Sweden

About Sweden

Background:

A military power during the 17th century, Sweden has not participated in any war for almost two centuries. An armed neutrality was preserved in both World Wars. Sweden's long-successful economic formula of a capitalist system interlarded with substantial welfare elements was challenged in the 1990s by high unemployment and in 2000-02 and 2009 by the global economic downturns, but fiscal discipline over the past several years has allowed the country to weather economic vagaries. Sweden joined the EU in 1995, but the public rejected the introduction of the euro in a 2003 referendum.

PEOPLE

Population:
9,059,651 (July 2009 est.)
country comparison to the world: 88

Nationality:
noun: Swede(s)
adjective: Swedish

Ethnic groups:
indigenous population: Swedes with Finnish and Sami minorities; foreign-born or first-generation immigrants: Finns, Yugoslavs, Danes, Norwegians, Greeks, Turks

Religions:
Lutheran 87%, other (includes Roman Catholic, Orthodox, Baptist, Muslim, Jewish, and Buddhist) 13%

Languages:
Swedish, small Sami- and Finnish-speaking minorities

GOVERNMENT

Country Name:
conventional long form: Kingdom of Sweden
conventional short form: Sweden
local long form: Konungariket Sverige
local short form: Sverig

Government type:
constitutional monarchy

Capital:
name: Stockholm
geographic coordinates: 59 20 N, 18 03 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Independence:
6 June 1523 (Gustav VASA elected king)

Flag description:
blue with a golden yellow cross extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors reflect those of the Swedish coat of arms - three gold crowns on a blue field

ECONOMY

Economy - overview:
Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports. Agriculture accounts for only 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in the first half of 2009 as deteriorating global conditions reduced export demand and consumption.

GDP (purchasing power parity):
$333.2 billion (2009 est.)
country comparison to the world: 35
$349.3 billion (2008 est.)
$350.7 billion (2007 est.)
note: data are in 2009 US dollars

GDP - per capita (PPP):
$36,800 (2009 est.)
country comparison to the world: 28
$38,600 (2008 est.)
$38,800 (2007 est.)
note: data are in 2009 US dollars

Budget:
revenues: $196.9 billion
expenditures: $211.4 billion (2009 est.)

Inflation rate (consumer prices):
-0.5% (2009 est.)
country comparison to the world: 16
3.5% (2008 est.)

Industries:
iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles

Exports:
$132.8 billion (2009 est.)
country comparison to the world: 28
$185.9 billion (2008 est.)

Imports:
$121.1 billion (2009 est.)
country comparison to the world: 28
$167.8 billion (2008 est.)

Exchange rates:
Swedish kronor (SEK) per US dollar - 7.821 (2009), 6.4074 (2008), 6.7629 (2007), 7.3731 (2006), 7.4731 (2005)