Economy of Sweden

Economy of Sweden

Currency	Swedish krona (SEK, kr) ~ €0.1
Fiscal year	calendar year
Trade organisations	EU, OSCE, WTO, OECD and others
Statistics
GDP	$517 Billion (2016 est.) (nominal) $523 Billion (2017 est.) (PPP)
GDP rank	21st (nominal) / 38rd (PPP)
GDP growth	4.1% (2015)
GDP per capita	$50,000 (2016, PPP), $52,000 (2016, nominal)
GDP by sector	agriculture: 1.8%, industry: 27.4%, services: 70.8% (2012 est.)
Inflation (CPI)	0.9% (2012 est.)
Gini coefficient	23 (2005)
Labour force	5.1 million (August 2013)
Labour force by occupation	agriculture: 1.1%, industry: 28.2%, services: 70.7% (2008 est.)
Unemployment	6.2% or 7.0% (Smoothed and seasonally adjusted data) (November 2015)
Average gross salary	€40,000/ $54,000 annual (2014)
Average net salary	€31,000/ $40,000 annual (2014)
Main industries	telecommunications equipment, wood pulp and paper products, motor vehicles, pharmaceutical products, iron and steel
Ease-of-doing-business rank	9th (2017)
External
Exports	$147.3 billion (2016)
Export goods	machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals, military armaments
Main export partners	Germany 11%  United Kingdom 7.7%  Denmark 7.3%  United States 6.4%  Netherlands 5.3%  Belgium 5.2%  Finland 4.7%  France 4.6% (2015 est.)
Imports	$134.9 billion (2016)
Import goods	machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Main import partners	Germany 17.0%  Netherlands 8.1%  Denmark 7.2%  Norway 6.6%  United Kingdom 6.0%  Finland 5.1%  China 4.8%  Russia 4.6%  France 4.6% (2015 est.)
FDI stock	$0.5 trillion (31 December 2012 est.)
Gross external debt	$939.9 billion (31 March 2016)
Public finances
Public debt	41.4% of GDP (2016)
Revenues	$0.27 trillion (2012 est.)
Expenses	$0.27 trillion (2012 est.)
Economic aid	donor: ODA, ~$4 billion (April. 2007)
Credit rating	Standard & Poor's: AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable Moody's: Aaa Outlook: Stable Fitch: AAA Outlook: Stable
Foreign reserves	$60 billion (31 December 2012 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Sweden is a developed export-oriented economy aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally a modern agricultural economy that employed over half the domestic workforce, today Sweden further develops engineering, mine, steel, and pulp industries that are competitive internationally, as evidenced by companies like Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.

Sweden is a competitive mixed economy featuring a generous universal welfare state financed through relatively high income taxes that ensures that income is distributed across the entire society, a model sometimes called the Nordic model. Approximately 90% of all resources and companies are privately owned, with a minority of 5% owned by the state and another 5% operating as either consumer or producer cooperatives.

Because Sweden as a neutral country did not actively participate in World War II, it did not have to rebuild its economic base, banking system, and country as a whole, as did many other European countries. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark, as a share of the country's income. As of 2012^[update], total tax revenue was 44.2% of GDP, down from 48.3% in 2006.