Sweden Economy

Working abroad sounds like an adventure to many people. However, job search in Sweden requires more than just the obvious Sweden CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you made a decision to get an jobs in Sweden.

Do not take too lightly the influence a work in Sweden can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Sweden EconomyMost visits to Sweden are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Sweden economy - overview: Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a skilled labor force.

In 2003, Sweden voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydro-power, 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 only 1% 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 Sweden economy slid into recession in the third quarter of 2008 and growth continued downward in the fourth as deteriorating global conditions reduced export demand and consumption. In 2009, the Swedish Government announced a $6 billion rescue package for the banking sector.

Strong exports and a return to profitability by Sweden's banking sector drove the strong rebound in 2010, which continued in 2011, and the government is proposing stimulus measures in the 2012 budget to curb the effects of a global economic slowdown and boost employment and growth.

Labor force - by occupation: agriculture - 1.1%, industry - 28.2%, services - 70.7% (2008 est.)

Unemployment rate: 7.6% (2011 est.), 6.4% (2008 est.)

Natural resources: zinc, iron ore, lead, copper, silver, timber, uranium, hydro-power

Industries: iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles

SwedenCurrency Sweden EconomyCurrency: Sweden Krona (SEK; symbol kr) = 100 öre. Notes are in denominations of kr 1,000, 500, 100, 50 and 20. Coins are in denominations of kr10, 5, 2 and 1, and 50 öre.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. Most shops and restaurants require ID when paying with a credit card. ATMs are widely available. Personal cheques are no longer used.

Traveler’s Cheques: Widely accepted. A nominal fee is charged when paying with traveler’s cheques. To avoid additional exchange rate charges, visitors are advised to take traveler’s cheques in Euros, Pounds Sterling or US Dollars.

Exchange rates: Sweden kronor (SEK) per US dollar - 6.35 (2011 est.), 7.2012 (2010 est.), 7.6529 (2009), 6.4074 (2008), 6.7629 (2007), 7.3731 (2006), 7.4731 (2005), 7.3489 (2004), 9.74 (2002), 10.33 (2001), 9.16 (2000), 8.26 (1999), 7.95 (1998)

Inflation rate (consumer prices): 2.5% (2011 est.), 1.6% (2008 est.)

Other Sweden Economy Info

We hope that your Sweden job search has been successful and you will get Sweden visa too. So, if your Sweden cover letter and Sweden CV are ready, you may distribute them to your future employers and start preparing for a Sweden job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Sweden economy info!

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