Sweden

Welcome to Sweden

Quick Facts about Sweden

• Capital: Stockholm
• Population: 10,598,000 (2023 est.)
• Language: Swedish
• Area: 450,295 sq km (176,000 sq mi)
• Currency: Swedish Kronor (SEK)
• GDP (Purchasing Power Parity): $659 billion (2023 est.)
• GDP per capita: $62,500 (2023 est.)
• GDP real growth rate: 3.0% (2023 est.)
• Local Time: GMT + 1 hour
• Dialing Code: +46
• Main Export Partners: Germany 10.3%, Norway 9.8%, United States 8.7%, Denmark 8.2%, Finland 7.6% (2022)
• Main Import Partners: Germany 18.1%, Netherlands 8.4%, China 6.5%, Denmark 6.2%, Norway 5.9% (2022) (Source: World Bank, IMF, Swedish Trade and Invest Council)

Fun Facts About Sweden

• Sweden is the birthplace of major global brands, including IKEA, Spotify, Klarna and Volvo.
• In 1999, the Minority Language Committee of Sweden formally declared five official minority languages: Finnish, Sámi languages, Romani, Yiddish, and Meänkieli. 
• The Swedish Fika is a cultural institution where people take coffee breaks with pastries like cinnamon buns.
• The country has over 95,000 lakes
• Sweden loves its sweet traditions, with dedicated days for iconic treats like Cinnamon Buns (Kanelbullens dag on October 4th), Gooey Chocolate Cake (Kladdkakans dag on November 7th), and Waffles (Våffeldagen on March 25th). These celebrations reflect the Swedish love for “fika”!

Stockholm: The Capital of Innovation 

Stockholm is a global hub for startups and technology, earning the nickname “Unicorn Factory” for producing billion-dollar companies like Skype and Klarna. In fact, Stockholm has the world’s most unicorns per capita after Silicon Valley. The vibrant ecosystem supports innovation across industries, from fintech to gaming. With a rich cultural heritage, Stockholm seamlessly blends history and modernity, offering world-class museums, culinary experiences, and sustainable living initiatives.

(Source: https://www.eib.org/en/essays/stockholm)

Economic Trends and Opportunities

Its policies emphasize digital transformation, sustainable growth, and innovation-driven industries. Key sectors include:

• Green Technology: Ambitious climate goals and investments in renewable energy and electric mobility position Sweden as a leader in sustainability.
• Digital Transformation: Sweden’s thriving tech ecosystem fosters advancements in AI, 5G, and automation.
• Healthcare Innovation: Sweden is at the forefront of medical research and biotechnology, driving breakthroughs in personalized medicine.

Sweden’s Export and Trade Strategy

Sweden continues to expand its global trade footprint, emphasizing high-value goods and sustainable products. The trade strategy aims to achieve the following:

1. Strengthening Sweden’s competitiveness and improving conditions for trade, investments and innovation. 

2. Increasing exports and presence of Swedish businesses in international markets; and 

3. Strengthening Sweden’s position as a prioritised partner for green and digital transition.

(Source: Government Offices of Sweden. (2024). Strategy for Sweden’s trade, investment, and global competitiveness. Retrieved January 13, 2025, from https://www.government.se/contentassets/cc8b5c6c15724583855273c16111662b/strategy-for-swedens-trade-investment-and-global-competitiveness.pdf)

Sweden’s forward-thinking policies, innovative industries, and commitment to sustainability make it an attractive destination for investors and businesses. Its stable political environment, skilled workforce, and strategic location provide a solid foundation for long-term growth and success. By leveraging its strengths in technology and sustainability, Sweden continues to lead on the global stage.

Political System