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Sweden

Sweden

Ronak
Ronak Shah

Country Expert
   

Sweden Statistics

In 2018 Sweden was the number 22 economy in the world in terms of GDP (current US$). 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.
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.
$ 1
GDP in USD trillion
1 Crores
Population (2019)
1
Area ( km. sq. )
Government Authority

sweden pm

Stefan Löfven

Prime Minister of Sweden
Highlights


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Import Of Sweden

In 2018 Sweden imported a total of $160B, making it the number 31st trade destination in the world.
Main Import Countries

Export Of Sweden

In 2018 Sweden exported a total of $162B, making it the number 32nd exporter in the world.
Main Export Countries

Major Sectors

Agriculture Trade Services Resources And Power Manufacturing Forestry

The southern tip of Sweden is the most agriculturally productive. Sweden has quite short growing seasons in most parts of the country that limits the species and productivity of agriculture, but the south has the longest growing season, in some parts of the south in excess of 240 days. Wheat, rapeseed and other oil plants, and sugar beet are common in southern Sweden, while barley and oat are more important further north. Barley and oat are grown mostly for animal feed especially for pigs and poultry.
The Central Swedish lowland is the traditional centre of agriculture in Sweden. Dairy is the largest sector in economical terms, and is responsible for 20 per cent of the value of the Swedish agricultural production. Pork and poultry production is also relatively large.

Exports account for about one-third of Sweden’s GDP. The emphasis has shifted from export of raw materials and semi manufactured products (pulp, steel, sawn wood) to finished goods, dominated by engineering products (cars, telecommunications equipment, hydroelectric power plant equipment) and, increasingly, high technology and chemical- and biotechnology. Together, Germany, the United Kingdom, Norway, Finland, and Denmark account for about two-fifths of Sweden’s export market.
Imports are more diversified than exports. Among the imported foodstuffs are coffee, tea, fruit, and fish. Chemicals and textiles are other groups of imported goods. Germany is the main supplier of Sweden’s imports, followed by the Netherlands, Norway, Denmark, the United Kingdom, and Belgium.

More than one-third of actively employed Swedes work in the service sector. Moreover, in the early 21st century, the export of services—including business services and technology consultancy services—was significantly greater than the export of goods. The tourist industry also plays an important role in the Swedish economy.

Wood, metallic ores, and waterpower constitute the historical basis for Sweden’s industrial economy. The country is lacking in fossil fuels and must rely on imports for its needs. Hydroelectric power is used to a high degree but provides only about half of the electric energy needed; most of the rest is derived from nuclear power.
Sweden is well endowed with mineral resources. The huge state-owned iron ore deposits at Kiruna in Lapland were opened to export at the end of the 19th century. In the Boliden area of Norrland a wide range of metals, including gold, copper, lead, and zinc, are mined. The copper, silver, and iron ore deposits of central Sweden either have been largely exhausted or are unprofitable to extract.

Manufacturing is export-oriented and produces the bulk of Sweden’s export income. Nevertheless, the number of workers employed in private industry is smaller than the number of public employees.
Sweden is a major world exporter of forest products. Timber is transported via a dense road and rail network. Sawmills and pulp and paper factories process the forest products. Swedish manufacturers produce a variety of wood products, including paper, boards, and prefabricated houses and furniture. Stockholm is a leading centre for the production of communications equipment.

About half of Swedish forestland is privately owned, about one-fourth company-owned, and about one-fourth publicly owned. Forest work used to be complementary winter employment for small farmers using their horses; today forestry is carried on year-round by a small workforce and large, modern machinery. Nearly three-fourths of all Swedish farms have timberland. The average regrowth and harvest time for spruce and pine is about 50 years in the south and roughly 140 years in the north. Since the late 19th century, forestry in Sweden has been conducted on a sustained-yield basis, which establishes a ratio between cutting and new growth that is strictly enforced.

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