Exporting

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A military power during the 17th century, Sweden has not participated in any war for two centuries. An armed neutrality was preserved in both world wars. Sweden's long-successful economic formula of a capitalist system intermixed with substantial welfare elements was challenged in the 1990s by high unemployment and in 2000-02 and 2009 by the global economic downturns, but fiscal discipline over the past several years has allowed the country to weather economic vagaries. Sweden joined the EU in 1995, but the public rejected the introduction of the euro in a 2003 referendum.

Location

Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, Kattegat, and Skagerrak, between Finland and Norway

Natural Resources

iron ore, copper, lead, zinc, gold, silver, tungsten, uranium, arsenic, feldspar, timber, hydropower

Population - distribution

most Swedes live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the Baltic coast in the east; the interior areas of the north remain sparsely populated

9828655
Swedish (official)
STOCKHOLM (capital) 1.486 million (2015)
Conventional long form
Kingdom of Sweden
Conventional short form
Sweden
Local long form
Konungariket Sverige
Local short form
Sverige
parliamentary constitutional monarchy
Name
Stockholm
Geographic coordinates
59 20 N, 18 03 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade.
Inflation
0.984%
Total tax rate (% of commercial profits)
49.1%
Real Interest Rate
2.49%
Manufacturing, value added (% of GDP)
16.469%
Current Account Balance
US$ 23,653,028,753
Labor Force, Total
5,272,022
Employment in Agriculture
2.02%
Employment in Industry
18.17%
Employment in Services
79.16%
Unemployment Rate
7.09%
Imports of goods and services
US$ 203,230,167,436
Exports of goods and services
US$ 226,867,775,119
Total Merchandise Trade
54.77%
FDI, net inflows
US$ 17,637,384,336
Commercial Service Exports
US$ 71,397,480,842
barley, wheat, sugar beets; meat, milk
iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Commodities
machinery 35%, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals (2012 est.)
Partners
Norway 10.3%, Germany 10.3%, US 7.7%, UK 7.2%, Denmark 6.8%, Finland 6.7%, Netherlands 5.2%, Belgium 4.4%, France 4.2% (2015)
Commodities
machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs, clothing
Partners
Germany 17.9%, Netherlands 8.1%, Norway 7.8%, Denmark 7.7%, China 6%, UK 5.5%, Finland 4.6%, France 4.3%, Belgium 4.3% (2015)
Country Risk Rating
A1
The political and economic situation is very good. A quality business environment has a positive influence on corporate payment behavior. Corporate default probability is very low on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Open, diversified and competitive economy
  • Specialization in high-tech products and green economy
  • Sound public finances
  • Increasingly dynamic demographics
  • Highly concentrated banking sector
  • Tensions on the real estate market
  • Significant household debt

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