The “Swedish economic model”, is a strategy for inclusive growth, while safeguarding the autonomy and independence of citizens, according Swedish Government.
Sweden’s high standard of living relies on the compromise between a social democratic government approach with an efficient private industrial sector deploy.
Sound public finances and high taxes, lead the country to become one of the most even societies in terms of income distribution, with a Gini Index of 0.275 in 2018. It is one of the lowest Gini figure among OECD members (Gini index is a measure of income inequality across a population).
Key takeaways
GDP per capita $51,615 (2019)
Population 10.28 million inhabitants
Trade to GDP, 90 %
Foreign Direct Investments, $24.39 billion (2019)
Medium-high tech exports, 60 % out of the total of exported manufactured products (2018)
Trade balance (products), surplus $1.6 billion (2019)
With regard to international trade, Sweden was the 33 largest exporting economy in 2019, with a total of $161 billion, according International Trade Centre.
Behind Indonesia (32) with $168 billion and followed by Hungary (34) with $122 Billion. The countries within its geographical area of influence like Denmark, Norway and Finland were placed in positions 35th, 36th and 42nd respectively.
During the period 2015-2019, exports of goods increased at an average annual rate of 3.6 %, while Exports of services rose by an average annual rate of 1.3 % in the same period.
Imports reached $159 billion in 2019. The trade balance surplus stood at $1.6 billion.
Its main trading partners are Germany, which represents 14 % of exchanges, followed by Norway with 10 % and finally Netherlands with 7% of exchanges.
In 2019, the top 5 Swedish exports with 50 % out of the total, were:
- 15 % Machinery, mechanical appliances, nuclear reactors, boilers
- 14 % Vehicles other than railway or tramway rolling stock
- 9 % Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television
- 6 % Pharmaceutical products
- 6 % Mineral fuels, mineral oils and products of their distillation; bituminous substances
The following 5 product groups represent 51 % out of total Swedish imports during 2019:
- 13 % Machinery, mechanical appliances, nuclear reactors, boilers
- 12 % Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television
- 11 % Vehicles other than railway or tramway rolling stock
- 11 % Mineral fuels, mineral oils and products of their distillation; bituminous substances
- 4 % Commodities not elsewhere specified
Need more information about the market, please contact me xavireverter@exportwings.com
Data from 2019, other years are stated.
Useful addresses:
Business Sweden (business-sweden.com)
Sources:
World Trade Organization (wto.org)
Photo by Oscar Helgstrand on Unsplash