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2024/06/26 17:31:41

Economy of Sweden

Content

The main articles are:

GDP

2024: Continued GDP contraction in March and April

Sweden's economy contracted in March and April 2024 amid declining consumption.

2023: Declines for three straight quarters. Recession

In the last quarter of 2024 GDP Sweden , as expected, it decreased by 0.1% in the three months to December compared to the third quarter. This drop was the third consecutive quarter of contraction.

Sweden's GDP in the second quarter of 2023 decreased by 1.5% compared to the forecast of -0.5%.

Sweden's economy is considered one of the weakest in the EU in 2023.

2022

Industry's share of GDP is less than 15%

Data for 2022

GDP estimate - $0.6 trillion

GDP countries around the world in 2022 according to IMF estimates

GDP size forecast - $0.62 trillion

Countries in terms of GDP in 2022, according to the IMF forecast for the middle of the year

2021

GDP size - $0.62 trillion

GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)

Agriculture's share of GDP - 1.3%

Data for 2021

2018: Share of 0.64% by nominal GDP in the global economy

Share of countries by nominal GDP in the global economy in 2018

Financial system

Non-financial debt

2022: Aggregate non-financial debt

Source: Spydell Finance, November 2022
Comparison of the 1 quarter of 2022 and the second quarter of 2008
Non-financial debt from September 2004 to March 2022

National debt

2023: State debt - 32% of GDP

Data for September 2023

2018: State debt $25.6 thousand per capita

At the end of 2018

2017: National debt 41% of GDP

The ratio of public debt to the country's GDP, 2017

Sovereign Wealth Fund

As of 2022

Inflation

2022

Inflation in November - 10.9%
Data for November 2022
Inflation in July - 8.5%
Inflation in Europe in July 2022.
UK data - for June, inflation in July - 10.1%

Riksbank - Central Bank

Main article: Central Bank of Sweden

Electronic Payment Systems

2024: How giving up cash made Sweden the'Silicon Valley' of cybercriminals

At the end of June 2024, Bloomberg published a study on how the refusal of cash made Sweden the "Silicon Valley" of cybercriminals. Against the backdrop of revolutionary changes in the banking system, Sweden has become an important testing ground in the fight against digital crime related to cashless transfers.

Sweden began to switch to cashless payments after a surge in armed robberies in the 1990s, and by 2022 only 8% of Swedes said they used cash for the last purchase. However, the ease of online shopping has become a major vulnerability, causing digital crime to skyrocket in Sweden, with cybercriminals able to steal 1.2 billion kronor in 2023, twice the 2021 data.

Stockholm Street

According to law enforcement agencies, the volume of Sweden's criminal economy can reach 2.5% of the country's GDP. To counter the rise in digital crime, the Swedish authorities are demanding that banks tighten security measures and additional measures to combat cybercriminals. However, the situation is complicated by the fact that too tight restrictions can slow the growth of the economy, and insufficient measures undermine confidence in banks and harm legitimate business.

Using a complex network of fake companies and documents to access Sweden's social security system, sophisticated scammers have turned Sweden into the "Silicon Valley" of cybercriminals, says Daniel Larson, Sweden's senior economic crime prosecutor. He also noted that fraudulent schemes are becoming a source of funds for organized crime, so the fight against them should become tougher in order to avoid not only robberies, but also serious bloody conflicts.[1]

2020:74% of Internet users prefer cashless payment

Share of respondents preferring cashless payment over cash payment in 2020

Mining

2022: Europe's largest rare earth deposit discovered

In the Swedish Arctic, in 2022, the largest rare earth metal deposit in Europe was discovered, which could help the continent free itself from China's dominance in the market for these resources.

The field contains more than 1 million tons of rare elements. An application for an exploration license is expected in 2023.

In Europe, Sweden plays a key role in renewables ambitions. It already supplies about 90% of the continent's iron ore, mainly mined at LKAB's mines in the north of the country.

Energy carriers

2022:40% reduction in gas consumption

Gas consumption in the bloc from August 2022 to January 2023 was 19% below the average for the previous five years, according to data released by Eurostat. Sweden is in the lead.

2018: High price of petrol

Map of gasoline prices in countries of the world as of February 12, 2018

Automotive market

2022: Minimum age to drive - 16

Data for 2022

2021: 260,000 cars produced

Data for 2021

Power

2022

Third place in the EU for energy generation by nuclear power plants

Energy generation by nuclear power plants in EU countries in 2022

Rise in electricity prices due to pressure on Russia

from
Динамика роста цен на electric power August 1, 2021 to August 1, 2022 in countries Europe

2021: HPP is the main source of energy in the country

2020: Energy consumption per capita

and
Energy consumption per capita, including electricity, transport heating in 2019-2020

Industry

2021:321 robots for 10,000 employees

List of countries with the highest density of robots per 10 thousand workers in the field of industrial production

Food industry

2021: Cheese production - 8kg per capita

Data for 2021

Foreign trade

2022

Germany is the largest export destination

According to data available for August 2023.

Trade deficit with China

Decrease in exports to Russia by 64% after the outbreak of the conflict in Ukraine

In March - November 2022, compared to the same period in 2021, the volume of Swedish exports to Russia decreased by 64%. At the same time, the export of chemical products continued to grow (+ 43%).

2019: Computer Device Exports

The volume of exports of computer devices in countries of the world, 2019

Tourism

2019: More than 45% of the population went on tourist trips. Spain is the most popular country

Data for 2019

2018

Tourism revenues

Data for 2018

Number of foreign tourists

As of 2018

R&D

2020: R&D spending - $14.2 billion

R&D expenses as of 2020

2019: Ninth in patents in the world

At the end of April 2020, the World Intellectual Property Organization (WIPO) ranked countries by the number of new patents. In 2019, Sweden accounted for 4,185 patents. Read more here.

Salaries

Average monthly salary in Europe and Kazakhstan. Data for 2017

Labour market

2022: Proportion of workers aged 65 or over - above 20%

Data for 2022

Working hours

2015: More than 1.9% of workers work 60 or more hours a week

Data for 2015 Data for China - for 2009, for Russia - for 2010, for India - for 2011

Pensions

Pension funds

Alecta is Sweden's largest pension fund for 2023.

2023: Minimum retirement age is 62

Retirement age in some countries before and after reforms

Unemployment

2023: Youth unemployment 24.9%

2022: Unemployment rate - 7.6%

Безработица в countries EU and Britain for July 2022

2020: Unemployment rate - 8.7%

Countries around the world in terms of unemployment in 2020

Poverty

2023

Although 2023 Sweden ranks between France Switzerland and in the ranking of dollar billionaires, for many poor Swedes, the gap between the haves and have-nots has recently widened sharply. By March 2023, over the past 12 months, the country's economy has experienced growth, rising inflations interest rates and a fall in the currency. This caused the strongest To Europe collapse in housing prices and a drop in household consumption.

2021

Household debt, including mortgages and consumer debt, rose to more than 200% of disposable income, according to OECD data for 2021. This is twice as high as in Germany.

Real estate

2023

Collapse in the volume of transactions with commercial real estate

In the second quarter of 2023, the volume of commercial real estate transactions in Europe fell by 58% to the lowest level since 2010.

The office segment suffered the most - the fall was 68%, while in the hotel segment the fall was 36%. In all major markets, there was a significant decrease in the volume of transactions.

Lower residential property prices at the beginning of the year

As of April 2023

Agriculture

2019: Low use of pesticides in agriculture

As of 2019

Bankruptcies

2023: The rise of bankruptcies due to the failure of pressure on Russia

Consumption

Tea

2018: Per capita tea consumption per kg per year

Потребление tea per capita, population kg per year. Data for 2018

Milk

2018: Milk consumption in litres per year per person

Milk consumption in liters per year per person. Data at the end of 2018

Meat

2023: Fish consumption is higher than meat consumption

The most consumed type of meat (including fish and seafood) according to data available for June 2023.

2019: Pork is the most consumed type of meat

The most consumed type of meat at the end of 2019

Beer

2019: Beer consumption in litres per year per person

Потребление beer per capita, data from early 2019
Годовое потребление beer per capita population in liters with a 5% strength in 2019

Alcohol market

2018: Minimum age to purchase alcoholic beverages

Data for 2018

See also