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 does not use the euro; export-oriented, led by automotive, electronics, machinery, and pharmaceuticals; highly ranked for competitiveness, R&D investments and governance; recovery, with falling inflation and real wage growth balanced by risks from trade uncertainty
. Key agricultural products in this country include: milk, wheat, sugar beets, barley, potatoes, oats, rapeseed, pork, chicken, beef (2023).More about the economy of Sweden
| Labor force | 5.707 million (2024 est.) |
|---|---|
| Industrial production growth rate | -2.56% (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 | 27.6% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Swedish kronor (SEK) per US dollar - |
| Exchange rates 2024 | 10.568 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $52.023 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $60.863 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $64.289 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $45.274 billion (2024 est.) |
| Current account balance 2023 | $40.819 billion (2023 est.) |
| Current account balance 2022 | $27.404 billion (2022 est.) |
| Public debt | |
| Public debt 2022 | 36.9% of GDP (2022 est.) |
| Budget | |
| Revenues | $195.463 billion (2022 est.) |
| Expenditures | $186.928 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.71% of GDP (2023 est.) |
| Remittances 2022 | 0.64% of GDP (2022 est.) |
| Remittances 2021 | 0.51% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.8% (2021 est.) |
| Highest 10% | 22.7% (2021 est.) |
| Average household expenditures | |
| On food | 13% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.1% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $309.526 billion (2024 est.) |
| Imports 2023 | $304.194 billion (2023 est.) |
| Imports 2022 | $304.101 billion (2022 est.) |
| Imports (partners) | Germany 17%, Netherlands 10%, Norway 9%, Denmark 6%, China 6% (2023) |
| Comodities Imports force | cars, crude petroleum, refined petroleum, vehicle parts/accessories, garments (2023) |
| Exports | |
| Imports 2024 | $309.526 billion (2024 est.) |
| Imports 2023 | $304.194 billion (2023 est.) |
| Imports 2022 | $304.101 billion (2022 est.) |
| Exports (partners) | Germany 10%, USA 10%, Denmark 8%, Norway 6%, Netherlands 5% (2023) |
| Comodities Exports force | cars, refined petroleum, packaged medicine, paper, vehicle parts/accessories (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $665.016 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $667.089 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $657.494 billion (2021 est.) |
| GDP (official exchange rate) | $584.96 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $63,100 (2023 est.) |
| Real GDP per capita 2022 | $63,600 (2022 est.) |
| Real GDP per capita 2021 | $63,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1% (2023 est.) |
| Industry | 23.3% (2023 est.) |
| Services | 65.2% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 43.8% (2023 est.) |
| Government consumption | 26% (2023 est.) |
| Investment in fixed capital | 25% (2023 est.) |
| Investment in inventories | 0% (2023 est.) |
| Exports of goods and services | 55.2% (2023 est.) |
| Imports of goods and services | -51.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 8.5% (2024 est.) |
| Unemployment rate 2023 | 7.6% (2023 est.) |
| Unemployment rate 2022 | 7.4% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 23.8% (2024 est.) |
| Male | 24.3% (2024 est.) |
| Female | 23.2% (2024 est.) |
All Important Facts about Sweden
Want to know more about Sweden? Check all different factbooks for Sweden below.
