National economy of Sweden - industries, GDP and prosperity level

Due to the fact that Sweden remained politically neutral and have ever engaged in serious wars, it managed to achieve a fairly high standard of living. This was due to the capitalist system of the economy. At the moment, the country pays special attention to the development and social security of her local population. Sweden is characterized by a modern developed transport infrastructure, excellent communications, and highly skilled labor. At the same time, the young part of its population gets education not only abroad, but also within the Kingdom.

About one third of all the energy needs of the Kingdom come from importation, including oil and gas. The main sources of domestic energy are hydropower resources, timber, and nuclear energy. It is worth noting that Sweden continues to increase the rate of withdrawal from imported energy through the development of nuclear and hydropower. This is why, to date, nuclear power constitutes about 50% of the country’s energy consumption. Despite the fact that throughout the European Union there is a negative attitude towards nuclear energy and a great fear of ecological damage caused by nuclear energy production, the Swedes do not agree with this opinion and continue to develop new reactors.

It is worth noting that Sweden has an extremely high level of energy consumption; for each citizen, an average of about 17,000 kilowatts per year. At the same time, the country pays much attention to ecology and its protection. Currently, Sweden has one of the lowest atmospheric pollution indicators, largely due to the fact that about 90% of electricity sources do not emit harmful substances in the form of carbon dioxide. The industry sector of Sweden contributes at least 32% to GDP. About 25% of the total number of the able-bodied population works in this sector. The main industry sector is non-ferrous and ferrous metallurgy. Mechanical engineering, including shipbuilding and radio electronics, also received good development. The country has a well-developed woodworking, pulp and paper sector. At the same time, it is focused solely on exports. Copyright www.orangesmile.com

Also worthy of attention are the textile, food, chemical industry. The mineral industry is mainly concentrated in the area of ​​copper and iron mines. For the last several decades, Sweden has been one of the largest ore suppliers around the world. Wood is one of the most valuable raw materials in Sweden, as forests occupy more than 45% of the country’s territory. The most developed sector of Swedish engineering is the locomotive industry. The most famous manufacturers are Volvo and Saab. Most products are exported, and in this case the lion’s share of exported products falls on the market of the United States of America. Agriculture in Sweden is well developed, but very little attention is paid to it. Only 3% of the population is involved in this field of activity.

Despite this, Sweden independently provides all the food needs of 85% of the population. The main focus is on the production of meat and dairy products. The largest pig-breeders which produce not only meat, but also bacon, are situated in Skåne. Crop production includes the cultivation of barley, wheat, sugar beet, potatoes, among other products. However, the vast majority of cultivated arable land is intended for the cultivation of various forage crops in order to ensure the uninterrupted operation of the livestock sector. Sweden, thanks to its location in the heart of the Baltic region, is one of the most strategically important sites for transporting goods between Russia and the Baltic countries, and the entire European market. At the same time, there are no currency controls in the country, export profit is not limited, and there are no license fees.

Foreign trade is mostly represented by products of machine building and metalworking, cellulose and woodworking products, metallurgical products, fuel, chemical products. It should be noted that the main trade partners with regards to exportation are the United Kingdom, Norway, France, Finland, the United States of America, and Germany. The main importers are the same countries. More than 60% of all trade relations occur within the countries of the Eurozone. To date, Sweden is considered one of the most economically developed countries in the world. Unemployment rates reach 8%. The growth of GDP according to the data for the previous year is 3.6%. GDP per capita is 52,113 dollars.