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||1994 - 2015
Sweden is a global leader of innovation with a highly skilled labor force. High investment in higher education and basic research has propelled Sweden to a prime position among European economies in terms of university enrollment, workforce skills and research and development. Timber, hydro-power, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50 percent of output and exports. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in 2008 and the contraction continued in 2009 as deteriorating global conditions reduced external demand and private consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove a rebound in 2010, but growth slipped in 2012, as a result of continued economic weakness in the EU. In 2014 both private and public spending rebounded, as well as fixed investment which grew the most in seven years. Household expenditure is the main component of GDP and accounts for 46 percent of its total use, followed by government consumption (26 percent) and gross fixed capital formation (23 percent). Also, external balance of exports and imports accounts for 4 percent of total GDP. This page provides - Sweden GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Sweden GDP Annual Growth Rate - was last refreshed on Sunday, October 4, 2015.