GDP in 2016: US$511bn (£389bn)
GDP growth in 2016: 3.1%
Inflation in 2017: 1.8%
Representing some 4.6% of exports, refined oil has become a big deal for Sweden, growing in value by 35% between 2016 and 2017.
Preem is the largest fuel company in Sweden, producing 18 million cubic metres of oil every year.
It has more than 1,400 employees, 950 of whom work at its two refineries in Gothenburg and Lysekil.
Preem, Renfuel and Rottneros are working in collaboration to explore the construction of the world’s first lignin plant for biofuels in Vallvik, Söderhamn. The production of the wood component could reach 30,000 metric tons upon its completion in 2021.
Lignin can be used for both renewable diesel and petrol for all types of vehicles. A similar project, involving representatives from seven member states, met at Swedish town Örnsköldsvik to begin the Rewofuel project. The $21m project will examine the use of wood residues to produce biofuels.
Machinery, inc. nuclear reactors
Boilers and nuclear reactors are among the heavy machinery exported by Sweden. Its 2017 production levels accounted for 15% of exports, or $23.5bn.
The Swedish government has pledged to invest SEK 850m (£73m) in renewable energy and climate advisory services.
Sweden is the first country to meet EU renewable energy targets that are set for 2020.
One of Sweden’s key energy operators, Vattenfall (HQ in Solna), has been busy building its empire—predominantly through alternative sources of power generation. It is expanding its reach into the electric car-charging market, with new deals agreed in both Sweden and the UK, with the launch of charging network InCharge in the UK in April.
It has also developed an eleven-turbine offshore wind farm off the Aberdeen coast.
There are three major automotive manufacturers in Sweden: Scania (HQ in Sodertalje), Volvo (Gothenburg) and Saab (Stockholm). The industry supports some half a million jobs, and exports are worth SEK 180bn—12% of total exports.
Seventy percent of auto suppliers reported increased sales in H1 2017, and improved profit margins.
Northvolt is aiming to build the biggest lithium-ion electric car battery factory in Europe, with an output of 32 gigawatt hours of battery cells a year by 2023.
Swedish auto-industry body FKG is urging the government to “drive” suppliers further into the global market, particularly through study visits and matchmaking trips.
It has also launched “Automotive Sweden 2045”, to help transform the industry around sustainable mobility and transportation systems, along with the industry’s related supplier structure.
A capital growth programme should be set up by the Swedish government to support SMEs in the automotive supply chain, FKG stated.