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Essay on Economics of Sweden
The Swedish economy – An Overview
An interesting overview has been given on the website of
Swedish Institute (2004) in these words:
“With an area of 450,000 km² (174,000 sq. miles), Sweden is one of the largest countries in Western Europe. It has only 9 million inhabitants, however. This is equivalent to 20 inhabitants per square kilometer (slightly more than 50 per sq. mi.).Like other relatively small industrialized countries, Sweden is highly dependent on international trade to maintain its high productivity and good living standards. In 2003, exports were equivalent to 44% of Gross Domestic Product (GDP). The most important export markets are in Western Europe. More than half of Swedish exports go to other members of the European Union (EU).
Although Sweden is a relatively small country, its economy is unusually diversified. Traditional industries based on its two most important raw material resources—iron ore and wood—still play an important role, but the engineering industry and high-technology sectors have grown in significance. Few other countries of Sweden’s size have their own aviation and nuclear power industries as well as domestic automotive manufacturers, an advanced war materiel industry, a globally leading telecommunications industry and major pharmaceutical and medical research capabilities. Sweden is also a pacesetting country in such areas of information technology (IT) as software development, microelectronics, telematics and photonics.
Major economic trends, 1980–2004
Like many other highly developed industrial countries, Sweden has experienced weaker growth in recent decades. Between 1980 and 2003, GDP rose by an average of 2.0% annually. This can be compared with 3.3% in the 1950s and 4.6% in the 1960s.
Because of weaker growth, per capita GDP has increased more slowly in Sweden than in other countries. In 1970, Sweden’s per capita GDP exceeded the average in 15 EU countries by about 24%, after adjusting for differences in price levels........
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