You asked: What is Sweden’s economy based on?

The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade.

Why is Sweden so wealthy?

How did Sweden get so rich? Sweden only started to really accumulate wealth as it started to industrialise sometime in the mid-19th century. … Through luck and well-placed geography, Sweden had the kind of natural resources (iron ore and wood) needed when countries like Britain and Germany industrialised.

What makes Sweden’s economy successful?

It is primarily the international sector1, and especially the manufacturing industry, that has been the main engine of growth in the Swedish economy and has helped the country outperform the EU-15 since the early 1990s. This performance has put Sweden in a strong economic position compared with many other countries.

What is Sweden main industry?

The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel.

What is Sweden known for producing?

Main Swedish exports include machinery and transport equipment, chemical and rubber products, food, clothing, textiles and furniture, and wood products. Exports and investments are rapidly increasing, and the Swedish export market is expected to grow by 8% each year through 2013.

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What is Sweden main source of income?

The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade.

Is Sweden or Norway richer?

Norway is currently the sixth richest country in the world when measured by GDP per capita. Norway’s GDP per capita is around $69,000, according to IMF estimates. Neighbour’s and Sweden and Denmark both make the top 20 with GDP’s of around $55,000 and $61,000 respectively.

How much is Sweden’s debt?

In 2019, the national debt of Sweden amounted to around 213.72 billion U.S. dollars.

Sweden: National debt from 2016 to 2026 (in billion U.S. dollars)

Characteristic National debt in billion U.S. dollars
2018 227.19
2017 228.11
2016 225.89

What does Sweden export the most?

Top 10

  • Machinery including computers: US$24.5 billion (15.7% of total exports)
  • Vehicles : $21.3 billion (13.7%)
  • Electrical machinery, equipment: $15.4 billion (9.9%)
  • Pharmaceuticals: $11.6 billion (7.5%)
  • Paper, paper items: $8.4 billion (5.4%)
  • Mineral fuels including oil: $7.6 billion (4.9%)

Is Sweden politically stable?

Politics

Sweden scores consistently highly in democracy, freedom of expression and freedom of the press global rankings. The country enjoys a stable parliamentary democracy with representation at the national level in the Riksdag (Swedish Parliament).

Who makes the economic decisions in Sweden?

In accordance with Sweden’s representative and parliamentary democracy, the parliament (riksdagen) enacts the laws and makes the decisions, which the government (regeringen) and public authorities such as the Swedish National Agency for Education (Skolverket) and the Swedish Schools Inspectorate (Skolinspektionen) …

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Who controls the Swedish economy?

The Economic History of Sweden

Ninety percent of production is in the private sector, yet the state controls about fifty percent of the disposition of national income. The export industries necessarily have to be free to maintain efficiency and international competitiveness.

Is Sweden a poor country?

Sweden, a Nordic country in Northern Europe known for its progressive politics, is home to a population of 10.3 million. … Although Sweden is a relatively wealthy country, 16.2% of its people are at risk of falling into poverty.

Is Sweden depressing?

Sweden’s youth are at the highest risk of depression in Europe, according to a study by Eurofound. … “Sweden is one of the best places you can live! A significant number of people are not thriving, but it’s still one of the countries in the world where most people are happy.” Happiness is relative though.

Does Sweden have free healthcare?

The Swedish health care system is mainly government-funded, universal for all citizens and decentralized, although private health care also exists. The health care system in Sweden is financed primarily through taxes levied by county councils and municipalities.

What are Sweden’s main imports?

Sweden imports mainly machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; foodstuffs and clothing. Its principal import partners are European Union countries (Germany, Denmark, Netherlands, Finland), Norway and China.