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



Your advisors at the Chamber of Commerce

Georgia Kossmann

Contact us: europe@cc.lu


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)

Source: Administration des contributions directes


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

Other useful links


Chamber of Commerce and the country