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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%
GDP estimate - $0.6 trillion
GDP size forecast - $0.62 trillion
2021
GDP size - $0.62 trillion
Agriculture's share of GDP - 1.3%
2018: Share of 0.64% by nominal GDP in the global economy
Financial system
Non-financial debt
2022: Aggregate non-financial debt
National debt
2023: State debt - 32% of GDP
2018: State debt $25.6 thousand per capita
2017: National debt 41% of GDP
Sovereign Wealth Fund
Inflation
2022
Inflation in November - 10.9%
Inflation in July - 8.5%
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.
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
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
Automotive market
2022: Minimum age to drive - 16
2021: 260,000 cars produced
Power
2023: Sweden abandons wind farms at sea over missile approach time
In November 2024, the Swedish government canceled plans to build 13 offshore wind farms in the Baltic Sea as it would have unacceptable consequences for the country's security.
As Swedish Defense Minister Paul Johnson said in microblog X, if the stations are in the path of enemy missiles, the military will have a reaction from two minutes to 60 seconds. He added that the war in Europe forces to take into account the interests of defense when making such decisions.
"It is particularly important for the Swedish armed forces to be able to operate at full capacity in those areas of the Baltic Sea where applications for construction have been rejected. Proximity to the heavily militarized Kaliningrad region is also important. "
2022
Third place in the EU for energy generation by nuclear power plants
Rise in electricity prices due to pressure on Russia
from
2021: HPP is the main source of energy in the country
2020: High per capita energy consumption
and
Industry
2021:321 robots for 10,000 employees
Food industry
2021: Cheese production - 8kg per capita
Foreign trade
2022
Germany is the largest export destination
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
Tourism
2019: More than 45% of the population went on tourist trips. Spain is the most popular country
2018
Tourism revenues
Number of foreign tourists
R&D
2020: R&D spending - $14.2 billion
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
Labour market
2022: Proportion of workers aged 65 or over - above 20%
Working hours
2015: More than 1.9% of workers work 60 or more hours a week
Pensions
Pension funds
Alecta is Sweden's largest pension fund for 2023.
2023: Minimum retirement age is 62
Unemployment
2023: Youth unemployment 24.9%
2022: Unemployment rate - 7.6%
2020: Unemployment rate - 8.7%
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
Agriculture
2019: Low use of pesticides in agriculture
Bankruptcies
2023: The rise of bankruptcies due to the failure of pressure on Russia
Consumption
2023: Fish consumption is higher than meat consumption
2019
Pork is the most consumed type of meat
Beer consumption in liters per year per person
2018
Per capita tea consumption per kg per year
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Milk consumption in liters per year per person
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The minimum age to purchase alcoholic beverages is 18 years
See also
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