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 substantive budgetary surplus in 2001, but is expected to shrink somewhat in 2002, due to the global economic slowdown, tax cuts, and spending increases. The Swedish central bank (the Riksbank) is focusing on price stability with an inflation target of 2% for 2002.

GDP purchasing power parity - $219 billion (2001 est.)

GDP - real growth rate 1.6% (2001 est.)

GDP - per capita purchasing power parity - $24,700 (2001 est.)

GDP - composition by sector
agriculture: 2%
industry: 28.7%
services: 69.3% (2000)

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) 2.7% (2001 est.)

Labor force 4.4 million (2000 est.)

Labor force - by occupation agriculture 2%, industry 24%, services 74% (2000 est.)

Unemployment rate 3.9% (2001 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 4.5% (2001 est.)

Electricity - production 144.621 billion kWh (2000)

Electricity - production by source
fossil fuel: 6.06%
hydro: 53.81%
other: 2.72% (2000)
nuclear: 37.41%

Electricity - consumption 139.176 billion kWh (2000)

Electricity - exports 13.628 billion kWh (2000)

Electricity - imports 18.306 billion kWh (2000)

Agriculture - products barley, wheat, sugar beets; meat, milk

Exports $96 billion (f.o.b., 2001 est.)

Exports - commodities machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals

Exports - partners EU 53.6% (Germany 10.6%, UK 9.1%, Denmark 5.3%, France 5.1%), US 9.5%, Norway 7.5% (2000)

Imports $89.2 billion (f.o.b., 2001 est.)

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

Imports - partners EU 60.3% (Germany 16.3%, UK 8.8%, Denmark 6.7%, France 5.6%), Norway 8.2%, US 6.7% (2000)

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 - 10.4381 (January 2002), 10.3291 (2001), 9.1622 (2000), 8.2624 (1999), 7.9499 (1998), 7.6349 (1997)

Fiscal year calendar year

NOTE: The information regarding Sweden on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sweden Economy 2002 information contained here. All suggestions for corrections of any errors about Sweden Economy 2002 should be addressed to the CIA.