44 (2017 est.)

8.56 (2016 est.)

8.56 (2015 est.)

8.43 (2014 est.)

6.86 (2013 est.)

154.3 billion kWh (2015 est.)

125.4 billion kWh (2015 est.)

26.02 billion kWh (2016 est.)

14.29 billion kWh (2016 est.)

39.67 million kW (2015 est.)

6.3% of total installed capacity (2015 est.)

24.3% of total installed capacity (2015 est.)

40.9% of total installed capacity (2015 est.)

30% of total installed capacity (2015 est.)

0 bbl/day (2016 est.)

0 bbl/day (2016 est.)

393,900 bbl/day (2016 est.)

0 bbl (1 January 2017 est.)

418,700 bbl/day (2016 est.)

320,200 bbl/day (2016 est.)

336,300 bbl/day (2016 est.)

220,300 bbl/day (2016 est.)

0 cu m (2015 est.)

1.25 billion cu m (2015 est.)

0 cu m (2015 est.)

812 million cu m (2015 est.)

0 cu m (1 January 2014 est.)

62 million Mt (2015 est.)

publicly owned TV broadcaster operates 2 terrestrial networks plus regional stations; multiple privately owned TV broadcasters operating nationally, regionally, and locally; about 50 local TV stations; widespread access to pan-Nordic and international broadcasters through multi-channel cable and satellite TV; publicly owned radio broadcaster operates 3 national stations and a network of 25 regional channels; roughly 100 privately owned local radio stations with some consolidating into near national networks; an estimated 900 community and neighborhood radio stations broadcast intermittently (2008)

.se

SE (2016)

231 (2013)

2 (2013)

gas 1,626 km (2013)

2,052 km (2010)

1.1% of GDP (2017)

1.04% of GDP (2016)

1.09% of GDP (2015)

1.14% of GDP (2014)

1.13% of GDP (2013)

Swedish Armed Forces (Forsvarsmakten): Army (Armen), Royal Swedish Navy (Marinen), Swedish Air Force (Svenska Flygvapnet) (2018)

18-47 years of age for male and female voluntary military service; Swedish citizenship required; service obligation: 7.5 months (Army), 7-15 months (Navy), 8-12 months (Air Force); after completing initial service, soldiers have a reserve commitment until age 47; compulsory military service, abolished in 2010, was reinstated in 2018 (2018)

none