The media often claim that Sweden is a country of victorious socialism, where the well-being of people is a priority not only for the government, but for the whole people. The Swedish economy has a “human face." This means that a key role in it is given to a person, his efforts and work. This allowed Sweden to transform from a backward country into an economic giant in just 100 years.
Sweden's Well-Being Secret
Thanks to Sweden’s neutral policy in the international arena and the policy of non-intervention, the Kingdom of Sweden has gained enormous opportunities to solve its own internal problems, such as improving health care, equalizing population incomes, building developed infrastructure, overcoming demographic problems and others.
Sweden has the smallest external debt in Europe. The country is trying to live "within its means." Sweden learned this after the worst crisis of the 90s of the last century, during which the currency depreciated, the number of unemployed increased, the economy did not develop, and entire sectors showed negative dynamics. A number of reforms helped stabilize the situation and balance the budget.
Sweden's GDP per capita exceeds the size of external debt per capita. This year, the GDP indicator is already 27.5 thousand dollars, and debt is slightly more than 16 thousand dollars per person. GDP (gross domestic product) is the number of goods produced by a country in monetary terms per capita.
High level of employment. For this, the government allocates considerable money. Education, training and retraining is the basis of the Swedish economic model.
Key industries
The Kingdom of Sweden is characterized by a high level of concentration of capital in several major sectors of the economy. In fact, the entire Swedish economy is provided by only a few huge corporations, which account for up to 90% of the money supply and manufactured products.
The main sectors with the highest GDP growth in Sweden are:
- Forestry and timber processing. More than half of Sweden is forested. Both large companies and residents are engaged in logging. About 50% of the forest fund is in private hands. The country has a high proportion of wood processing, within the country it reaches 45%. More than 40% goes to raw materials for cellulose or furniture production, the rest serves as material for soldering rooms.
- Mining industry. Iron and copper are mined in Sweden. Iron ore in Swedish quarries has high purity
- The engineering industry brings the Swedish budget about half of all revenues. Most of the cars are exported to the USA. The most famous brands are Volvo and Saab.
- Energy Sweden alone cannot provide itself with electricity. The country produces one third of the energy needed by the country.
- Metallurgy. The country is known for producing high quality steel. There are many steel mills in Sweden, the largest of which is located in the city of Domnarvet.
Real GDP
The GDP of Sweden, according to economists, in 2017 exceeded 573 million US dollars. This is 2.28% more than in the previous year. For a long time, the country's economy has shown steady growth.
The graph shows that since 2010, Sweden’s GDP has shown positive dynamics. The last decline in GDP was observed in 2009, the loss amounted to 25 billion US dollars. As a result of the reforms, the economy has leveled off and shows moderate annual growth.
National currency rate
On average, a little over 7 rubles will be given for one Swedish krona . In 2018, the smallest rate of the Swedish krona to the ruble was observed on March 1. Ten crowns cost 68,209 rubles. The highest rate was recorded on April 12, 2018. During this period, for 10 kroons it was possible to get 77.104 rubles.