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sweden gdp

Its death rate was once one of the world's highest, and is now still significantly higher than its neighbours: more than five times Denmark's, more than 11 times Norway's, and around 10 times Finland's. The number of foreign bank branches has increased. The effect that is in many respects Sweden's rules are now stricter than those of other nations. [74] [75] The high coverage of collective agreements is achieved despite the absence of state mechanisms extending collective agreements to whole industries or sectors. There are few price controls in Sweden, but the government provides significant subsidies to encourage renewable energy. Agriculture accounts for 2 percent of GDP and employment. General government debt, % of GDP, 2019, Household debt: In 2009, Sweden had the world's tenth highest GDP per capita in nominal terms and was in 14th place in terms of purchasing power parity.[38]. Income from tourism and exports also fell. On a year-on-year basis, the economy contracted 8.2 percent, also a record, and following a 0.4 percent growth in Q1. facts. Science performance (PISA), Mean score, 2018, Air and GHG emissions, Carbon dioxide (CO2), latest available year, Gross domestic product (GDP), US dollars/capita, 2019, Household debt, % of net disposable income, 2019 There is no minimum wage that is required by legislation. The government expects the economy to shrink around 7% this year and already launched a stimulus package worth around SEK 245 billion to boost the recovery. The inflation rate is low and stable, with projections for continued low levels over the next 2–3 years. since. In 2000 it fell below the key level of 60% and had declined to a level of 35% of GDP as of 2010. Sweden has now seen 5,776 deaths among its population of just over 10 million. Rigid labor laws and regulations and the high nonsalary cost of employing a worker temper the business-friendly and efficient regulatory landscape that otherwise facilitates entrepreneurial activity. [44], The crisis of the 1990s was by some viewed as the end of the much buzzed welfare model called "Svenska modellen", literally "The Swedish Model", as it proved that governmental spending at the levels previously experienced in Sweden was not long term sustainable in a global open economy. Around seventy percent of the Swedish labour force is unionised. [50] According to the OECD, deregulation, globalization, and technology-sector growth have been key drivers of productivity. Household consumption decreased by 1.7 percent, mainly due to transports and consumption abroad. Government spending has amounted to 49.7 percent of the country’s output (GDP) over the past three years, and budget surpluses have averaged 1.1 percent of GDP. However, incomes were sufficiently high to finance emigration to distant places, prompting a large portion of the country to leave, especially to the United States. [41] In 1992 there was a run on the currency, the central bank briefly jacking up interest to 500% in an unsuccessful effort to defend the currency's fixed exchange rate. See more from the 2020 Index. Subscriber The government budget has improved dramatically from a record deficit of more than 12% of GDP in 1993. [54] Sweden ranked 9th in the IMD Competitiveness Yearbook 2008, scoring high in private sector efficiency. The overall tax burden equals 44.0 percent of total domestic income.

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