SwedenChapters
A military power during the 17th century, Sweden has not participated in any war for two centuries. An armed neutrality was preserved in both world wars. Sweden's long-successful economic formula of a capitalist system intermixed with substantial welfare elements was challenged in the 1990s by high unemployment and in 2000-02 and 2009 by the global economic downturns, but fiscal discipline over the past several years has allowed the country to weather economic vagaries. Sweden joined the EU in 1995, but the public rejected the introduction of the euro in a 2003 referendum.
Source: The CIA World Factbook - Sweden
Key indicators
- Area
- 450,295 km2
- Population
- 10,261,767 (July 2021 est.)
- Government type
- parliamentary constitutional monarchy
- Languages
- Swedish (official)
- GDP
- $537.61 billion (2020 est.)
- Growth rate
- -2.8% (2020 est.)
- HDI
- 7
- Capital
- Stockholm
Macroeconomic indicators
Growth will remain strong as global demand and a weaker krona continue to boost exports. Exporting sectors will invest further to meet rising demand, but housing investment will contract against the backdrop of house price declines. The labour force will expand more slowly and unemployment will level off, as difficult-to-hire low-skilled workers make up a rising share of jobseekers. Households will remain cautious, with the saving rate staying high.
Both fiscal and monetary policies are expansionary during a strong upturn, and risk amplifying the business cycle. Expansionary monetary policy has succeeded in bringing inflation close to 2% and expectations are well-anchored. The Riksbank is projected to begin withdrawing monetary stimulus towards the end of 2018, which is needed to balance inflation risks against those of resource misallocation and financial imbalances, notably connected to property prices. Reforms aimed at improving the functioning of the housing market are also needed.
Source: OECD - Economic Forecast
IMF Statitics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
6.147 |
2.663 |
-0.196 |
0.215 |
2.223 |
|
Gross domestic product, current prices Percent change (Billions) |
639.715 |
590.410 |
593.268 |
623.048 |
651.281 |
|
Gross domestic product per capita, current prices Percent change (Units) |
61,203.119 |
56,114.285 |
56,224.808 |
58,528.523 |
60,672.785 |
|
Inflation, average consumer prices Percent change (Units) |
2.651 |
8.055 |
5.910 |
2.574 |
1.987 |
|
Volume of imports of goods and services Percent change (Units) |
11.721 |
9.324 |
0.968 |
1.273 |
2.552 |
|
Volume of exports of goods and services Percent change (Units) |
11.466 |
6.949 |
3.114 |
1.385 |
2.747 |
|
Unemployment rate Percent change (Units) |
8.892 |
7.483 |
7.667 |
8.365 |
8.243 |
|
Current account balance Percent change (Billions) |
45.181 |
34.516 |
36.922 |
37.094 |
34.206 |
|
Current account balance Percent change (Units) |
7.063 |
5.846 |
6.223 |
5.954 |
5.252 |
Estimates
Source: IMF Statistics - Sweden
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 14.10.1996 (Memorial 1998, A No.3, p.30)
- Effective as of 01.01.2010 (Memorial 1998, A No.3, p.30)
- Amendment of the Convention from 07.09.2010 (Memorial 2011, A No.146, p.2035)
Air Services agreement
- Agreement from 11.17.1952 (Memorial 1953, p. 735)
- Effective as of 07.21.1953 (Memorial 1953, p. 1079)
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Sweden
Embassy of the Grand Duchy of Luxembourg in Sweden
Ambassador with residence in Copenhagen: Ms Janine FINCK
05, Fridtjof Nansens Plads
DK - 2100 Copenhagen
Denmark
Tel.: (+45) 35 26 82 00
Fax: (+45)35 26 82 08
E-Mail: copenhague.amb@mae.etat.lu
Website: copenhague.mae.lu
Honorary Consul
Honorary Consul with jurisdiction over Västergötland and Halland:
Mr Lars INGELMARK
Current Address:
Söda Vägen
Skedala Säteri 189
S-305 93 Halmstad
Sweden
Tel.: (+46) 31 741 10 77; (+46) 709 540 100
E-Mail: goeteborg@consul-hon.lu
Honorary Consul with jurisdiction over Stockholm:
Mr Peter JOHNSON
Mailing Address:
Strandvägen 5A
SE-11451 Stockholm
Sweden
Tel.: (+46) 8 679 60 19
E-Mail: consul.lux.stockholm@gmail.com
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Sweden
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Sweden