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Economy of Sweden
1.
2. • 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.
3. • 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.
4. • 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.
5. • 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.
6. • 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.
7. • 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.