Sweden, with a population of 10,486,941, ranks 85th globally, just behind Czechia. Located in Northern Europe, Sweden covers 528,860.72 square kilometers, ranking 49th worldwide, just behind France.
Sweden’s economy is robust and stable, with a GDP of $591,718,144,602.141 in 2022, ranking 24th globally. It is closely behind Norway, whose GDP stands at $593,348,981,537.661. The GDP per capita in Sweden is $56,424.2847, placing it 16th in the world, just trailing the Netherlands with a GDP per capita of $57,025.0125.
This highlights Sweden’s strong economic position and its competitive standing among other developed nations.
What are the economic activities of Sweden?
- Primary activities: 1.6% of GDP.
- Secondary activities: 33% of GDP.
- Tertiary activities: 65.4% of GDP.
Primary Sector of Sweden
In Sweden, the primary sector, particularly agriculture, plays a significant role despite only occupying 7.37% of the total land area. The country’s diverse climate and natural resources support the cultivation of various agricultural products. The main agricultural products include wheat, milk, sugar beets, barley, potatoes, oats, rapeseed, pork, chicken, and triticale.
Although agriculture contributes 1.6% to the GDP, the sector remains crucial for food security and rural employment. The variety of crops and animal products showcase the importance of agriculture in sustaining the country’s agricultural sector and maintaining a self-sufficient food supply.
The country’s diverse geology provides abundant natural resources, including iron ore, copper, lead, zinc, gold, silver, tungsten, uranium, arsenic, feldspar, timber, and hydropower. These resources drive the economy, with mining and forestry sectors playing a significant role in the primary sector.
Secondary Sector of Sweden
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials from primary activities into finished products for consumption. In Sweden, main industrial products include iron and steel, precision equipment, wood pulp and paper products, processed foods, and motor vehicles.
Manufactures play a crucial role in Sweden’s total exports, accounting for 72.09% in 2023. This highlights the significant contribution of the manufacturing sector to the country’s economy and global trade competitiveness.
Tertiary sector of Sweden
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Sweden encompasses a wide range of services that focus on improving productivity and meeting various needs through knowledge and expertise. Some of the key tertiary activities in Sweden include healthcare and medical care, education and training, banking and finance, communication and information exchange, media production and distribution, and tourism and hospitality. These services play a crucial role in driving the country’s economy and enhancing the quality of life for its citizens.
In particular, Sweden’s tourism sector plays a pivotal role in its economy, contributing significantly to its GDP. With an impressive 7,616,000 annual arrivals and a tourist arrivals/population ratio of 0.7262, the country attracts visitors from around the globe. Stockholm’s picturesque charm and the stunning natural landscapes of Swedish Lapland are among the most popular destinations.
Another example of tertiary economic activity is the mobile cellular sector, boasting 13 million subscriptions, which fosters technological growth by enhancing connectivity, driving innovation, and supporting digital services nationwide.
Military Activities and Economic Sectors of Sweden
The military is a strong example of many economic activities. In the primary sector, resources are extracted for military use, like metals for weapons. The secondary sector involves manufacturing military equipment, ensuring that soldiers have the tools they need. The tertiary sector includes services provided by the military, such as training and logistics. The quaternary sector focuses on research and development, while the quinary sector deals with high-level decision-making and strategy.
In Sweden, the military has an annual expenditure of $8,754.9 million, which is 1.30% of the country’s GDP. The active military force has 29,750 personnel, giving a ratio of 5.1 active military members for every 1,000 people in the population.
Biggest company in Sweden
Which is the biggest company in Sweden? The largest is Krka, a leading player in the Pharmaceuticals and Biotech industry. Founded in 1954, Krka has a market value of approximately 2.77 billion USD. It operates in the secondary economic sector, focusing on health solutions.
International Trade of Sweden
Import Activities of Sweden
Sweden’s high import activities, accounting for almost 50% of GDP, are crucial for the country’s economy and global trade relations.
Sweden’s key import partners are Germany, Netherlands, Norway, China, and Denmark. The country primarily imports crude petroleum, cars, refined petroleum, broadcasting equipment, and garments.
Exports Activities of Sweden
Sweden’s total exports in 2023 amounted to 197.8 billion USD, accounting for 53% of its GDP. With exports contributing over 40% to the economy, it plays a crucial role in driving growth and prosperity.
Sweden’s export activities are diverse, with major partners including Germany, Norway, the US, Denmark, and Finland. Key export commodities are refined petroleum, cars, packaged medicine, paper, and electricity.
Sweden economy challenges in 2024
In 2024, Sweden faces economic uncertainty due to global market fluctuations. The country grapples with balancing its welfare state with the demands of a competitive economy. Environmental concerns persist, challenging Sweden’s commitment to sustainability. Maintaining high living standards while ensuring income and gender equality remains a priority amidst changing social dynamics.
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