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Economy of Sweden

Sweden is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Sweden is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Sweden exports around $181.5 billion and imports roughly $158 billion. 6.5% of population in the country are unemployed. The total number of unemployed people in Sweden is 648,876. In Sweden, 14% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Sweden is low, indicating that it has a stable economy. Investors should consider Sweden to be a safe location for investments and other financial ventures. Government expenditure on education is 6.6% of GDP. The Gini Index of the country is 24.9. Sweden is experiencing high equality. Differences in income among citizens are only mildly significant. Sweden has a Human Development Index (HDI) of 0.898. Sweden has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Sweden is 1.36. Due to strong law enforcement presence and high social responsibility, Sweden is very safe by international standards. The strength of legal rights index for Sweden is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Sweden is Swedish krona. The plural form of the word Swedish krona is kronor. The symbol used for this currency is kr, and it is abbreviated as SEK. The Swedish krona is divided into Ore; there are 100 in one krona.

Credit rating

The depth of credit information index for Sweden is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Sweden has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Sweden has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Sweden has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

In Sweden, the institution that manages the state's currency, money supply, and interest rates is called Bank of Sweden. Locally, the central bank of Sweden is called Sveriges Riksbank. The average deposit interest rate offered by local banks in Sweden is 0.79%.

Public debt

Sweden has a government debt of 38.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Sweden is set at 22%. Personal income tax ranges from 31% to 59.7%, depending on your specific situation and income level. VAT in Sweden is 25%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Sweden is $450517 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Sweden was last recorded at $45 million. PPP in Sweden is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Sweden is 579,680 billion. Based on this statistic, Sweden is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Sweden. The Gross Domestic Product (GDP) per capita in Sweden was last recorded at $58 million. The average citizen in Sweden has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Sweden averaged 2.1% in 2014. According to this percentage, Sweden is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Sweden.

Industry

Major industries in the country are iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles. The total labor force of Sweden is 5,276,260 people, wherein 6.5% of population in the country are unemployed. The total number of unemployed people in Sweden is 648,876. The Industrial Production growth rate of Sweden is 8%.To read more about industrial information within Sweden click on industry of Sweden.

Agriculture

There are 24368 km2 of arable land in Sweden, and it comprises 5% of the country's total territory. There are 24409 km2 of cultivated land in Sweden. The country's major agricultural crops and products are barley, wheat, sugar beets, meat, milk.To read more about agriculture click on agriculture of Sweden.