In many of our videos in the past
We've looked at Sweden and discovered a lot about what makes the country great and unique and in our playlists here on FTD facts
I've learned a lot about many different military groups in the country that give us an indication
Of Sweden's power and as well have had videos just looking at the special things of the country
However today I put a unique spin on our power themed videos as military is not always the thing that makes a country
Powerful because today we look at the economic
Power of Sweden and find out how it affects the world and itself what's going on everybody. Welcome to FTD facts
my name is Dave Walpole and this is a channel where I look at people cultures and places and
Militaries from all around the world now today
Pretty excited about this video because this is a new spin on our videos
As I said, we're looking at the economic power of Sweden
So here I'm gonna bring it up later on in the episode
But I've done playlists about Sweden specifically and looking at some really great things of the country
I'll talk about that later because let's get rolling with some of the facts
So Sweden, it is a country that is classified as a major exporting country
For example when it comes to the OAC it stated that in
2016 there was
133 billion dollars in exports making this country ranked 32nd in the world of
221 and as a matter of fact when it comes to these exports for Sweden
It has been growing ever since the 90s and as for imports they state that they purchase about
131 billion dollars of goods ranking 31st in the world of
221 and with these imports and exports in the amount of money that the country spends and
Makes we're gonna look at money and with that we got to start off with gross domestic
product because the country has a GDP of
550 billion dollars which is classified as a nominal GDP as of
2018 also with this it also ranks 21st in the world for nominal GDP
however, when it comes to purchasing power parity
Which is a much more
Clearer way of comparing one nation to another it sits at 38 in the world of this the GDP per capita
sits at forty eight point nine
Thousand dollars coming in at nineteen. But of course the thing is, you know, you can have money and all this sort of stuff without
Understanding where the money comes from with that. We got a look at the workforce. The people that are actually
making this money making the products to give imports exports and thus making the GDP because within
Sweden they say there is a labor force of
5.4 million people and this is of a population of
9.99 5 million people as of
2017 by the way, the 2017 was the total population asked for the labor force. That was last updated in August of
2018 of course within this labor force it breaks up into three different major occupation types such as agriculture
Which makes up 1.1 percent of the entire labor force. You also have industrial or industry coming in at?
28.2% and services being the largest amount coming in at
70.7%
Also when it comes to how much these sectors make for the total gross domestic product
It's very similar and mirrors the amount of labour force percentages. For example, the agriculture comes in at 1.8%
Industry and industrial comes in at twenty seven point four percent of the GDP while services make up 70 point eight percent
Keep in mind that percentage base for the GDP is only from 2012 where the labor force is
2017 so things might have changed within those years also side note when it comes to these businesses, believe it or not
ninety percent of all companies and
Businesses within Sweden are owned privately
And as a matter of fact only five percent of them are owned by the state
We're another five percent are classified as consumer and producer cooperating companies
so one of the things that Sweden has going for and I mean for me I find this is a very good thing because
Over here in North America, we seem to be getting less of these and that is unions
Despite what you might feel over here in North America
We got a lot of problems with employment and wage gaps and all that sort of things
So unions kind of help prevent it they do create their own problems
but the thing is the major fact is that Sweden has a lot of unions and for the unions when it comes to all these
Sectors they say about 70% of the entire labor force in the country is unionized now with that in mind
Let's take a look at how money is spent within the country. First of all when it comes to the average gross salary an
individual makes approximately
$54,000 a year, but although that might be pretty high
Let's be perfectly honest Sweden is one of the most taxed countries
It's as a matter of fact the highest taxed country in the entire world
So firstly when it comes to taxes, it breaks down like this that 27 percent of it goes to health care and education
five percent of it goes to the police and military and
Forty-two percent of that goes to social security in which to add to that. They say employers pay
31% into this every single year and obviously the percentage lowers for older employees as time goes on
Oh, and by the way, basically if you're wondering what Social Security is because when I first thought about it
I was like wait does that mean that the country is just investing in? Everybody's Facebook security
No, it's not that we're talking things like welfare
Disability benefits and things of that nature to add a few to that list
We're also talking child allowances daycare allowances parental benefits
disability and elderly care housing benefits
Alright, so actually before I continue with tax
I just wanna let you guys know about
something quickly here on FTD facts because on the channel we have usually when I do a themed
Video around a particular country a lot of people from that country are actually watching
So for all you guys probably a majority of you are from Sweden, which is awesome
But just an FYI
We have broken up our videos into particular playlists to make it easy for you guys to learn more content about your own country
So if you want to learn more about the military you guys can just click this card right here
and right after this card is gonna be a playlist just about general facts of Sweden, but however,
We're gonna continue to learn more here
So if you guys want to wait till the end of this video, I'll put it at the end
I also put in the description box below but let's keep learning about the economy
So let's continue with tax now to understand how taxing works in Sweden
anyone who makes zero Crona to eighteen thousand eight hundred
SEK has to contribute zero percent to taxation. However, this immediately jumps up to thirty-two
For anyone who makes anywhere between eighteen thousand eight hundred
to four hundred and sixty eight thousand seven hundred Crona
Of course 32 percent of Taxation is for the average or slightly above average income
however
Another twenty percent will get tacked on equaling fifty-two percent
If one person makes four hundred and sixty eight thousand seven hundred Crona to six hundred and seventy five
Thousand seven hundred Crona and of course anything above that six hundred and seventy five thousand seven hundred
Will result in an individual being taxed not just the thirty-two but also an extra twenty five coming in at fifty seven percent
This of course is known as the progressive tax
System in which people who make a lot more money get taxed more
Also, if you were to sell property for what is known as capital gains, the country has a flat rate of 30 percent
Of course this high tax policy is known as the Nordic tax model
However, let's keep in mind that inflation within the country is
generally pretty balanced out at two point three percent as of
2018 but keep in mind that is up from
2017 which was approximately on an average one point nine percent. Also, this is really good to know that things have changed drastically since
1980 because in that year the inflation was like seventeen percent
It was nuts as well for historical records. Sweden itself did go through a major economic crisis in the 90s
This was a result of a housing bubble in 1991 and 1992
Which was very similar to the mortgage crisis in 2007 and 2008 that happened pretty much worldwide
but mostly in the United States and North American countries
and of course because of that one thing that the country needed was a major
Bailout and help from the major banks of Sweden also side note when it comes to the central bank of Sweden
Not really anything to do with how much power this country has
I mean it could be that way
But did you know that Sweden's central bank is the oldest central bank in the entire world?
And as a matter of fact, it's the third oldest bank period in the entire world
Mm-hmm, which by the way if you didn't know it began operation in 1668
Nath's also, let's move right along. Let's talk about unemployment in Sweden
This is a major factor for all countries, especially when it comes to economy. So in Sweden the unemployment sits at approximately 6.8%
Obviously it's gone down over the years but one of the major
Contributing factors to this is the foreigners that came during the refugee crisis
but of course there are major advancements and pushes to get these foreign people working because hey
You just need everybody working in society, right?
so let's just jump back for a second and let's take a look at the exports and all that sort of stuff because
One thing that's really interesting is as I said services makes up the entire labor force
it also is a big contributor to the exports as a matter of fact for the
Services one major component is IT and like many countries it is taken over from your traditional jobs and although yes
Of course many countries can provide their own IT
That is actually a really good thing for Sweden because although it makes a lot less
compared to your traditional products a pulp steel wool and other
Craftsmanship. The good part is is because Sweden has these types of jobs
It makes Sweden less affected by worldwide economic problems and changes lastly
I also forgot to mention when it comes to the economy Sweden does not not n ot have any form of minimum wage
No, yep, that's right. Not a single thing. You mentioned minimum wage over there. They're like what now?
The reason for this is because the companies and the unions have set agreements on what?
individuals should be paid based off their age and their
qualifications and of course job type to give you an idea for the hotels and restaurants services in
2016 a 17 year old would be roughly given 80
4.50
Crona's or nine dollars and ninety four cents an hour
Whereas a 20 year old or above with no experience was given one hundred and sixteen point nine zero SEK equalling, roughly
1375 an hour, but the same age group with six years experience was given 130 SEK or
1543 an hour, which actually some people may say Sweden is a very socialist sort of country
But because they have this union agreement
They're also pretty much identified as a free trade free business sort of country and as matter-of-fact state-based minimums
They kind of shake their head out. They say no, that's wrong. Mm-hmm
also, keep in mind that is based only simply off of hotel and
Restaurant sort of services. I didn't get into doctors or construction workers or anything like that
They would get paid differently
Also, let's match this with the cost of living in which I'm gonna use número comm which they say is an updated
2018 number as well. I'm gonna look at the city of Stockholm
Which is one of the most expensive cities to live in just to give you a contrast
Comparison of a job that might not pay as much as say like a doctor
versus the most expensive places to live for example a one-bedroom apartment in
Stockholm is roughly twelve thousand
164 Crona while outside of the city is roughly eighteen thousand one hundred and seventy four as for smaller things
Let's look at milk. It is roughly
11.5 Crona a loaf of bread that is approximately 500 grams is 20
3.85 Crona, of course not all of this is completely accurate. Keep in mind. It depends on where you live within the city
also
it depends on the type of product you buy the brand name what stores you buy it from all that sort of thing and
Lastly let's just quickly look at the dollar because for one US dollar in today's world it equals over nine
SEK which of course fluctuates every day, but it's good to know that in the last ten years
It has been up compared to the US dollar since it had a major jump in
2014 so there you go guys. That is me looking at the economic power of Sweden. I'm amazed at this country
I'm just wow
I'm always blown away about what Sweden and a lot of other European
Countries are doing now before you guys get out of here
Be sure to hit that like button if you guys really enjoyed this video
Also, if you guys want to learn more about Sweden, like I said, we got those playlists
They're gonna be down in the description box below and at the end of the video
So other than that, my name is Dave waffle
Thanks for tuning in and be sure to hit that subscribe button and that Bell notification if you like in a jam
I guess Jam works. Okay. Alright. I'm out. Bye
Okay guys, so here's the two playlists that I told you about so military buffs
You're gonna love this sort of video any of you. Just want to learn more about how much power
Sweden has yo definitely check these out you might be surprised at some of the historical things that you don't even know about
So sit back, enjoy our playlists and we'll see you in the next one. Okay. Bye