Working and Living in Sweden
Sweden has an export-oriented economy with timber, iron ore, and hydropower as its chief components of supply. Of all the EU members, the Swedish economy stands at the lowest national debt levels. It identifies itself as a competitive mixed economy with 90% companies belonging to private ownership, 5% under government control, and 5% of cooperatives.
Sweden has progressed from an agrarian economy in the 19th century to an industrial one in the 21st century.
After the mid-19th century, Sweden became an economic powerhouse due to rapid industrialization.
In the early 20th century, Life magazine declared the country to have the highest standard of living in the world.
Its non-involvement in the two wars helped it avoid physical, political, and economic destruction. It moved further towards its economic prosperity.
From the 1970s began a period of recession in the country that lasted as long as the late 1990s. Its standard of living fell by great margins.
By the early 21st century, however, the nation picked itself up and became the 10th highest GDP per capita country in 2009.
The principal industries that drive the Swedish economy are telecommunications, industrial machinery, pharmaceuticals, motor vehicles, and chemical goods.
Strongholds of Swedish Economy
50% of the export outputs for the Swedish economy come from the engineering sector while agriculture contributes 2% to its GDP.
Sweden was ranked as the fourth most competitive country according to the competitiveness index calculated by the World Economic Forum, 2012-13.
A US professor’s book The Flight of the Creative Class termed the country to be the best in business creativity in entire Europe. It predicted that the nation will attract the world’s most productive and talented manpower.
OECD's economic survey in 2007 assessed Sweden's inflation after the 1990s to be the lowest among the nations in Europe.
World Bank declared it as the 10th easiest nation to trade with, emphasizing on the country’s aptitude for foreign trade and exports.
Sweden has progressed from an agrarian economy in the 19th century to an industrial one in the 21st century.
After the mid-19th century, Sweden became an economic powerhouse due to rapid industrialization.
In the early 20th century, Life magazine declared the country to have the highest standard of living in the world.
Its non-involvement in the two wars helped it avoid physical, political, and economic destruction. It moved further towards its economic prosperity.
From the 1970s began a period of recession in the country that lasted as long as the late 1990s. Its standard of living fell by great margins.
By the early 21st century, however, the nation picked itself up and became the 10th highest GDP per capita country in 2009.
The principal industries that drive the Swedish economy are telecommunications, industrial machinery, pharmaceuticals, motor vehicles, and chemical goods.
Strongholds of Swedish Economy
50% of the export outputs for the Swedish economy come from the engineering sector while agriculture contributes 2% to its GDP.
Sweden was ranked as the fourth most competitive country according to the competitiveness index calculated by the World Economic Forum, 2012-13.
A US professor’s book The Flight of the Creative Class termed the country to be the best in business creativity in entire Europe. It predicted that the nation will attract the world’s most productive and talented manpower.
OECD's economic survey in 2007 assessed Sweden's inflation after the 1990s to be the lowest among the nations in Europe.
World Bank declared it as the 10th easiest nation to trade with, emphasizing on the country’s aptitude for foreign trade and exports.
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