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CE, CERN, EBRD, ECE, EFTA, ESA, EU, FAO, G- 6, G- 8, G- 9, G-10, GATT,
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NAM (guest), NC, NEA, NIB, NSG, OECD, ONUSAL, OSCE, PCA, PFP, UN,
UNAVEM II, UNCTAD, UNESCO, UNHCR, UNIDO, UNIKOM, UNITAR, UNMOGIP,
UNOMIG, UNOMOZ, UNPROFOR, UNTSO, UPU, WFTU, WHO, WIPO, WMO, ZC
Diplomatic representation in US: chief of mission: Ambassador Carl Henrik Sihver LILJEGREN chancery: 1501 M Street NW, Washington, DC 20005 telephone: [1] (202) 467-2600 FAX: [1] (202) 467-2699 consulate(s) general: Los Angeles and New York
US diplomatic representation: chief of mission: Ambassador Thomas L. SIEBERT embassy: Strandvagen 101, S-115 89 Stockholm mailing address: use embassy street address telephone: [46] (8) 783 53 00 FAX: [46] (8) 661 19 64
Flag: blue with a yellow cross that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
@Sweden:Economy
Overview: Aided by a long period of peace and neutrality during World War I through World War II, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a skilled labor force. Timber, hydropower, and iron ore constitute the resource base of an economy that is heavily oriented toward foreign trade. Privately owned firms account for about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports. In 1990, agriculture accounted for only 1.2% of GDP and 1.9% of the jobs, Sweden being about 50% sufficient in most products. In the last few years, however, this extraordinarily favorable picture has been clouded by inflation, growing unemployment, and a gradual loss of competitiveness in international markets. Although Prime Minister BILDT's center-right minority coalition had hoped to charge ahead with free-market-oriented reforms, a skyrocketing budget deficit - about 14% of GDP in FY93/94 projections - and record unemployment have forestalled many of the plans. Unemployment in 1994 is estimated at around 9% with another 5% in job training. Continued heavy foreign exchange speculation forced the government to cooperate in late 1992 with the opposition Social Democrats on two crisis packages - one a severe austerity pact and the other a program to spur industrial competitiveness - which basically set economic policy through 1997. In November 1992, Sweden broke its tie to the EC's ECU, and the krona has since depreciated about 25% against the dollar. The boost in export competitiveness from the depreciation helped lift Sweden out of its 3-year recession. To curb the budget deficit and bolster confidence in the economy, the new Social Democratic government is proposing cuts in welfare benefits, subsidies, defense, and foreign aid. Sweden has harmonized its economic policies with those of the EU, which it joined at the start of 1995.
National product: GDP - purchasing power parity - $163.1 billion (1994 est.)
National product real growth rate: 2.4% (1994 est.)
National product per capita: $18,580 (1994 est.)
Inflation rate (consumer prices): 2.5% (1994 est.)