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Average Salary - Sweden SWEDEN / SALARY


SALARY SURVEYS

2,122

UPDATED
March 2023
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AVERAGE SALARY / YEAR MOST TYPICAL SALARY / YEAR
Gross income
Net (after tax)

10.54 SEK = 1 USD

702,430 SEK

$66,650 USD
Stockholm

751,036 SEK

548,032 SEK

$52,000 USD
Including "Stockholm"
Excluding "Stockholm"

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Average Salary / Sweden

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Average salary in Sweden is 702,430 SEK per year. The most typical earning is 548,032 SEK. All data are based on 2,122 salary surveys. Salaries are different between men and women. Men receive an average salary of 726,143 SEK. Women receive a salary of 618,644 SEK.

The most paid careers are Management & Business with average income 945,356 SEK and Health Care & Medical with income 908,469 SEK.

Based on education, the highest salaries receive people with Doctorate Degree with salary of 759,868 SEK. The second most paid education level is Bellow H. School with salary of 758,814 SEK.

Different experiences affect earning as well. People with 20+ Years of experience receive salary of 960,111 SEK. Employees with 16-20 Years of experience receive 937,979 SEK.

Levels / Sweden (Gross SEK)

Salary Levels (SEK) per Year Surveys [%]
105,400 SEK - 158,099 SEK
5 100%
0.24%
158,100 SEK - 210,799 SEK
9 99.76%
0.42%
210,800 SEK - 263,499 SEK
16 99.34%
0.75%
263,500 SEK - 316,199 SEK
29 98.59%
1.37%
316,200 SEK - 368,899 SEK
54 97.22%
2.54%
368,900 SEK - 421,599 SEK
120 94.67%
5.66%
421,600 SEK - 474,199 SEK
165 89.02%
7.78%
474,300 SEK - 526,899 SEK
223 81.24%
10.51%
THE MOST TYPICAL SALARY
527,000 SEK - 579,599 SEK
257 70.74%
12.11%
579,600 SEK - 632,299 SEK
228 58.62%
10.74%
632,300 SEK - 684,999 SEK
176 47.88%
8.29%
685,000 SEK - 737,699 SEK
163 39.59%
7.68%
737,700 SEK - 790,399 SEK
111 31.9%
5.23%
790,400 SEK - 843,099 SEK
127 26.67%
5.98%
843,100 SEK - 895,799 SEK
62 20.69%
2.92%
895,800 SEK - 948,499 SEK
57 17.77%
2.69%
948,500 SEK - 1,001,199 SEK
63 15.08%
2.97%
1,001,200 SEK - 1,053,899 SEK
33 12.11%
1.56%
1,053,900 SEK - 1,106,599 SEK
33 10.56%
1.56%
1,106,600 SEK - 1,159,299 SEK
42 9%
1.98%
1,159,300 SEK - 1,211,999 SEK
21 7.02%
0.99%
1,212,000 SEK - 1,264,699 SEK
17 6.03%
0.8%
1,264,700 SEK - 1,317,399 SEK
8 5.23%
0.38%
1,317,400 SEK - 1,370,099 SEK
12 4.85%
0.57%
1,370,100 SEK - 1,422,799 SEK
8 4.29%
0.38%
1,422,800 SEK - 1,475,499 SEK
9 3.91%
0.42%
1,475,500 SEK - 1,528,199 SEK
8 3.49%
0.38%
1,528,200 SEK - 1,580,899 SEK
3 3.11%
0.14%
HIGH SALARIES
1,580,900 SEK - 1,686,199 SEK
18 2.97%
0.85%
1,686,300 SEK - 1,791,599 SEK
8 2.12%
0.38%
1,791,600 SEK - 1,896,999 SEK
8 1.74%
0.38%
1,897,000 SEK - 2,002,399 SEK
9 1.37%
0.42%
2,002,400 SEK - 2,107,799 SEK
1 0.94%
0.05%
2,107,800 SEK - 2,213,199 SEK
2 0.9%
0.09%
2,213,200 SEK - 2,318,599 SEK
0 n/a
2,318,600 SEK - 2,423,999 SEK
4 0.8%
0.19%
2,424,000 SEK - 2,529,399 SEK
4 0.61%
0.19%
2,529,400 SEK - 2,634,799 SEK
3 0.42%
0.14%
2,634,800 SEK - 3,688,699 SEK
6 0.28%
0.28%
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Gender / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 Men 1,561 726,143 SEK
2 Women 498 618,644 SEK

Education / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 Doctorate Degree 201 759,868 SEK
2 Bellow H. School 15 758,814 SEK
3 Masters Degree 908 708,226 SEK
4 Some College 133 696,633 SEK
5 Bachelors Degree 792 691,364 SEK
6 High School 73 590,189 SEK

Experience / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 20+ Years 139 960,111 SEK
2 16-20 Years 147 937,979 SEK
3 12-16 Years 264 838,911 SEK
4 8-12 Years 444 738,790 SEK
5 4-8 Years 535 637,614 SEK
6 2-4 Years 307 577,542 SEK
7 0-1 Year 139 533,277 SEK
8 1-2 Years 147 528,008 SEK

Age / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 56-60 21 1,108,712 SEK
2 51-55 45 1,066,555 SEK
3 66-70 2 1,019,130 SEK
4 46-50 91 934,817 SEK
5 41-45 175 870,528 SEK
6 61-65 5 836,803 SEK
7 36-40 333 785,162 SEK
8 n/a 64 778,838 SEK
9 31-35 598 689,256 SEK
10 76-99 1 679,771 SEK
11 14-20 12 669,232 SEK
12 26-30 603 585,973 SEK
13 21-25 172 524,846 SEK

Work Type / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 Self Employed 30 846,288 SEK
2 Permanent 1,801 719,819 SEK
3 Contract 251 597,566 SEK
4 Part Time 40 454,234 SEK

Cities / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 Täby 3 779,892 SEK
2 Boras 8 760,922 SEK
3 Stockholm 972 751,437 SEK
4 Gävle 20 737,736 SEK
5 Eskilstuna 12 695,579 SEK
6 Lund 93 690,310 SEK
7 Helsingborg 39 687,148 SEK
8 Malmö 171 680,825 SEK
9 Södertälje 27 673,447 SEK
10 Göteborg 493 669,232 SEK
11 Örebro 17 668,178 SEK
12 Jönköping 22 649,207 SEK
13 Uppsala 45 623,914 SEK
14 Norrköping 15 617,590 SEK
15 --Other-- 71 612,321 SEK
16 Umea 20 609,159 SEK
17 Västeras 35 589,135 SEK
18 Linköping 41 579,649 SEK
19 Karlstad 18 574,380 SEK

Career Groups / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 Management & Business 255 945,356 SEK
2 Health Care & Medical 27 908,469 SEK
3 Insurance 5 880,014 SEK
4 Law 11 836,803 SEK
5 Finance & Banking 69 822,049 SEK
6 Engineers & Technicians III 4 786,216 SEK
7 Health Care & Medical II 33 771,461 SEK
8 Human Resources 31 736,682 SEK
9 IT & Programming II 181 728,251 SEK
10 Archaeology & History 1 722,981 SEK
11 Marketing, Sales, Purchase 134 705,065 SEK
12 Automobile 35 697,687 SEK
13 Salesmen & Saleswomen 16 686,094 SEK
14 IT & Programming 505 683,986 SEK
15 Accounting & Administration 69 661,854 SEK
16 Engineers & Technicians V 24 660,800 SEK
17 Logistics, Road, Railway 28 651,315 SEK
18 Engineers & Technicians IV 21 647,100 SEK
19 Engineers & Technicians II 16 640,776 SEK
20 Engineers & Technicians 356 628,129 SEK
21 Media 24 619,698 SEK
22 Education & University 74 613,375 SEK
23 Construction & Labor Workers 29 613,375 SEK
24 Manufacturing & Labor Workers 25 601,782 SEK
25 Sports & Recreation 2 590,189 SEK
26 Military 1 567,003 SEK
27 Making Design 33 554,356 SEK
28 Properties & Real Estates 2 550,140 SEK
29 Organization & Coordination 11 523,792 SEK
30 Architect Constructions 14 520,631 SEK
31 Public Sector 11 515,361 SEK
32 Fashion 11 503,768 SEK
33 Geography & Geodesy 4 496,391 SEK
34 Hotels & Tourism 7 491,121 SEK
35 Aviation & Shipping 8 484,798 SEK
36 Customer Services 17 466,881 SEK
37 Arts, Culture, Performance 3 461,612 SEK
38 Agriculture & Fishing 5 437,372 SEK
39 Restaurants, Inns, Pubs 20 428,940 SEK

Careers / Sweden (Gross SEK)

# Surveys AVERAGE SALARY / YEAR
1 General Manager 10 1,542,922 SEK
2 Director 36 1,373,243 SEK
3 University Professor 11 1,061,286 SEK
4 Sales Manager 13 1,023,345 SEK
5 Operations Manager 10 1,013,860 SEK
6 Finance Manager 12 994,890 SEK
7 Computer Architect 14 984,351 SEK
8 Business Development Manager 23 963,272 SEK
9 Human Resources Manager 14 945,356 SEK
10 Engineering Manager 17 940,086 SEK
11 Program Manager 10 911,631 SEK
12 Manager 36 909,523 SEK
13 Technical Manager 20 863,151 SEK
14 Risk Manager 10 862,097 SEK
15 Hardware Engineer 11 857,881 SEK
16 IT Manager 57 839,965 SEK
17 IT Project Manager 58 834,695 SEK
18 Consulting, Speaker 9 820,995 SEK
19 Product Manager 23 817,833 SEK
20 Other IT Career 20 815,725 SEK
21 Marketing Manager 21 796,755 SEK
22 Doctor 9 796,755 SEK
23 System Analyst 9 782,000 SEK
24 Other Management Career 15 752,491 SEK
25 Other Medical Career 14 746,167 SEK
26 Lead Developer 36 741,951 SEK
27 Project Manager 40 733,520 SEK
28 Electrical Engineer Lead 12 729,305 SEK
29 Data-warehouse Engineer 12 724,035 SEK
30 Marketing 12 713,496 SEK
31 IT Coordinator 20 698,741 SEK
32 Other Automobile Career 34 686,094 SEK
33 Python Developer 10 679,771 SEK
34 Construction Manager 9 673,447 SEK
35 Other Engineer Career 19 671,340 SEK
36 Software Engineer 54 669,232 SEK
37 Marketing Executive 9 668,178 SEK
38 Other Finance Career 11 656,585 SEK
39 Computer Engineer 9 653,423 SEK
40 Financial Analyst 17 647,100 SEK
41 Android Developer 9 642,884 SEK
42 Logistics Manager 11 631,291 SEK
43 .NET Developer 24 628,129 SEK
44 Software Developer 161 627,075 SEK
45 Java Developer 32 621,806 SEK
46 Engineer 103 618,644 SEK
47 Electrical Engineer 34 603,889 SEK
48 C, C++ Developer 38 602,835 SEK
49 University Professor Assistant 13 592,296 SEK
50 Web Developer 12 589,135 SEK
51 Security Specialist 12 580,703 SEK
52 Research Engineer 53 573,326 SEK
53 Mechanical Engineer 68 565,949 SEK
54 Purchaser 9 553,302 SEK
55 Civil Engineer 13 550,140 SEK
56 Accountant 10 515,361 SEK
57 Other Education Career 28 507,984 SEK
58 Technician 9 423,671 SEK

People's individual salary examples (surveys)

Purchaser
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Göteborg Masters Degree 4-8 Years Advanced 594,300 SEK

Design Engineer
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Göteborg Bachelors Degree 4-8 Years Advanced 534,900 SEK

Chief Executive Officer
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 16-20 Years Advanced 2,575,300 SEK

Boat
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 0-1 Year Intermediate 594,300 SEK

Bi Consultant
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Helsingborg Masters Degree 2-4 Years Advanced 682,100 SEK

Software Engineer
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 4-8 Years Advanced 647,100 SEK

Logistic Developer
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Södertälje Masters Degree 1-2 Years Advanced 437,200 SEK

Researcher In Polymer Chemistry
Posted 05 September 2022
City Education Experience Knowledge Gross salary / year
Lund Doctorate Degree 2-4 Years Advanced 349,800 SEK

Technology Lead
Posted 01 September 2022
City Education Experience Knowledge Gross salary / year
Göteborg Doctorate Degree 4-8 Years Expert 630,300 SEK

Analyst
Posted 30 August 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 1-2 Years Basic 457,600 SEK

Business Manager
Posted 27 July 2022
City Education Experience Knowledge Gross salary / year
Uppsala Doctorate Degree 4-8 Years Expert 674,500 SEK

Postdoctoral Fellow
Posted 22 July 2022
City Education Experience Knowledge Gross salary / year
Linköping Doctorate Degree 4-8 Years Expert 301,400 SEK

Phd Student
Posted 20 July 2022
City Education Experience Knowledge Gross salary / year
Uppsala Masters Degree 0-1 Year Intermediate 373,700 SEK

Test Manager
Posted 14 July 2022
City Education Experience Knowledge Gross salary / year
Linköping Bachelors Degree 8-12 Years Advanced 696,000 SEK

Founder
Posted 13 June 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 4-8 Years Intermediate 452,700 SEK

Legal Counsel
Posted 10 June 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 4-8 Years Advanced 1,077,800 SEK

Director Rnd
Posted 10 June 2022
City Education Experience Knowledge Gross salary / year
Göteborg Masters Degree 16-20 Years Expert 1,013,100 SEK

Embedded Developer
Posted 08 June 2022
City Education Experience Knowledge Gross salary / year
Malmö Bachelors Degree 2-4 Years Advanced 646,700 SEK

Account Executive
Posted 08 June 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 4-8 Years Advanced 659,600 SEK

System Admin
Posted 27 May 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 8-12 Years Intermediate 762,900 SEK

Software Architect
Posted 25 May 2022
City Education Experience Knowledge Gross salary / year
Malmö Bachelors Degree 12-16 Years Advanced 669,200 SEK

Consultant
Posted 14 April 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 8-12 Years Advanced 655,800 SEK

Forestry Manager
Posted 09 April 2022
City Education Experience Knowledge Gross salary / year
Örebro Some College 4-8 Years Intermediate 384,400 SEK

Associate Product Manager
Posted 09 April 2022
City Education Experience Knowledge Gross salary / year
Lund Masters Degree 4-8 Years Advanced 814,000 SEK

Summer Internship As Software Engineer
Posted 08 April 2022
City Education Experience Knowledge Gross salary / year
Stockholm Some College 0-1 Year Advanced 393,400 SEK

Embeded Systems Engineer
Posted 07 April 2022
City Education Experience Knowledge Gross salary / year
Uppsala Masters Degree 1-2 Years Intermediate 507,400 SEK

Saleswoman
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
--Other-- High School 1-2 Years Advanced 1,695,800 SEK

Data Migration Specalist
Posted 06 April 2022
City Education Experience Knowledge Gross salary / year
Helsingborg Bachelors Degree 8-12 Years Expert 711,000 SEK

Ir Officer
Posted 22 March 2022
City Education Experience Knowledge Gross salary / year
Karlstad Masters Degree 0-1 Year Basic 597,400 SEK

Management Consultant
Posted 21 March 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 4-8 Years Advanced 866,000 SEK

Asic Design
Posted 21 March 2022
City Education Experience Knowledge Gross salary / year
Lund Masters Degree 8-12 Years Advanced 678,300 SEK

Developer
Posted 18 March 2022
City Education Experience Knowledge Gross salary / year
Örebro Bachelors Degree 1-2 Years Intermediate 434,100 SEK

Development Engineer
Posted 13 March 2022
City Education Experience Knowledge Gross salary / year
Lund Bachelors Degree 8-12 Years Expert 814,000 SEK

Supply Chain Manager
Posted 12 March 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 16-20 Years Expert 2,498,600 SEK

Function Developer
Posted 12 March 2022
City Education Experience Knowledge Gross salary / year
Göteborg Masters Degree 1-2 Years Intermediate 485,700 SEK

Communications Manager
Posted 11 March 2022
City Education Experience Knowledge Gross salary / year
Göteborg Masters Degree 8-12 Years Expert 452,200 SEK

Printing Technician
Posted 11 March 2022
City Education Experience Knowledge Gross salary / year
Stockholm High School 16-20 Years Basic 488,200 SEK

Digital Transformation Head
Posted 11 March 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 8-12 Years Intermediate 841,100 SEK

Head Of Data
Posted 05 March 2022
City Education Experience Knowledge Gross salary / year
Göteborg Doctorate Degree 2-4 Years Expert 1,112,500 SEK

Researcher
Posted 20 February 2022
City Education Experience Knowledge Gross salary / year
Västeras Doctorate Degree 2-4 Years Expert 653,500 SEK

Software Developer
Posted 19 February 2022
City Education Experience Knowledge Gross salary / year
Göteborg Masters Degree 1-2 Years Intermediate 486,800 SEK

Worker
Posted 18 February 2022
City Education Experience Knowledge Gross salary / year
Stockholm Some College 4-8 Years Basic 371,800 SEK

Ciso
Posted 18 February 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 16-20 Years Expert 2,361,900 SEK

Business Transformation Consultant
Posted 17 February 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 1-2 Years Advanced 811,300 SEK

Digital Marketing Manager
Posted 16 February 2022
City Education Experience Knowledge Gross salary / year
Malmö Masters Degree 2-4 Years Advanced 608,400 SEK

Content Curation Specialist
Posted 15 February 2022
City Education Experience Knowledge Gross salary / year
Stockholm Bachelors Degree 1-2 Years Advanced 425,900 SEK

Engineering Manager
Posted 15 February 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 4-8 Years Expert 892,400 SEK

Contract Support And Lead
Posted 17 January 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 8-12 Years Expert 841,200 SEK

Finance Manager
Posted 17 January 2022
City Education Experience Knowledge Gross salary / year
Stockholm Masters Degree 12-16 Years Expert 1,223,500 SEK

Communication Manager
Posted 15 January 2022
City Education Experience Knowledge Gross salary / year
Malmö Bachelors Degree 16-20 Years Advanced 1,223,500 SEK

ECONOMY / Sweden

Introduction

Sweden is a country found in Europe, it's the fourth largest country in Europe by land area. It has attractive scenarios such as inland lakes, mountains, and coastal islands.  The currency used for transactions is the Swedish krona.

Sweden has an export-oriented economy. The country is doing well economically, thus being ranked twenty-third globally for nominal GDP. If you are wondering why Sweden's economy is huge. The guide will help you know how various sectors contribute to the country's economy, Sweden's labor force, and inflation.

 

GDP

World Economic Outlook database estimates for 2021 is $ 612 billion for nominal GDP and $ 583 billion for Purchasing Power Parity GDP. The nominal GDP ranking for Sweden is 23rd globally. For GDP in terms of purchasing power parity, Sweden is ranked as the 40th globally.

The nominal GDP per capita estimate is $ 57,660 hence being ranked as the twelve largest globally, while the GDP per capita in terms of PPP is $ 54,953, making it number fifteen worldwide.

Sweden's GDP has a downward trend. The GDP growth for the year 2019 was 1.3 percent, respectively. In the year 2020 had a great drop of -4.7 percent. In the year 2021, the estimated GDP growth is 3.5 percent.

The service sector made the highest contribution to Sweden's economy in 2021. It had a GDP growth of 65.4 percent. Industries contribute 33 percent and the agricultural sector around 1.6 percent.

 

Economic sector

·       Agricultural sector

The agricultural sector accounts for about 1.6 percent of Sweden's GDP growth. We find that the percentage of people employed by this sector is two percent. The sector contributes to the country's economy by hiring staff and exporting the excess produce. The main agricultural products in Sweden are potatoes, grains, vegetables, fruits, and dairy products.

Sweden also does forestry, where you find a quarter is company-owned, another quarter is publicly owned, and a half is privately owned. The forests have facilitated small farmer's employment. The forest is a great source of timber which is Sweden's main export.

Fishing also contributes to Sweden's agricultural sector. The country has traditional fishing areas in the northern sea where salmon, lobster, and shrimps are fished.

·       Industry sector

The industry sector accounts for thirty-three percent of Sweden's economic growth. The main companies found in this sector include motor vehicles, foods processing, iron and steel, electronic equipment, and pharmaceuticals products. Some of the popular manufacturing industries include Volvo and Electrolux. Sweden's industry sector employs approximately 12 percent of the workforce.

The manufacturing companies produce their product in bulk quantities, thus facilitating exports to other countries. Sweden is a great export of timber and timber products.

·       Service industry

The service sector has the highest contribution to Sweden's economy.  The GDP growth of the service sector in the year 2017 was 65.4 percent. The service sector has also employed the largest workforce, which is about 86 percent. Sweden's economy has also boosted the export of services such as technology consultancy services. Tourism also plays a  major role in the GDP growth of the service sector.

 

Employment Sector

1.    Employment

In the year 2020, the number of employed people was 5,503,812. In the year 2019, Sweden had an employment rate of 81.1 percent. The service sector has employed the largest labor force, where most people are employed in business services and financial corporations. The industry sector is ranked second and agricultural third.

The employment rate has increased over the years. This is due to the increase in Sweden's population. The population increase has been linked to an increase in the number of immigrants and births. Most of the people are employed by the private sector. In Sweden men have more job placements than the female however over the years the gap has been narrowing. The average gross salary is $ 54,000 annually.

2.    Unemployment

Based on the unemployment by sex and age monthly statistics by September 2020, the countries unemployment rate was 9 percent. The youths who are mostly between the age of 15 and 24 account for approximately 28.9 percent of people unemployed. After the Covid 19 pandemic, the level of unemployment increased as some industries slowed down their production, and also, the government compensation schemes hindered some people from seeking employment.

 

Exports and Imports

Exports

In the year 2017, Sweden's exports amounted to $ 169.7 billion. The main goods exported include pulp and wood, iron and steel products, chemicals, military armaments, motor vehicles, machinery, and paper products. Sweden's largest exporter is Germany which accounts for 11 percent of the country's exports. Other main exporters include China, Netherlands, United States, United Kingdom, Finland, and Norway.

Imports

In 2017 Sweden's imports were approximately $ 154.8 billion. The main import partners include France, China, Finland, Belgium, United Kingdom, Denmark, Norway, Netherlands, and Germany. Sweden imports include petroleum and petroleum products, chemicals, foodstuff, clothing, iron and steel, motor vehicles, and machinery.

 

Inflation

Sweden's inflation has been decreasing over the years. The country's inflation rate for the year 2018 and 2019 was 2 percent and 1.3 percent, respectively.

World economic outlook database estimates for the year 2020 was – 4.7 percent. The estimates were low in 2020 due to Covid 19 pandemic, which adversely affected the economy adversely.

As of August 2021, Sweden experienced a 2.1 percent inflation rate. The high inflation rate resulted from the increase in transport, footwear, clothing, non-alcoholic beverages, and food.

On the other hand, there was a decrease in health, recreation, and communication prices. The estimate for inflation CPI for the year 2021 is 3.5 percent.

 

Conclusion

Sweden has an export-oriented economy. The production of iron ore, timber, and hydropower is the main reason for adopting that kind of economy. The country has a highly competitive and open market economy. Most of the companies are privately owned.  Sweden is the 23rd largest in the world in terms of nominal GDP. The service sector is the highest contributor to the Sweden economy, accounting for 65.4 percent and employing more than eighty percent of the workforce.

The main industries attributing to the high economic growth include pharmaceuticals, industrial machines, forestry, iron and steel, precision equipment, motor vehicles, and home goods and appliances.


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