Sweden Economic Forecast

For over 200 years, Sweden has been a neutral country, one that is known for being peaceful and offering a high standard of living with a balance of extensive welfare benefits and high-technology capitalism. Doing excellent on its own, the Swedish government rejected membership to the European Union in 2003, concerned it would change the solid economic structure. This country’s trade is based primarily on timber, hydropower, and iron and for industrial output, about 90% comes from privately owned firms.

For over 200 years, Sweden has been a neutral country, one that is known for being peaceful and offering a high standard of living with a balance of extensive welfare benefits and high-technology capitalism. Doing excellent on its own, the Swedish government rejected membership to the European Union in 2003, concerned it would change the solid economic structure. This country’s trade is based primarily on timber, hydropower, and iron and for industrial output, about 90% comes from privately owned firms.

Other sectors that play an important role in Sweden’s economy include agriculture, fisheries, and farming. With a strong economy, Sweden has experienced high employment rates, lower dependence on welfare, and strong finances but even so, the global financial crisis has some impact. During 2008, exportation and consumption decreased significantly but to turn the country around back to a robust economy, the government announced at $6 billion rescue package in 2009. With this, connections with financial institutions and banks, as well as financial services would strengthen.

Sweden GDP Forecast

Sweden has long been considered a stable and strong economy, one dependent on foreign trade but with as much as 90% of the country’s industrial output coming from privately owned companies. Although the ongoing economic upswing was challenged during the world financial crisis, the time of recession is beginning to end. Economists are optimistic that once again, Sweden will enjoy a booming economy for the people living there. For the Sweden GDP (Gross Domestic Product, Current Prices, US Dollars), 2009 closed at $405.44 billion in US dollars, showing the country’s strength. From 2008 with reported numbers of $478.96, this showed a 15.35% reduction. Now, the GDP being forecasted for 2010 and 2015 respectively puts year-end numbers at $443.72 billion and $574.905 billion, also in US dollars.

Sweden Unemployment Forecast

Currently, the Sweden population is just over 9 million, which has a density of 54 people for every square mile. In looking at the Sweden unemployment rate, 2008 was reported at 6.10% but by 2009 due to the financial crisis, the numbers increased to 9.3%. Most people in this country work in the services sector, followed by industry and agriculture and with steps being taken by the government to improve numbers for the future. This means while more than 4.3 million people work, to reduce unemployment some change is needed.

Sweden Inflation Rate Forecast

For the Sweden inflation rate, economists look at averages for the year being forecasted rather than data for end-of-period and for this, the average consumer prices are based on an index of 2000=100. In 2009, the inflation rate for this country was at 2.246%, a moderate change from 2008 that reported at 3.3%. By year-end 2009, Sweden was being ranked worldwide at number 106. Regarding the 2010 forecast for inflation, experts believe the year will close around 2.37% and then for 2015, predictions put the inflation rate at 2%.

Sweden Current Account Balance Forecast

Using primary classifications to include goods, services, current transfers, and income, experts can determine the future of a country’s economy. For the Sweden current account balance in 2008, reported numbers were at $37.28 billion in US dollars. Over the next 12 months, a decline of 30.84% was experienced, closing 2009 at $25.781 billion and putting the country at number 13 for world rankings. As far as the future, the current account balance being forecasted for 2010 is at $24.03 billion whereas for 2015, numbers are expected to reach $32.887 billion in US currency.