The largest country in northern Europe by area, Sweden borders Norway to the east and Finland to the West. Sweden prides itself on its high standard of living, and its generous welfare state. A member of the EU since 1994, Sweden maintains its own currency, the krona.
Sweden’s economy is oriented toward foreign trade – the engineering sector accounts for around half of output and exports. Key exports include machinery, vehicles, pharmaceuticals and telecom equipment. Sweden is famous for its dense forests, and pulp and paper are important exports.
The tertiary sector employs around 80% of Sweden’s workforce and contributes around 75% of GDP.
Sweden offers investors an excellent business infrastructure, and a highly-qualified, English-speaking workforce. According to the World Economic Forum, Sweden ranks 4th for competitiveness. The country’s chief export partners are Germany, the United States, the United Kingdom, and its Nordic neighbours Norway, Denmark and Finland.
Sweden invests a relatively large proportion of GDP, around 3.5%, into R&D.
Sweden’s economic forecasts are rosy. Considering the EU as a whole, the Economist predicts that only Poland and the Baltic States are likely to keep pace with Sweden’s GDP growth rates in the years ahead.
With offices in five locations across Sweden, HLB is well placed to serve its clients on both international and local needs.