Sweden Economy

The per capita gross national product or GNP of Sweden is the highest in the world. Sweden is also the highest taxpayer in the world. The role of the Government in national income distribution has declined over the years.Sweden’s export value amounts to 1/3rd of the gross domestic product or the GDP.
Sweden relies heavily on free international trade for maintaining the country’s living standards. The currency of Sweden, Krona, was associated with the European Currency Unit or the ECU in the year 1991. It was further replaced by Euro in the year 1999. Sweden’s currency enjoyed an independent status despite being an active member of the European Union or EU in the year 1995.

Competitiveness is a problem faced by Sweden. Owing to competition, most of the industries have invested abroad than in Sweden. Industrial companies in Sweden are transnational in nature.

Few of these companies have a tendency of hiring more workers abroad where cost of production is comparatively low. Hydro power, iron ore, and timber are some of the major industries of the country. Private enterprises account for 90% of industrial productivity.
The agriculture sector accounts for 2% of the gross domestic product or the GDP.

Sweden’s GDP PPP (purchasing power parity was USD$238.3 billion in 2004. GDP real growth rate was 1.7 percent in 2004. Gross domestic product per capita (PPP) was USD$26,800 in 2004.

Sweden Economic Performance GDP Graph 1980-2013

Sweden Economic Performance Inflation Graph 1980-2013

Sweden Economic Performance 1980-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1980 1.70 13.70 1997 2.90 0.52
1981 0.45 12.11 1998 4.23 -0.14
1982 1.25 8.58 1999 4.53 0.45
1983 1.90 8.91 2000 4.74 1.04
1984 4.23 8.02 2001 1.56 2.41
1985 2.16 7.37 2002 2.07 2.16
1986 2.69 4.23 2003 2.39 1.93
1987 3.35 4.22 2004 4.32 0.37
1988 2.56 5.80 2005 2.82 0.45
1989 2.65 6.44 2006 4.69 1.36
1990 0.75 10.47 2007 3.40 2.21
1991 -1.15 9.34 2008 -0.56 3.44
1992 -1.16 2.28 2009 -5.18 -0.49
1993 -2.07 4.65 2010 5.99 1.16
1994 4.09 2.20 2011 2.66 2.96
1995 4.02 2.53 2012 -0.29 0.89
1996 1.52 0.47 2013 1.50 -0.04

Source: World Bank

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Last Updated on : 26th February 2015 Next Update : February 2016