Sweden Economy 1997

Economy - overview Aided by peace and neutrality for the whole twentieth century, Swedenhas achieved an enviable standard of living under a mixed system of high-techcapitalism 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 economyheavily oriented toward foreign trade. Privately owned firms account for about90% 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 thejobs. In recent years, however, this extraordinarily favorable picture hasbeen clouded by budgetary difficulties, inflation, growing unemployment, anda gradual loss of competitiveness in international markets. To curb the budgetdeficit and bolster confidence in the economy, the government adopted an adjustmentprogram in November 1994 that aims to eliminate the government budget deficitand to stabilize the debt to GDP ratio. Sweden has harmonized its economicpolicies with those of the EU, which it joined at the start of 1995.

GDP purchasing power parity - $184.3 billion (1996 est.)

GDP - real growth rate 1.4% (1996 est.)

GDP - per capita purchasing power parity - $20,800 (1996 est.)

GDP - composition by sector
agriculture: 2%
industry : 27%
services: 71% (1993)

Inflation rate - consumer price index 0.2% (September 1996)

Labor force
total: 4.552 million (84% unionized, 1992)
by occupation: community, social and personal services 38.3%, mining and manufacturing21.2%, commerce, hotels, and restaurants 14.1%, banking, insurance 9.0%, communications 7.2%, construction 7.0%, agriculture, fishing, and forestry3.2% (1991)

Unemployment rate 8% (September 1996) plus about 6% in training programs

Budget
revenues: $109.4 billion
expenditures : $146.1 billion, including capital expenditures of $NA (FY95/96)

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 2% (1996 est.)

Electricity - capacity 35.46 million kW (1994)

Electricity - production 147.7 billion kWh (1995)

Electricity - consumption per capita 14,862 kWh (1995 est.)

Agriculture - products grains, sugar beets, potatoes; meat, milk

Exports
total value: $79.9 billion (f.o.b., 1995)
commodities : machinery, motor vehicles, paper products, pulp and wood, iron and steelproducts, chemicals, petroleum and petroleum products
partners: EU 59.1% (Germany 13.2%, UK 10.2%, Denmark 6.9%, France 5.1%), Norway8.1%, Finland 4.8%, US 8.0% (1994)

Imports
total value : $64.4 billion (c.i.f., 1995)
commodities: machinery, petroleum and petroleum products, chemicals, motor vehicles,foodstuffs, iron and steel, clothing
partners: EU 62.6% (Germany 18.4%, UK 9.5%, Denmark 6.6%, France 5.5%), Finland6.3%, Norway 6.1%, US 8.5% (1994)

Debt - external $66.5 billion (1994)

Economic aid
donor: ODA, $1.769 billion (1993)

Currency 1 Swedish krona (SKr) = 100 oere

Exchange rates Swedish kronor (SKr) per US$1 - 7.0671 (January 1997), 6.7060 (1996),7.1333 (1995), 7.7160 (1994), 7.7834 (1993), 5.8238 (1992)

Fiscal year 1 January - 31 December (Sweden changed its fiscal year from 1 July- 30 June in 1995)

NOTE: The information regarding Sweden on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sweden Economy 1997 information contained here. All suggestions for corrections of any errors about Sweden Economy 1997 should be addressed to the CIA.