Sweden - Economy
How is the economy of Sweden? Based on the information we have, Sweden has a high-income, largest Nordic economy; EU member but non-euro user; export-oriented led by automotive, electronics, machinery and pharmaceuticals; highly ranked for competitiveness, R&D investments and governance; slowdown triggered by high inflation, weak consumption and financial tightening. Key agricultural products in this country include: wheat, milk, sugar beets, barley, potatoes, oats, rapeseed, pork, chicken, triticale (2022).
More about the economy of Sweden
| Labor force | 5.825 million (2023 est.) |
|---|---|
| Industrial production growth rate | -2.68% (2023 est.) |
| Industries | iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles |
| Population below poverty line | 16.1% (2022 est.) |
| Taxes and other revenues | 27.11% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Swedish kronor (SEK) per US dollar - |
| Exchange rates 2023 | 10.61 (2023 est.) |
| Exchange rates 2022 | 10.114 (2022 est.) |
| Exchange rates 2021 | 8.577 (2021 est.) |
| Exchange rates 2020 | 9.21 (2020 est.) |
| Exchange rates 2019 | 9.458 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $60.863 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $64.289 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $62.053 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $40.073 billion (2023 est.) |
| Current account balance 2022 | $31.881 billion (2022 est.) |
| Current account balance 2021 | $45.248 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 36.25% of GDP (2022 est.) |
| Budget | |
| Revenues | $195.463 billion (2022 est.) |
| Expenditures | $186.928 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.62% of GDP (2023 est.) |
| Remittances 2022 | 0.56% of GDP (2022 est.) |
| Remittances 2021 | 0.49% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.8% (2021 est.) |
| Highest 10% | 22.7% (2021 est.) |
| Average household expenditures | |
| On food | 12.5% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.1% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $296.796 billion (2023 est.) |
| Imports 2022 | $298.253 billion (2022 est.) |
| Imports 2021 | $268.334 billion (2021 est.) |
| Imports (partners) | Germany 16%, Netherlands 10%, Norway 9%, China 7%, Denmark 6% (2022) |
| Comodities Imports force | crude petroleum, cars, refined petroleum, broadcasting equipment, garments (2022) |
| Exports | |
| Imports 2023 | $296.796 billion (2023 est.) |
| Imports 2022 | $298.253 billion (2022 est.) |
| Imports 2021 | $268.334 billion (2021 est.) |
| Exports (partners) | Germany 10%, Norway 10%, US 9%, Denmark 8%, Finland 7% (2022) |
| Comodities Exports force | refined petroleum, cars, packaged medicine, paper, electricity (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $676.353 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $677.682 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $660.102 billion (2021 est.) |
| GDP (official exchange rate) | $593.268 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $64,200 (2023 est.) |
| Real GDP per capita 2022 | $64,600 (2022 est.) |
| Real GDP per capita 2021 | $63,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.6% (2023 est.) |
| Industry | 22.8% (2023 est.) |
| Services | 65.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 43.2% (2023 est.) |
| Government consumption | 25.7% (2023 est.) |
| Investment in fixed capital | 26.7% (2023 est.) |
| Investment in inventories | 0.1% (2023 est.) |
| Exports of goods and services | 54% (2023 est.) |
| Imports of goods and services | -49.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 7.59% (2023 est.) |
| Unemployment rate 2022 | 7.39% (2022 est.) |
| Unemployment rate 2021 | 8.72% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 21.6% (2023 est.) |
| Male | 21.9% (2023 est.) |
| Female | 21.2% (2023 est.) |
All Important Facts about Sweden
Want to know more about Sweden? Check all different factbooks for Sweden below.
