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Combining macroeconomic stability and growth
Sweden recorded annual GDP growth of 2.0 percent in the years 2000-2009, substantially exceeding eurozone growth of 1.3 percent in the same period. Inflation rates have been among the lowest of all EU countries. This is partly explained by solid productivity growth - Swedish industry has posted some of the world's fastest productivity growth rates over the past decade. Swedish businesses are renowned for ability to adopt new technology and skills in applying information technology. Fiscal and monetary policies have contributed to maintaining a macroeconomic environment conducive to solid and sustainable growth. Sweden's central bank, the Riksbank, was legally granted independent status in 1999, policy is to maintain price stability with inflation target of 2 percent. Strict government spending limits have been imposed under parliamentary control and in the mid 1990s the national pension system was reformed.
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| Source: Statistics Sweden. |
Home to multinationals
Sweden is home to numerous global companies from a wide range of industry sectors. ABB, Alfa Laval, Ericsson, H&M, IKEA, SKF, Scania and Volvo are examples from the automotive, engineering, retail and telecommunications sectors. |
Sweden's core industrial sectors have formed the backbone of the economy since the early days of industrialization and continue to drive demand for sophisticated services and advanced technologies. |
| A strong presence of multinational companies contributes to Sweden's international business environment. Foreign-owned companies today employ some 25 percent of Sweden's private sector workforce. |
Gate to business in northern Europe Almost 60 percent of Fortune 500 companies with a presence in Scandinavia have placed their regional headquarters for Scandinavia and northern Europe in Sweden. Sweden is by far the largest economy in the region. |
| Sweden's economy is deeply integrated into the European economy, which accounted for 72 percent of exports and 83 percent of imports in the first six months of 2010. Germany (10 percent of exports and 18 percent of imports) is Sweden's largest trading partner. |
Recognized for competitiveness Global competitiveness surveys regularly give Sweden top rankings. The Global Competitiveness Report 2010-2011, published by the World Economic Forum (WEF), ranks Sweden the world's second most competitive country. The Growth Competitiveness Index aims to gauge ability to achieve sustained economic growth over the medium to long term. Other studies, by the OECD and the World Bank for example, have also noted Sweden's competitiveness. |
Innovative power Some 4 percent of Swedish GDP is annually invested in R&D, contributing to Sweden's top ranking in innovation performance among EU member countries. More than 30 multinational technology companies, including Cisco, Google, HP, Huawei Technologies and Hutchison Whampoa, have global centers of excellence in Sweden.
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| Most competitive and innovative countries |
Most competitive countries |
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Most innovative countries |
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1. Switzerland 2. Sweden 3. Singapore 4. US 5. Germany 6.Japan 7. Finland 8. Netherlands 9. Denmark 10. Canada |
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1. Switzerland 2. Sweden 3. Finland 4. Germany 5. UK 6. Denmark 7. Austria 8. Luxemburg 9. Belgium 10. Ireland |
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Sources: World Economic Forum “Global Competitiveness Report 2010-2011”;
European Commission “European Innovation Scoreboard 2009”. |
| Page last updated 2011.10.13 |
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