Sweden Economy and Business

• GDP: US$513 billion (2008).
• Main imports: Machinery, petroleum products, chemicals, motor vehicles, iron and steel.
• Main exports: Machinery, motor vehicles, paper products, pulp, wood and chemicals.
• Main trade partners: Germany, Denmark, Norway, UK and USA.

Sweden boasts one of Europe's most advanced industrial economies and one of the highest standards of social welfare in the world. It also boasts a relatively large number of world-class multinational companies (Ericsson and Volvo among them). A prolonged period of peace, which included a policy of neutrality during both World Wars, has contributed much to its economic development.

Over half of the country is covered by forest, supplying raw material for the wood-based industries (paper, wood pulp and finished products such as furniture), which account for 20% of Swedish material exports. The agricultural (mainly in the south) and fisheries sector is, however, fairly insignificant today, accounting for just 1% of GDP.

Sweden has a strong industrial sector that produces a number of major exports including machinery, vehicles, office and telecommunications equipment, iron and steel, wood products and chemicals. The country is rich in mineral resources, which include 15% of the world's known uranium deposits and large deposits of iron ore, copper, lead and zinc.

As with all countries, Sweden was affected by the drastic global downturn in 2008/9. The annual GDP growth rate for 2008 was estimated to be just 0.7%. And in common with other major economies, the Swedish government has been forced into launching a major banking sector rescue package.

Businesspeople are expected to dress smartly. English is widely - and well -  spoken in most circles. Punctuality is important for both business and social occasions. Business cards are commonly used.

Office hours: Flexible working hours are a widespread practice, with lunch 1200-1300. Normal office hours are 0800-1600.

Stockholm Chamber of Commerce
Västra Trädgårdsgatan 9, Box 16050, 103 21 Stockholm, Sweden
Tel: (8) 5551 0000.
Website: www.chamber.se
There are also chambers of commerce for other major towns and regions in Sweden.

Stockholm Visitors Board (Information on Conferences/Conventions)
Drottninggatan 33, Box 16282, 103 25 Stockholm, Sweden
Tel: (8) 5082 8500.
Website: www.congressstockholm.com

Gothenburg Convention Centre (Information on Conferences/Conventions)
Mässans Gata 8, Box 5184, 402 26 Gothenburg, Sweden
Tel: (31) 708 8800.
Website: www.gcc.se

Malmö Tourist Convention Bureau (Information on Conferences/Conventions)
Lugnagatan 84, SE-211 59 Malmö, Sweden
Tel: (40) 342 228.
Website: www.malmo.se/conference