| Sweden
Economy-overview:
Aided by peace and neutrality for the whole twentieth 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. Timber, hydropower, 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 2% of GDP and 2% of the jobs. In
recent years, however, this extraordinarily favorable picture has been clouded by
budgetary difficulties, inflation, high unemployment, and a gradual loss of
competitiveness in international markets. Sweden has harmonized its economic policies with
those of the EU, which it joined at the start of 1995. Sweden decided not to join the euro
system at its outset in January 1999 but plans to hold a referendum in 2000 on whether to
join. Annual GDP growth is forecast for 2.2% and 2.6% in 1999 and 2000 respectively.
Budgetary problems and shaky business confidence will constrain government plans to reduce
unemployment.
GDP: purchasing power parity-$175 billion (1998 est.) GDP-real growth rate:
2.9% (1998 est.)
GDP-per capita: purchasing power parity-$19,700 (1998 est.)
GDP-composition by sector:
agriculture: 2.2%
industry: 30.5%
services: 67.3% (1997)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 3.7%
highest 10%: 20.1% (1992)
Inflation rate (consumer prices): 2% (1998 est.)
Labor force: 4.552 million (1992)
Labor force-by occupation: community, social and personal services 38.3%, mining
and manufacturing 21.2%, commerce, hotels, and restaurants 14.1%, banking, insurance 9%,
communications 7.2%, construction 7%, agriculture, fishing, and forestry 3.2% (1991)
Unemployment rate: 6.3% plus about 5% in training programs (1998 est.)
Budget:
revenues: $109.4 billion
expenditures: $146.1 billion, including capital expenditures of $NA (FY95/96)
Industries: iron and steel, precision
equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products,
processed foods, motor vehicles
Industrial production growth rate: 4.4% (1998) Electricity-production:
135.192 billion kWh (1996) Electricity-production by source:
fossil fuel: 9.75%
hydro: 37.52%
nuclear: 52.62%
other: 0.11% (1996)
Electricity-consumption: 141.392 billion kWh (1996) Electricity-exports: 9.7
billion kWh (1996) Electricity-imports: 15.9 billion kWh (1996) Agriculture-products:
grains, sugar beets, potatoes; meat, milk
Exports: $85.5 billion (f.o.b., 1998)
Exports-commodities: machinery 35%, motor vehicles, paper products, pulp and wood,
iron and steel products, chemicals
Exports-partners: EU 55% (Germany 11%, UK 9%, Denmark 6%, Finland 5%), Norway 8%, US
8% (1994) Imports: $66.6 billion (f.o.b., 1998)
Imports-commodities: machinery, petroleum and petroleum products, chemicals, motor
vehicles, foodstuffs, iron and steel, clothing
Imports-partners: EU 68% (Germany 19%, UK 10%, Denmark 8%, France 6%), Norway 8%,
US 6% (1997)
Debt-external: $66.5 billion (1994)
Economic aid-donor: ODA, $1.7 billion (1995)
Currency: 1 Swedish krona (SKr) = 100 oere
Exchange rates: Swedish kronor (SKr) per US$1-7.8193 (January 1999), 7.9499 (1998),
7.6349 (1997), 6.7060 (1996), 7.1333 (1995), 7.7160 (1994)
Fiscal year: calendar year
|
Italy
Economy-overview: since World War II, the Italian economy has changed
from one based on agriculture into a ranking industrial economy, with approximately the
same total and per capita output as France and the UK. This basically capitalistic economy
is still divided into a developed industrial north, dominated by private companies, and a
less developed agricultural south, with large public enterprises and more than 20%
unemployment. Most raw materials needed by industry and over 75% of energy requirements
must be imported. In the second half of 1992, Rome became unsettled by the prospect of not
qualifying to participate in EU plans for economic and monetary union later in the decade;
thus, it finally began to address its huge fiscal imbalances. Subsequently, the government
has adopted fairly stringent budgets, abandoned its inflationary wage indexation system,
and started to scale back its generous social welfare programs, including pension and
health care benefits. In December 1998, Italy adopted a budget compliant with the
requirements of the European Monetary Union (EMU); representatives of government, labor,
and employers agreed to an update of the 1993 "social pact," which has been
widely credited with having brought Italy's inflation into conformity with EMU
requirements. In 1999, Italy must adjust to the loss of an independent monetary policy,
which it has used quite liberally in the past to help cope with external shocks. Italy
also must work to stimulate employment, promote wage flexibility, and tackle the informal
economy.
GDP: purchasing power parity $1.181 trillion (1998 est.) GDP-real
growth rate: 1.5% (1998 est.)
GDP-per capita: purchasing power parity $20,800 (1998 est.)
GDP-composition by sector:
agriculture: 3.3%
industry: 33%
services: 63.7% (1994)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 2.9%
highest 10%: 23.7% (1991)
Inflation rate (consumer prices): 1.8% (1998 est.)
Labor force: 23.193 million
Labor force-by occupation: services 61%, industry 32%, agriculture 7% (1996)
Unemployment rate: 12.5% (1998 est.)
Budget:
revenues: $559 billion
expenditures: $589 billion, including capital expenditures of $NA (1998 est.)
Industries: tourism, machinery, iron and steel, chemicals, food processing, textiles,
motor vehicles, clothing, footwear, ceramics
Industrial production growth rate: 0.5% (1996 est.) Electricity-production:
226.707 billion kWh (1996) Electricity-production by source:
fossil fuel: 80.02%
hydro: 18.25%
nuclear: 0%
other: 1.73%
Electricity-consumption: 264.007 billion kWh (1996) Electricity-exports: 800
million kWh (1996) Electricity-imports: 38.1 billion kWh (1996) Agriculture-products:
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy
products; fish
Exports: $243 billion (f.o.b., 1998)
Exports-commodities: engineering products, textiles and clothing, production
machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco;
minerals and nonferrous metals
Exports-partners: Germany 16.4%, France 12.2%, US 7.9%, UK 7.1%, Spain 5.2%,
Netherlands 2.8% (1997)
Imports: $202 billion (f.o.b., 1998)
Imports-commodities: engineering products, chemicals, transport equipment, energy
products, minerals and nonferrous metals, textiles and clothing; food, beverages and
tobacco
Imports-partners: Germany 18.0%, France 13.2%, UK 6.7%, Netherlands 6.2%, US
5.0%, Belgium-Luxembourg 4.7% (1997)
Debt-external: $45 billion (1996 est.)
Economic aid-donor: ODA, $1.6 billion (1995)
Currency: 1 Italian lira (Lit) = 100 centesimi
Exchange rates: Italian lire (Lit) per US$1—1,688.7 (January 1999), 1,736.2
(1998), 1,703.1 (1997), 1,542.9 (1996), 1,628.9 (1995), 1,612.4 (1994)
note: on 1 January 1999, the European Union introduced a common currency that is
now being used by financial institutions in some member countries at the rate of 0.8597
euros per US$ and a fixed rate of 1,936.27 lire per euro; the euro will replace the local
currency in consenting countries for all transactions in 2002
Fiscal year: calendar year |