|
|
 |
| |
| Percentage
Changes (1991 prices) - 1993 Prices |
| Demand
and Output |
SKR
BN. |
Percent
of GDP |
1995 |
1996 |
1997 |
1998 |
| Private Consumption |
796.3
|
55.1 |
0.8 |
0.8 |
1.5 |
1.8 |
| Government |
406.1 |
28.1 |
-1.0 |
-0.2 |
-0.2 |
-1.0 |
| Gross fixed investment |
205.8 |
14.2 |
10.9 |
9.8 |
4.1 |
6.1 |
| Final domestic
demand |
1,408.2 |
97.4 |
1.8 |
1.7 |
1.5 |
1.9 |
| Stock building |
-13.6 |
-0.9 |
0.5 |
-1.4 |
0.0 |
0.2 |
| Total domestic
demand |
1,394.6 |
96.4 |
2.3 |
0.2 |
1.5 |
2.1 |
| Export of goods and services |
472.9 |
32.7 |
12.6 |
6.0 |
6.0 |
4.5 |
| Import of goods
and services |
421.9 |
29.1 |
10.3 |
2.5 |
5.0 |
5.0 |
| Foreign balance |
51.6 |
3.6 |
1.4 |
1.5 |
0.8 |
0.2 |
| GDP at constant
prices |
- |
|
3.6 |
1.7 |
2.2 |
2.1 |
| GDP at current prices |
1,446.2 |
100.0 |
7.4 |
3.3 |
4.7 |
4.7 |
| GDP price deflator |
- |
|
3.7 |
1.6 |
2.5 |
2.6 |
| Memorandum
Items |
| Private Consumption
deflator |
|
|
2.4 |
1.5 |
2.1 |
2.2 |
| Total employment |
|
|
1.6 |
-0.5 |
0.5 |
0.4 |
| Unemployment rate |
|
|
7.7 |
7.9 |
7.4 |
7.2 |
| Breakdown of gross fixed
investment |
|
|
|
|
|
|
| Public sector |
34.3 |
2.4 |
-0.5 |
-5.0 |
1.4 |
3.5 |
| Private sector - residential |
56.1 |
3.9 |
-28.0 |
15.0 |
2.0 |
10.0 |
| Private sector
- non residential |
115.2 |
7.9 |
25.1 |
12.5 |
5.0 |
6.0 |
| Short-term interest rate |
- |
|
8.7 |
5.9 |
4.6 |
4.9 |
| Long-term interest
rate |
- |
|
10.2 |
8.1 |
7.2 |
7.1 |
GDP per head: US$ 23,150
Gross Domestic Product (KRBILLION): SEK 1,739 (1995)
Gross National Products (GNP): US$ 182,000 million
GNP per capita: US$ 20,200 (1997)
Inflation: 1.0
Total Employment: 4320 (1995)
Effective Exchange
Rates
(1991 = 100) |
1995
81.1 |
1996
90.2 |
1997
91.7 |
1998
91.9 |
Total Estimated debts:
Debt Service Ratio:
Gross Domestic Product (GDP) - Rates of Growth (%)
| Year |
Rate of Growth % |
| 1990 |
1.4 |
| 1991 |
-1.1 |
| 1992 |
-1.4 |
| 1993 |
-2.2 |
| 1994 |
3.3 |
| 1995 |
3.6 |
| 1996 |
1.1 |
| |
| Balance
of Payments (SKR billion) |
| |
|
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
| A |
Trade
balance |
15.0 |
14.8 |
30.5 |
34.3 |
53.1 |
67.1 |
105.6 |
| |
Export of goods |
329.0 |
336.0 |
328.8 |
322.4 |
384.2 |
463.1 |
564.4 |
| |
Import
of goods |
314.0 |
321.2 |
298.3 |
288.0 |
331.1 |
396.0 |
458.8 |
| B |
Services - net |
-8.7 |
-14.0 |
-8.2 |
-11.6 |
-0.4 |
-1.0 |
-3.5 |
| |
Transportation |
11.3 |
11.2 |
12.1 |
9.4 |
10.0 |
10.2 |
9.4 |
| |
Travel |
-16.3 |
-20.0 |
-21.7 |
-22.8 |
-14.2 |
-15.8 |
Other services
14.1 |
| |
Other
Services |
-3.8 |
-5.2 |
1.4 |
1.8 |
3.9 |
4.6 |
1.5 |
| C |
Trade in Goods &
Services (A+B) |
6.3 |
0.8 |
22.3 |
22.8 |
52.7 |
66.1 |
102.1 |
| D |
Wages
& Salaries |
-1.0 |
-1.0 |
-1.3 |
-1.1 |
-1.1 |
-0.8 |
-1.2 |
| E |
Investment Income |
-14.0 |
-25.4 |
-37.5 |
-57.3 |
-66.9 |
-44.6 |
-46.0 |
| F |
Unrequited
Transfers |
-13.2 |
-13.5 |
-12.4 |
-15.2 |
-13.9 |
-14.3 |
-21.1 |
| G |
Current Account (C+D+E+F) |
-21.9 |
-39.0 |
-28.9 |
-50.7 |
-29.2 |
6.4 |
33.8 |
| H |
Direct
Investment |
54.7 |
-75.6 |
-4.2 |
-2.7 |
18.1 |
-3.3 |
24.9 |
| I |
Trade in Shares |
29.8 |
-18.7 |
-3.0 |
-10.3 |
32.2 |
37.4 |
-37.7 |
| J |
Loans
/bonds and foreign currency |
113.9 |
114.6 |
-26.7 |
13.9 |
-35.5 |
-22.7 |
5.2 |
| |
Government and the
central bank |
-13.0 |
-14.0 |
-18.9 |
155.0 |
69.1 |
25.9 |
54.8 |
| |
Other
Sectors |
127.0 |
128.6 |
-7.8 |
-141.1 |
-104.7 |
-48.6 |
-49.7 |
| K |
Loans/bonds in SEK
|
36.8 |
64.5 |
64.7 |
37.3 |
42.7 |
2.6 |
44.4 |
| |
Government
and the central bank
|
11.0 |
23.3 |
42.3 |
29.9 |
10.2 |
4.6 |
55.8 |
| |
Other Sectors |
25.9 |
41.2 |
22.3 |
7.4 |
32.5 |
-2.1 |
-11.4 |
| L |
Financial
derivatives |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
-6.0 |
| M |
Other capital transactions |
-2.7 |
26.6 |
-36.9 |
0.6 |
25.6 |
34.0 |
-48.7 |
| N |
Official
reserves |
-9.3 |
-45.1 |
4.4 |
14.0 |
-75.5 |
-18.1 |
9.9 |
| O |
Net errors and omissions
|
-32.3 |
-27.3 |
30.6 |
-22.6 |
21.6 |
-36.2 |
-25.7 |
| P |
Financial
account (H+I+J+K+L+M+N+O) |
21.9 |
39.0 |
28.9 |
50.7 |
29.2 |
-6.4 |
-33.8 |
Economic Affairs
Major Trends: 1980-1996
Like many other highly developed industrial countries, Sweden has
experienced weaker growth in recent decades. Between1980 and 1990
GDP increased by an average of 2.09 annually. This can be compared
with 3% during the 1950s and 4.6% in the 1960s. Between 1990 and 1993,
GDP declined by 5%. At the same time, employment decreased by nearly
10%. Lower production and higher unemployment led to drastic deterioration
in public sector finances.
The economic reversals that Sweden experienced coincides with an international
recession, but the decline in output and employment were on a larger
scale than in other comparable countries.
After the 1991–1993 recession, the economy recovered significantly.
GDP climbed by 3.3% in 1995. Preliminary figures for 1996 indicate
a growth of 1.1%. Sweden’s economic growth is entirely attributed
to the private sector.
Industry
Until the mid 1970s Sweden had an exceptional economic growth rate,
which was surpassed only by Japan. The growth could largely be attributed
to the development of Swedish industrial enterprises. The transformation
of Sweden from a poor agrarian country to a modern industrialized
society was based on iron, oil, timber and waterpower. These natural
resources that is used to manufacture wood products, paper and steel,
laid the foundation for Sweden’s export oriented industry. Among
Sweden’s traditional industries, forest products still plays
an important role in the economy. In contrast, such sectors as mining,
steel production, textiles and shipyards have faded in importance.
Engineering has expanded rapidly and accounts for nearly half of
manufacturing today. Growth has been especially high in communication
products. Access to raw materials, skilled workers and innovative
talent helped Sweden achieve the same per-capita income level as Great
Britain by the outbreak of World War II.
Today the Swedish economy is highly dependent on a number of very
large international companies. In 1992, the United Nations estimated
a total of 345,000 Multinational Corporations in the World, of which
2700 have their headquarters in Sweden. In 1994, the 80 largest Swedish
industrial groups employed more than 700,000 people, out of whom 284,000
worked in Sweden and 425,000 abroad.
Some Major Industrial Sectors
Engineering is a significant sector of Swedish industry, covering
47% of total industrial value addition and employs 350,000. Aside
from transportation equipment, mechanical engineering is the most
important sub sector of engineering, followed by electrical products
and metal goods. The automotive industry is the most important engineering
sub sector. Sweden has three motor vehicle manufacturers: Volvo, Saab
and Scania.
Although the chemical industry in Sweden is a major employer, it exports
a relatively small proportion of its bulk products. The most successful
sub sector of the chemical industry is the pharmaceutical sector.
The mining and mineral extraction industry of Sweden covers 1% of
total industrial value addition and employs 9,000. The mining industry
has declined in relative importance since the 1970s. Sweden produces
large quantities of iron, copper, lead, zinc, silver, gold and other
nonferrous metals.
Over half of Sweden’s area is covered with woods, mainly conifer.
Wooden products have been and remain an important industry and is
highly mechanized and automated. More than 70% of production is exported.
Swedish foodstuffs production is dominated by a relatively small number
of companies. Imports greatly exceed exports, but there is steady
growth in the latter.
International Co-operation
Sweden plays an active part in international organizations such as
GATT (General Agreement on Tariff and Trade), UNCTAD (Nations Conference
on Trade and Development), ITC (International Trade Centre –
Geneva) EFTA (European Economic Co-operation) and Nordic Co-operation.
Investment and Investment Policies: N.A. |
|
