Sweden is a European country that is situated on the Scandinavian Peninsula in Northern Europe. Sweden is bordered by Norway to the west and Finland to the northeast and connected to Denmark by the Oresund Bridge in the south. Sweden is the third largest country in the EU with a total land area of 281,434 square miles. The country has a total population of 9.2 million with a density of 54 inhabitants per square mile. Stockholm, the capital city of Sweden, is the country’s largest city. Typically, the climate in Sweden is temperate with four distinct seasons and mild temperatures throughout the year. The country can be divided into three climatic zones – oceanic climate in the southernmost part, humid continental climate in the central regions, and subarctic climate in the northernmost part.
Swedish Economy: Profile
Traditionally, Sweden’s economy encouraged a high standard of living in combination with high-tech capitalism and extensive welfare benefits. The country’s economy is heavily dependent on foreign trade. Privately owned companies constitute 90% of the nation’s industrial output, of which the engineering sector accounts for 50% of output and exports. Until 2008, the Swedish economy enjoyed an upswing due to strong exports and increased domestic demand. However like most economies, Sweden too slid into recession in 3Q 2009 and suffered from diminishing growth till 1H 2009.
Swedish Economy: GDP and Labor
Sweden’s GDP – official exchange rate was $397.7 billion in 2009. The following chart shows Sweden’s GDP (PPP) from 2007-2009. All data are in USD billion.
The next chart shows Sweden’s GDP-real growth rate from 2007-2009. All data are in percentages.
The following chart shows GDP-per capita from 2007-2009. All data are in USD.
The next chart shows Sweden’s GDP- by sectors in 2009. All data are in percentages.
Sweden’s total labor force in 2009 was 4.93 million. The unemployment rate in 2009 grew to 9.3% from 6.108% in 2008. The next chart illustrates the breakdown of Sweden’s labor force by occupation in different sectors. All data are in percentages.