sweden gdp

Direct access to our calendar releases and historical data. Sweden's economy is doing better than other European nations % change in quarterly GDP. Enforcement of contracts is firmly established, and the rule of law is well maintained.
Sweden's gross domestic product (GDP) tumbled 8.6% in the second quarter of the year, according to a flash estimate from the country's statistics … Growth has been strong in recent years, and even though the growth in the economy slackened between 2001 and 2003, the growth rate has picked up since with an average growth rate of 3.7% in the last three years. Public expenditure fell 0.3 percent, investment shrank 0.9 percent and changes in inventories impacted GDP growth negatively by 0.5 percentage points. Sweden’s weakest Index indicator is government spending. The net effect is that the Swedish terms-of-trade fell 13%. World Bank national accounts data, and OECD National Accounts data files. The fall is sharper than its neighbors — Denmark registered a 7.4% fall, and Finland a 3.2% fall. Directly accessible data for 170 industries from 50 countries The number of foreign bank branches has increased. When the international economic outlook improved combined with a rapid growth in the IT sector, which Sweden was well positioned to capitalize on, the country was able to emerge from the crisis. The traditionally low wage differential has increased in recent years as a result of increased flexibility as the role of wage setting at the company level has strengthened somewhat. The Government's ambition is to sell companies to a value of SEK 200 billion during 2007–2010.

There is no minimum wage that is required by legislation. Anders Tegnell, Sweden's chief epidemiologist and the architect of Sweden's plan, said that economic considerations were not a factor in avoiding a lockdown. The Swedish economy has been rated mostly free for more than a decade. Effective anticorruption measures discourage bribery of public officials and uphold government integrity. Please contact us to get started with full access to dossiers, forecasts, studies and international data.

Sweden Economic News. In contrast, exports increased by 3.4 percent and imports decreased by 0.2 percent. Sweden has had an economic model in the post-World War II era characterized by close cooperation between the government, labour unions, and corporations. See more from the 2020 Index. Those three countries have now, like the rest of Europe, eased some restrictions, while Sweden has kept its same rules in place.

Its GDP fell 7.1% from March to May, a timeframe one month earlier. facts. [56] Sweden's investment into research and development stood, in 2007, at over 3.5% of GDP. [71] For most unions there is a counterpart employer's organization for businesses. Some have expressed concern that meeting the employment target may come at a cost of too high a rate of wage increases hence increasing inflation.

The Welfare State and Global Economy: The Swedish Case Up Close." Sweden's economy contracted 0.3 percent on quarter in the first three months of 2020, following a downwardly revised 0.1 percent expansion in the previous period, a preliminary estimate showed. [37] The postwar boom, that was the continuation of strong inflationary tendencies during the war itself,[37] propelled Sweden to greater economic prosperity.

The Swedish GDP shrank 8.6 percent on quarter in the three months to June of 2020, down from a 0.1 percent expansion in the previous period, a preliminary estimate showed.

(billed annually). Julien Hekimian/Getty Images. GDP per hour worked is the world's 9th-highest at 31 USD in 2006, compared to 22 USD in Spain and 35 USD in United States.
Property Rights 88.8 Create a Graph using this measurement, Judicial Effectiveness 79.9 Create a Graph using this measurement, Government Integrity 91.4 Create a Graph using this measurement. In 2007, the United States Federal Reserve noted, "In the early 1970s, Sweden had one of the highest income levels in Europe; today, its lead has all but disappeared...So, even well-managed financial crises don't really have a happy ending". It was the biggest contraction on record, as the economy was hit by the coronavirus pandemic despite not imposing coronavirus lockdowns. In 1994 the government budget deficit exceeded 15% of GDP. 10Y 25Y University of Colorado, 18 December. Nevertheless, the Swedish government decided in 1997 against joining the common currency from its start on 1 January 1999. [39], The following table shows the main economic indicators in 1980–2017. [41] In 1992 there was a run on the currency, the central bank briefly jacking up interest to 500% in an unsuccessful effort to defend the currency's fixed exchange rate. Sweden's official statistics agency said that Sweden's GDP fell by 8.6% in Q2. Between 1990 and 1993 GDP went down by 5% and unemployment skyrocketed, causing the worst economic crisis in Sweden since the 1930s. ", IMF, Sweden: Gross domestic product (GDP) in current prices from 1984 to 2021 (in billion international dollars) Statista, https://www.statista.com/statistics/375279/gross-domestic-product-gdp-in-sweden/ (last visited October 15, 2020), We use cookies to personalize contents and ads, offer social media features, and analyze access to our website. Swedish Krona Depreciates After Weak Inflation Data, Swedish Inflation Rate Slows More than Expected, Sweden Household Spending Growth Loses Steam, Swedish Industrial Output Contraction Eases in August, Swedish Factory Orders Unchanged in August, Swedish Manufacturing PMI Highest in Nearly 2 Years, Swedish Consumer Morale Improves, but Remains Weak, Swedish Business Confidence at 7-Month High, China Producer Prices Fall More than Estimated, Taiwan Consumer Morale Strongest in 5 Months, China Inflation Rate Slows to 19-Month Low, Australia Jobless Rate Below Estimates in September. The largest trade flows are with Germany, United States, Norway, United Kingdom, Denmark and Finland.

In the year 2000 the total labour force was around 4.4 million people.

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