Sweden is a highly developed capitalist country. Its economic system is dominated by market economy, with manufacturing, export and service industries as its main pillars. Here is a quick rundown of Swedish economic data:
According to the World Bank in 2021, Sweden's GDP is $538 billion. In 2019, Sweden's GDP growth rate was 1.2%, while in 2020, due to the impact of the new crown epidemic, GDP fell by 2.8%.
Manufacturing has always been an important part of the Swedish economy, accounting for around 25% of GDP. Sweden's manufacturing industry is known for its high-tech, innovative and high-quality products, mainly producing products such as automobiles, electronic products, machinery and instruments.
Sweden is a big exporter, with exports accounting for about 50% of GDP. Sweden's main exports include automobiles, electronics, machinery and chemicals, among others. Sweden's main export markets are EU countries and the United States.
The service industry is another important part of the Swedish economy, accounting for more than 70% of GDP. Sweden's service industry mainly includes industries such as finance, tourism, information technology and health care.
The unemployment rate in Sweden was 6.8% in 2019, and it will rise to 8.8% in 2020 due to the impact of the new crown epidemic.
Per capita income
Sweden's per capita income ranks high in the world, around $56,000 according to the World Bank in 2021.
Overall, Sweden is a highly developed economy with important positions in GDP, manufacturing, exports and services.