Swedish economy

The following table shows the main economic indicators for 1980-2018. Inflation less than 2% is indicated by a green arrow. ^[3]

Communications and transport are the most important components of the country's overall infrastructure.

Raw materials and refined raw materials ^{[ specify ]} make up a significant part of Swedish exports, but science-intensive industries such as information technology and biomedicine are beginning to make up an increasing share in the economy. This is facilitated by a developed infrastructure and a high general level of education of the population.

Significant export revenues have recently come from industries such as design , the fashion industry , the art industry, gastronomy, the media industry, music, advertising, and tourism .

Statistics

Economically active population: 4 897 000
Percentage of economically active population: 69.9%
Employed: 4,449,000
Employment Rate: 63.5%
Unemployed: 448,000
Unemployment rate: 7.8%
Unemployed between the ages of 15 and 24: 165,000
Unemployment rate for ages 15-24: 28.1%
GDP (4th quarter of 2009): 819,700 million kroons
Consumer price index (compared to 1980 = 100): 302.36
Net Price Index (compared to 1980 = 100): 255.41
Export of goods: 99.4 billion kroons
Import of goods: 92.2 billion kroons

GDP

GDP in

• 2004 - an increase of 3.7%
• 2005 - an increase of 2.7%

Public Sector Role

The share of state property in Sweden reached 26% of GDP in the 1980s, but then began to decline, and the number of state-owned companies fell from 1777 to 55 ^[4] .

State ownership was previously represented in the manufacturing sector: the state-owned company Wattenfall produced electricity, television communications were provided through partly state-owned Telia Sonera , most of the state forests in Sweden belonged to the state-owned company Sveaskog, etc. ^[4] . Since 1981, the Riksdag approved reports on the activities of state-owned enterprises ^[4] .

During the 1990s , privatization began in Sweden, competition began in the electricity market, state monopolies on mail and alcohol trade were eliminated ^[4] . In the early 2000s, 55 companies remained state-owned (including 42 in full state ownership), where about 190 thousand people worked ^[4] . Among these 55 companies, 28 had a turnover of more than SEK 500 million, including 8 - over 10 billion SEK, and 12 Swedish state enterprises or enterprises with state participation were among the 100 largest enterprises in the country ^[4] . In 1990-2000 revenues from privatization amounted to 17.295 billion dollars ^[4] .

Economic miracle

Over the course of several decades of the 20th century, Sweden turned from a poor agrarian country into one of the richest and most highly developed industrial powers.

The basis of this unprecedented development was the natural wealth of northern Sweden - timber, ore and hydropower resources - combined with a number of revolutionary Swedish inventions and their further development and operation, such as a steam turbine, AGA gas beacons, a milk separator, a safe match, an adjustable propeller steps, tetrapack packaging and many others.

Due to the small capacity of the domestic market, large Swedish companies had to focus on exports . This early globalization gave Swedish companies an edge in international competition. Thanks to this, Sweden has extremely high rates in terms of the number of large multinational concerns and well-known brands in proportion to its population. For example: Volvo , Scania, Saab , Erickson , AstraZeneca , Electrolux , Ikea , Hennes and Maurits , Hasselblad , Sistemair .

Raw materials and refined raw materials continue to make up a significant part of Swedish exports, but science-intensive industries (e.g., information technology and biomedicine) are beginning to make up an increasing share in the economy, recently such industries as design , fashion industry, have brought significant export revenues. art industry, gastronomy, media industries, music, advertising, tourism.

The government’s desire for strict financial discipline led to a budget surplus in 2001, in 2002 it was halved due to the global economic downturn, lower revenues and higher costs. In the 2000s, Sweden was affected by the all-Scandinavian trend towards a decrease in the share of state property revenues in total state revenues: from 8.3% in 2003 to 5.5% in 2006 ^[4] .

Approximately 1/3 of Sweden’s energy needs are met through imported energy sources, among which the main one is oil, followed by coal and natural gas. The main local sources of energy are nuclear fuel, hydropower resources, and wood. Research in the field of nuclear energy in Sweden began in 1947. In 1964, the first heavy water reactor was built. To reduce dependence on oil, it was decided to actively develop hydro and nuclear energy. In the 1970s and 1980s, 6 nuclear reactors were commissioned, of which one was shut down in 1999 and the second in 2005 ^[5] .

Five nuclear power plants were operating in Sweden, which supplied 40% of the country's total electricity consumption: Forsmark (3 reactors), Oskarshamn (3 reactors) and Ringhals (4 reactors) ^[6] . At the moment, all reactors are under modernization to increase their safety and power. It was planned to complete the project by 2013 ^[7] . In 1980, the government decided to phase out nuclear power: a ban on building new reactors and phasing out Swedish nuclear power by 2010, if sufficient alternative energy sources are available by then. “Our dependence on oil should be eliminated by 2020,” said Mona Salin, Minister of Economic Development. In 2003, 26% of all energy was produced on the basis of alternative resources in Sweden, while on average in the EU this figure was only 6%. However, this was not enough. In 2010, parliament voted to repeal the 1980 law, the life of old reactors was extended, and the Swedish nuclear power program came to life.

The repeal of the 1980 law is part of the government’s climate program, which stipulates that by 2020 renewable sources should provide more than half of all energy produced, Swedish transport should become independent of fossil fuels within 10 years, and by 2045 or 2050 the country should become neutral carbon dioxide emissions (absorb as much as emits) ^[8] .

Speaking about public opinion, it can be noted that in 2004 only 7% of the population believed that nuclear energy posed a threat to the environment. Most Swedes are aware of its environmental benefits compared to carbon dioxide emissions and the damage to rivers from hydropower plants. According to one recent survey, only 17% of the population favors shutting down all nuclear reactors ^[9] .

Sweden has a high energy consumption per capita (17,000 kWh per person per year). By this indicator, only Iceland , Norway and Canada are ahead of it. However, compared with other countries, the level of carbon dioxide emissions in Sweden is low. An average Swede releases 5.9 tons of carbon dioxide into the atmosphere per year, while the corresponding figure for the EU is 8.6 tons, and for the USA - 19.7 tons. Such a low level of emissions is explained by the fact that 90% of all Sweden’s electricity is generated by atomic and hydroelectric energy, which do not produce carbon dioxide emissions ^[10] .

Since 2001, unemployment has been increasing in the country, which in March 2010 amounted, according to official figures, to 9.1%.

As of April 2017, the average wage in Sweden is 34,000 kr ^[11] ( € 3246.91, gross) and 26162 kr ^[12] ( € 2498.40, net) per month.

• Tourism in Sweden
• Sweden and Euro
• European Union Economy