Sweden Economy
Economy - overview: Aided by peace and neutrality for the whole twentieth century, 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 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. Agriculture accounts for only 2% of GDP and 2% of the jobs. In recent years, however, this extraordinarily favorable picture has been somewhat clouded by budgetary difficulties, high unemployment, and a gradual loss of competitiveness in international markets. Sweden has harmonized its economic policies with those of the EU, which it joined at the start of 1995. GDP growth is forecast for 4% in 2001.
GDP: purchasing power parity - $197 billion (2000 est.)
GDP - real growth rate: 4.3% (2000 est.)
GDP - per capita: purchasing power parity - $22,200 (2000 est.)
GDP - composition by sector: agriculture: 2.2%
industry: 27.9%
services: 69.9% (1999)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 3.7%