Sweden

F

Currency and Banking

The basic monetary unit of Sweden is the krona, or crown, which is divided into 100 öre. The central bank of Sweden is the Sveriges Riksbank, or Bank of Sweden (1668). It issues currency and determines monetary policy in cooperation with government officials. In 2003 Swedish citizens voted down a referendum calling for Sweden’s adoption of the euro, the common currency of the European Union (EU), choosing instead to retain the krona. Sweden has more than 20 commercial banks with many branches, in addition to about 90 savings banks and a few other types of banking and loan organizations. Sweden’s main stock exchange is in Stockholm.

G

Foreign Trade

Foreign trade is important to Sweden’s heavily export-oriented economy. In 2003 exports earned $101.6 billion and imports cost $83.4 billion. Leading purchasers of Swedish goods are Germany, the United States, the United Kingdom, Norway, Denmark, and Finland. Leading suppliers of goods to Sweden are Germany, the United Kingdom, Denmark, Norway, Netherlands, the United States, and France.

H

Transportation

Sweden’s transportation facilities are excellent and well developed. Most roads, railways, and canals are concentrated in the southern third of the country. Sweden has about 424,981 km (about 264,071 mi) of roads, of which 14,577 km (9,058 mi) are national roadways. Railroad trackage totals 9,867 km (6,131 mi), much of which is state owned. Inland waterways include the Göta Canal, which connects the east and west coasts of Sweden. Although the canal is important chiefly as a tourist route, it serves some local commerce. Stockholm and Göteborg are the leading seaports. Numerous ferries ply the waters between Sweden and its neighboring countries. In 1999 work was completed on a bridge and tunnel linking Sweden and Denmark. The 16-km (10-mi) link, called the Øresundsbron (Öresund Bridge), connects the Swedish city of Malmö with the Danish city of Copenhagen via an artificial island. The bridge and tunnel opened to traffic in July 2000.

The Scandinavian Airlines System (SAS AB), operated jointly with Denmark and Norway, is the leading carrier in Scandinavia and provides international and domestic service. The principal international airports are at Arlanda (near Stockholm), Landvetter (near Göteborg), and Sturup (near Malmö).

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I

Communications

Swedes are great readers, and nearly all households subscribe to a daily newspaper, making Sweden one of the world’s top consumers of newspapers. Influential dailies include Expressen, Aftonbladet, Dagens Nyheter, and Svenska Dagbladet, all published in Stockholm; Göteborgs-Posten in Göteborg; and Sydsvenska Dagbladet in Malmö.

Until recently, publicly operated radio and television services held a virtual monopoly over Sweden’s airwaves. Commercial television broadcasts began in 1992 and were followed a year later with the first commercial radio broadcasts. The state-owned broadcasters Sveriges Radio and Sveriges Television continue to serve consumers, but today there are a wide variety of commercial broadcasters to choose from. Digital television broadcasts first began in 1999.

VI

Government

Sweden is a constitutional monarchy with a parliamentary democracy. It is governed under the constitution of 1975, which replaced the constitution of 1809. The 1975 constitution eliminated the last vestiges of monarchical power in governing the country. The monarch remained head of state, an exclusively ceremonial post, but no longer was supreme commander of the armed forces and ceased to preside over cabinet meetings. All power was defined as emanating from the people. The constitution includes a lengthy bill of rights.

The monarchy is hereditary in the direct line of the house of Bernadotte. The constitution was amended in 1978 to permit the first born royal child, whether male or female, to succeed to the throne; the measure went into effect in 1980. Previously, only males could inherit the throne.

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