Economic system
The economic system in Sweden is a mixture between capitalism and welfare. The Swedish government does supply a lot of aid to its citizens while still maintaining a capitalistic economy with competitive markets. Timber, hydro-power, and iron ore make up the resource base of the economy that is very much based on foreign trade. Private companies make up most of Sweden's industrial output. Sweden is very industrial with only 1% of the GDP being taken up by agriculture. Sweden is also one of the few countries to not be under the Euro because they felt it would hurt their economy especially now with the problems with the Euro. Although they do not belong to the Euro, Sweden is still taking a hit due to their economic trade partners belonging to the Euro.
GDP Per Capita: $40,900 USD
GDP Per Capita: $40,900 USD
Oil Production and Consumption in Sweden
Record:
Oil Production: .31M bbl/day
Oil Consumption: .01M bbl/day
Summary:
From what I found Sweden uses almost all of the oil they produced. Sweden barely exports any of the oil they produce and the oil they consume is more than they oil they produce. One thing that can be drawn from this is that Sweden, much like other nations such as the U.S. is dependent on foreign oil. This could be good for Sweden though, dependency is not necessarily bad because that creates a global economy and now they have trade partners and they have other goods to offer to them. Another thing that can be drawn is that Sweden is a modern nation that uses oil for either cars or production which adds to their own economy.
Two questions to be drawn from this:
1. Who are Sweden's trade partners?
2. How could Sweden become more independent?
Oil Production: .31M bbl/day
Oil Consumption: .01M bbl/day
Summary:
From what I found Sweden uses almost all of the oil they produced. Sweden barely exports any of the oil they produce and the oil they consume is more than they oil they produce. One thing that can be drawn from this is that Sweden, much like other nations such as the U.S. is dependent on foreign oil. This could be good for Sweden though, dependency is not necessarily bad because that creates a global economy and now they have trade partners and they have other goods to offer to them. Another thing that can be drawn is that Sweden is a modern nation that uses oil for either cars or production which adds to their own economy.
Two questions to be drawn from this:
1. Who are Sweden's trade partners?
2. How could Sweden become more independent?