International Market Development

International market development | Comprehensive analysis of Swedish economy and market conditions

Author : Bozhou Marine

Update time : 2020-12-28 09:09:54

In this article, we mainly introduce the basic situation of the Swedish market. Including: geographic location, major cities, population status, ethnicity, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment status, prices, corporate income tax, personal tax rates, etc.

Introduction

The Kingdom of Sweden (Swedish: Konungariket Sverige), referred to as Sweden (Swedish: Sverige), is a country located in Scandinavia, one of the five Nordic countries. The capital is Stockholm. It borders Norway to the west, Finland to the northeast, Skagerrak and Kattegat Strait to the southwest, and the Baltic Sea and the Gulf of Bothnia to the east. Sweden is across the sea from Denmark, Germany, Poland, Russia, Lithuania, Latvia and Estonia. It has a coastline of 2,181 kilometers and a total area of about 450,000 square kilometers, making it the largest country in Northern Europe.

Sweden is a highly developed capitalist country and the host of the famous Nobel Prize. Its industry is highly developed and diverse, with its own aviation industry, nuclear industry, automobile manufacturing, advanced military industry, and world-leading telecommunications industry and medical research capabilities. Sweden also leads the world in the fields of software development, microelectronics, telecommunication and photonics.

Capital

Stockholm (Stockholm) is the capital and largest city of Sweden, Sweden's political, economic, cultural, transportation center and main port. It is also the seat of the official palace of the Swedish national government, parliament and royal family. It is a world-famous international metropolis.

Main City

Stockholm

Sweden’s capital, largest city and economic and cultural center. Located on the west bank of the Baltic Sea, Lake Mälaren (488 square kilometers) into the sea. Located at the midpoint of the coastline of Sweden, the vast inland can be communicated through Lake Mälaren on land, and its geographical location is very important.

Gothenburg

"The capital of Sweden is Stockholm, and the most beautiful city is Gothenburg." If you are lucky enough to visit Sweden, the tour guide will definitely recommend Gothenburg to you.

In fact, Gothenburg is not only a beautiful city, it is also the largest port and second largest industrial city in Sweden, and the largest seaport on the Scandinavian Peninsula.

Gothenburg is located in the Kattegat Strait on the west coast of Sweden, at the mouth of the Göta River. The city has a population of more than 700,000 and is a beautiful seaport city. The Port of Gothenburg does not freeze all year round and has become the main port for the new atmosphere of Sweden and Western Europe. A considerable part of Sweden's national foreign trade goods depart from here. The whole city presents a prosperous and busy scene all year round. Because Gothenburg is located in the center of the three Nordic capitals of Copenhagen, Oslo, and Stockholm. There are more than 450 air routes leading to the rest of the world. Gothenburg has two nicknames, "Sweden's Liverpool" and "Swedish Western Window".

Malmo

Malmö is located in Scania County, Sweden, across the Øresund Strait and the capital of Denmark, Copenhagen. The two cities are only 26 kilometers apart. Malmö is an important port city, naval base and transportation hub in southern Sweden. It is the third largest city in Sweden with a population of about 480,000.

Malmö is derived from the ancient Scandinavian language, which means sand or sand valley island. The city was built in the 12th century and originally belonged to Denmark, but in 1658 it belonged to Sweden. It was built as a port in 1775 and further expanded in 1903.

The urban area of Malmö is now divided into two parts: one is the old area near the sea and surrounded by canals; the other is the new modern area extending to the hinterland. The city’s architecture is unique, and the city government is a Dutch Renaissance-style building. St. Peter's Basilica is a Gothic building. There are many beautiful buildings from the 16th century in the city.

Uppsala

It is located in the east of Sweden, just north of Stockholm, on the edge of the Felis River and Lake Mälaren. The city is surrounded by fertile fields and dense forests, and the scenery is elegant and fresh. The population is about 300,000. The city has developed transportation. There is a railway connecting the capital Stockholm to the south, Gavle to the north, and airplanes to provide convenient shipping. Some important meetings are often held here.

Uppsala was the old capital of Sweden's old dynasty. In the 12th century, the Swedish Principalities often held meetings here. It was also a famous religious sacred place at that time, and the oldest church in Uppsala in Northern Europe was built in this city. But later, the city slowly developed into a nearby fishing village. By the second half of the 13th century, this fishing village had become Uppsala's new commercial and handicraft center. Today's Uppsala is expanded to the surroundings on this basis.

Kiruna

Kiruna, located on the east bank of Lake Rosa, 140 kilometers north of the Arctic Circle, is Sweden’s main tourist city and one of the world’s largest iron ore centers. Due to geographical conditions, the population here is small, only less than 50,000.

"Kiruna" is a Lap language, meaning "Arctic Grouse". In the early years, this was a barren hill and ridge where the Lapp people released deer. In the 1830s, abundant iron ore was discovered in Kirulwala Mountain, but it was not until the railway was opened to traffic and iron ore was mined in 1899 that the area developed rapidly.

Now Kiruna has become Sweden's main tourist city and modern mining city. Every June, Kiruna’s sun is long day and night, and visitors flock to see the wonderful "midnight sun". People can also see the scene of the Lapu people releasing and arranging deer. With white snow in winter, Kiruna has become a great place for skiers. If the sky is beautiful, people can also enjoy the spectacular northern lights.

Northern Lights Image | Pixabay

  Let Lag

Time difference: 7 hours. The summer time in Sweden is 6 hours slower than China, and the winter time is 7 hours slower than China.

  Population and Ethnicity

10.37 million. The vast majority are Swedish, and most of the immigrants come from the Middle East, Southeast Europe, Africa and other regions. The Sami people in the north are the only ethnic minority, with about 20,000 people.

  Language

The official language is Swedish, general English.

  Main Holiday

New Year's Day / January 1st
Good Friday / the Friday before Easter / February 6th,
Easter / April,
the Swedes celebrate May Day / On the night before May 1st, a festival that comes from winter to spring;
Labor Day / May 1st
Christ’s Ascension Day At the end of May, every year at the end of May or beginning of June, the seventh Monday after Easter;
the National Day / Every year on June 6th, (On June 6, 1809, Sweden passed the first modern constitution. In 1983, the Parliament officially declared June 6th as Sweden’s National Day.)
the summer solstice-Midsummer Festival / every Saturday at the end of June
Eat shrimp festival / every August
The saint’s day / Every Saturday at the end of October or beginning of November
The traditional Swedish Goddess Lucia Festival / every year on December 13th, the Swedes say that the goddess Lucia descends on the earth on the night of December 13 every year, bringing light to people; in the capital Stockholm; on this day, the sun is until 9 o'clock in the morning It rises late, and it falls early at 3 o'clock in the afternoon, but since then, the long night has shortened day by day, and the bright day has become like a day;
Christmas / every year on December 24th, (Christmas in Sweden is one day earlier than other western countries, it is Christmas Eve on the 24th and 23rd);
Boxing Day / every December 26th, .

Swedish traditional costume image | Pixabay

  Natural Resources

Iron ore, forests and water power are Sweden’s three major resources. The proven iron ore reserves are 3.65 billion tons, which is the largest iron ore exporter in Europe. Uranium reserves are 250,000 to 300,000 tons. The forest coverage rate is 54%, and timber storage is 2.64 billion cubic meters. The available hydropower resources in the year are 2014 million kilowatts (176 billion kilowatt hours), 81% of which has been developed. In addition, there are sulfur, copper, lead, zinc, arsenic and other mines in the northern and central regions, with small reserves.

  Main Industry

Agriculture

In 2011, Sweden’s arable land area totaled 2,648,300 hectares, accounting for 6% of the country's land area, and the self-sufficiency rate of agricultural products was over 80%. In addition to meeting the needs of the country, the food produced was also available for export. In 2011, agriculture, forestry, animal husbandry, and fishery employees accounted for 1.1% of the total number of people, and the agricultural output value accounted for about 1.8% of the GDP, which was US$9.6858 billion. Animal husbandry accounts for 80% of the total agricultural output value. Food, meat, eggs and dairy products are more than self-sufficient, vegetables and fruits are mainly imported, and the self-sufficiency rate of agricultural products is over 80%.

Sweden is rich in forest resources, and forestry plays an important role in the national economy. In addition to the export of wood raw materials, it has also established a huge supporting and deep processing industrial sector such as pulp, paper, furniture, forestry chemicals, etc. Its output and export volume are among the world's top. Among them, the export volume of coniferous tree products ranks second in the world, pulp exports rank third in the world, and paper exports rank fourth in the world. At the same time, the government pays attention to environmental protection, and the annual logging volume does not exceed the natural growth volume, so that the forest coverage rate in Sweden has remained stable for a long time.

Industry

While Sweden retains its traditional and characteristic industries, its advantageous sectors have turned to the highly technologically intensive machinery industry and chemical industry to vigorously develop emerging industries such as information, communications, biology, medicine, and environmental protection. Sweden has its own aviation industry, nuclear industry, automobile manufacturing, advanced military industry, and the world's leading telecommunications industry and medical research capabilities. Sweden also leads the world in the fields of software development, microelectronics, telecommunication and photonics.

The main industrial sectors in Sweden include mining, machinery manufacturing, forestry and paper industry, power equipment, automobiles, chemicals, telecommunications, and food processing. In 2011, Swedish employees accounted for 28.8% of the total, and industrial output accounted for 26.9% of GDP, which was US$144.748 billion.

Service Industry

In 2011, Swedish service industry practitioners accounted for 70.7% of the total population, mainly in the fields of medical care, commerce, transportation, communications, finance, corporate services, education, scientific research, public administration, individuals, cultural services and family services. In 2011, the output value of the service industry accounted for about 71.3% of the GDP, which was US$383.665 billion.

  Economic outlook continues to weaken

The gross domestic product of Sweden in 2019 is about 50265 billion Swedish kronor, which is about 531.4 billion US dollars in US dollars. The GDP growth rate in 2019 was only 1.2%.

Sweden's GDP growth rate trend chart over the years | TRADING ECONOMICS

The Riksbank expects GDP growth to be -6.9% in 2020, compared with the previous forecast of 1.3%.

Slow growth in foreign exchange reserves

Sweden's foreign exchange reserves trend chart over the years | TRADING ECONOMICS

Sweden's foreign exchange reserves have grown sluggishly in recent years and will decline slightly in 2020.

Youth unemployment rate hit a record high

Sweden's employment population trend map over the years | TRADING ECONOMICS

Sweden's unemployment rate trend graph over the years | TRADING ECONOMICS

Affected by the new crown epidemic, Sweden's unemployment rate continued to rise in the second quarter, and young people were seriously affected. The number of unemployed in the 15 to 44 age group has increased, with the largest increase in the young group of 15 to 24 years old.

Swedish National Economic Research Institute: The unemployment rate in Sweden is expected to reach 8.5% in 2020.

Prices continue to rise and inflation rates fluctuate greatly

Sweden's consumer price index CPI trend chart over the years | TRADING ECONOMICS

Sweden's inflation rate trend chart over the years | TRADING ECONOMICS

From 2011 to 2020, Sweden’s inflation rate fluctuated significantly. From 2013 to 2015, it fell to a negative number once, and the economy fell significantly. In 2020, it fell to a negative number again, indicating a significant economic decline.

Corporate income tax rate 21.4%

Swedish corporate income tax trends over the years | TRADING ECONOMICS

In 2020, the Swedish corporate income tax rate is 21.4%.

Personal income tax rate 57.2%

Personal income tax trends in Sweden over the years | TRADING ECONOMICS

In 2020, the personal income tax rate in Sweden is 57.2%.

www.bozhou-int.com

Previous : International market development | Comprehensive analysis of Belgium's economy and market conditions

Next : International market development | Comprehensive analysis of Thailand's economy and market conditions