Economy of Sweden – Overview
Sweden is currently ranked the 26th largest export economy in the world and its annual export total of $135 billion (less total imports of $139 billion) means that it has a negative trade balance of $4 billion.
GDP for Sweden is $510 billion, which equates to a GDP per capita of $49.2 billion. The country is ranked 39th in the world in GDP terms and it has enjoyed an annual growth rate of over 3% in the last five years.
Sweden’s annual exports have fallen in value over the last five years from $182 billion to $135 billion.
Sweden’s Top 5 Commodity Exports
|Refined Petroleum||$6.4 billion|
|Flat-Rolled Steel||$1.03 billion|
|Iron Ore||$1.61 billion|
|Refined Copper||$441 million|
Sweden’s Other Notable Exports
- Cars — $7.42 billion
- Packaged Medicaments — $5.56 billion
- Vehicle Parts — $5.01 billion
- Sawn Wood — $2.84 billion
- Kaolin Coated Paper — $2.77 billion.
Top export destinations of Sweden are Germany ($14.3 billion), Norway ($14.1 billion), The United States ($9.8 billion), Denmark ($9.75 billion), and Finland ($9.4 billion).
Sweden’s Top 5 Commodity Imports
|Crude Petroleum||$5.92 billion|
|Refined Petroleum||$4.93 billion|
|Flat-Rolled Steel||$470 million|
|Pig Meat||$289 million|
Sweden’s Other Notable Imports
- Cars — $8.69 billion
- Vehicle Parts — $5.47 billion
- Computers — $3.47 billion
- Broadcasting Equipment — $3.1 billion
- Telephones — $2.95 billion
More About Sweden’s Imports/Exports
Sweden has a 1.6% share of a global export market that is worth $412 billion annually. Key destinations for the country’s refined petroleum exports are the United Kingdom, Finland, Netherlands, and Norway.
Refined petroleum accounts for 4.7% of Sweden’s total annual exports.
Exports of large flat-rolled steel represent 0.77% of Sweden’s total annual exports and the country is ranked 8th in the world for exports of this product. This represents a 5% share of a market worth $20 billion per year.
Germany is a significant destination, accounting for 41% of all Sweden’s flat-rolled stainless steel exports.
Sweden is the sixth largest exporter of iron ore and has a 2.2% share of an annual global market that is worth $71.8 billion.
The value of worldwide iron ore exports has fallen by 45% in the last five years and only Malaysia, among the top 15 exporting countries, has managed to increase the value of its exports over that period.
The annual gold export market is worth $324.6 billion and Sweden is not in the top fifteen of gold exporting countries.
Gold accounts for 0.48% of all of Sweden’s total annual exports and 87% of its gold is imported by Switzerland, which is the biggest global exporter of gold. It is also a popular investment in Sweden.
The annual refined copper export market is worth $38.7 billion and Sweden has a 1.1% market share.
Germany imports 56% of Sweden’s refined copper exports and its total output is exported almost exclusively to European destinations.
A Few Interesting Facts
- Despite being a major weapons producer, Sweden has not participated in any war for nearly 200 hundred years.
- Swedes are one of the most highly taxed populations in the world with a total tax rate of 51.4%.
- Sweden is the third-largest country in the European Union but it has the second-lowest population density.
- The country has one of the highest life expectancies in the world, 74 for men and 80 for women.
All figures based on OEC/IMF 2016 projections unless otherwise stated.
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