Sweden Overview

The activity slowdowned in 2005 after registered an important growth in 2004. GDP growth rate was 3.6% in 2004 and 2.6% in 2005. The IMF forecasts a 2.8% growth in 2006. The slowdown of economy largely depends on the decrease of Swedish exports which account for 45% of the GDP. Despite a preponderant State position, Swedish market is one of the most liberal in Europe. Unemployment affected 6.4% of the active population in 2005.

Agriculture provides 2% of the Swedish GDP. The main agricultural productions are cereals, dairy products, meat and potatoes. Sweden is also one of the largest per capita wood producers in the world. Sanitary standards and obligations are particularly strict concerning food-processing products. Sweden holds a certain number of mining resources such as lead, iron, zinc or silver, for instance. Swedish industry is characterized by big export groups domination, like Volvo, Saab, Ericson or Astra Zeneca. The main manufacturing industry activities are wood, electronics, food-processing and pharmaceuticals. New technologies and biotechnologies sectors have an important weight in the economy.

Sweden's external trade is one of the driving forces of economic growth. The country is a member of the European Union, but does not currently take part in the single currency. The European Union is the country's top trade partner with 52% of Swedish exports and 64% of imports. Its three export partners are the United States, Germany and Norway. The country's first largest import partners are Germany, Denmark and Norway. The main imported products are machinery, capital goods, vehicles and fuels.