Sweden : economy statistics and industry reports

Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade.

Privately owned firms account for about 90% of industrial output, of which the engineering sector accounts for 50% of output and exports.

Agriculture accounts for little more than 1% of GDP and of employment.

Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports.

This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy.

Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in 2009 as deteriorating global conditions reduced export demand and consumption.

Strong exports of commodities and a return to profitability by Sweden's banking sector drove the strong rebound in 2010.