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.
What boosts Sweden’s economy?
Long-term policies and a global approach have made Sweden’s economic growth possible. … Sweden’s economy has been relatively stable over the last few decades and has, on the whole, grown steadily since 1970. Today inflation is low and the banking system relatively healthy.
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.
Does Sweden rely on trade?
Swedish economy is very open to foreign trade, which represented 90.5% of its GDP in 2019 (World Bank). Automobile and medicine were among Sweden’s top exports (7.4% and 5% respectively), followed by petroleum products and telecommunication devices.
What is Sweden’s biggest income?
In 2020, the Swedish government’s largest source of income, amounting approximately to 671 billion Swedish kronor, was from direct taxes from labor. The second largest source of income for the central government in Sweden was indirect taxes from labor, reaching 602 billion Swedish kronor.
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.
Why is Sweden 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 is Sweden well known for?
Sweden is famous for its abundant forests and lakes. It’s a nation of keen recyclers, hikers and Fika takers, and it’s the Pop Music Capital of the World. Sweden is also known for brands such as IKEA, Spotify and Volvo.
What does Sweden import?
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.
What does Sweden export the most?
- 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%)
What are major imports and exports of Sweden?
Automobile and medicine were among Sweden’s top exports (7.4% and 5% respectively), followed by petroleum products and telecommunication devices. Automobile and petroleum products were also among Sweden’s top imports (5.4% and 5.1% respectively).
What are Sweden’s top imports?
Sweden’s Top 5 Commodity Exports
- Refined Petroleum – $10.0 billion.
- Sawn Wood – $3.4 billion.
- Iron Ore – $2.4 billion.
- Flat-Rolled Steel – $1.2 billion.
- Refined Copper – $0.8 billion.
What does Sweden imports and exports?
Sweden Raw materials exports were worth US$ 9,617 million, product share of 5.99%. Sweden Raw materials imports were worth US$ 19,675 million, product share of 12.38%. Sweden Intermediate goods exports were worth US$ 39,048 million, product share of 24.32%.
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.
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.
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.