Economy of Sweden

Economy of SwedenMade by Margarita

Afanasyeva 11 t h group

Some facts about Sweden• Sweden is a highly industrialized country and

has one of the highest living standards in the world. Since 1940 there has been a great movement of workers from farms to cities; nevertheless, agricultural output has increased considerably with the application of scientific farming methods. Transportation, communication, and trade are also important. Farming is concentrated in the southern part of the country; the leading commodities produced are dairy products, grain (including fodder crops), sugar beets, and potatoes. Large numbers of poultry, hogs, and cattle are raised.

• Main imports are machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel, foodstuffs, and clothing. The principal trade partners are Germany, Norway, Denmark, Great Britain, and Finland.

Industry• The Swedish economy is built on rich reserves of iron ore and

timber, and plentiful hydroelectric power. The main industrial sectors are forestry, telecoms, and the automotive and

pharmaceutical industries. Today the country is among the world’s 15 richest in terms of GDP per capita, a status helped by high levels of education and a skilled workforce, excellent internal and external communications, and one of the highest levels of internet access.

• Sweden’s largest and most widely known companies include Volvo, Ericsson, Vattenfall, Skanska, Sony Ericsson Mobile

Communications, Electrolux and IKEA. The vast majority – about 90% – of Sweden’s industry is privately owned.

• In 2007, Sweden’s investment into research and development topped 3.5% of GDP, which is substantially higher than any other

OECD member’s investment as a proportion of GDP into this sector.

Swedish Currency• Sweden is part of the European

Union but maintains its own currency, the krona (crown). In 2003 Swedes voted in a referendum and chose not to join the euro. The country bounced back from the recent global financial crisis and subsequent recession more quickly and more strongly than many other industrialized nations, and foreign observers have noted its healthy public finances.

Swedish socialism• The Swedish welfare system — often referred to

internationally as The Swedish Model — can be described as providing lifetime benefits for all citizens. It is a social and economic system whose guiding principles are full employment, equal pay for equal work and the collective welfare of society as a whole.

Salaries are comparable with other industrialized countries and

Swedish residents enjoy a very high quality of life, consistently placing Sweden near the top of the United

Nations Human Development Index.

The rule of law• The rule of law is well maintained. Sweden’s

judicial system operates independently and impartially, with consistent application of laws. Property rights and contract enforcement are very secure, and expropriation is highly unusual

• . Protection of intellectual property rights is consistent with world standards. Effective anti-corruption measures discourage bribery of public officials and uphold government integrity.

Unemployment• Unemployment Rate in Sweden decreased to 8.70 percent in April of 2013 from 8.80 percent in March of

2013. Unemployment Rate in Sweden is reported by the Statistics Sweden. Historically, from 1980 until 2013,

Sweden Unemployment Rate averaged 5.73 Percent reaching an all time high of 10.50 Percent in June of 1997 and a

record low of 1.30 Percent in July of 1989. In Sweden, the unemployment rate measures the number of people

actively looking for a job as a percentage of the labour force. This page includes a chart with historical

data for Sweden Unemployment Rate.

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