Sweden Economic Information
Central Bank: Sveriges Riksbank
Currency: Swedish krona (SEK, Swedish crown or kr)
Sweden enjoys a high standard of living through an economy heavily oriented towards foreign trade. Trade accounts for more than 50% of Sweden's GDP. Sweden's financial model of public-private partnerships provides a unique economic mixture of high-tech capitalism and its extensive welfare benefits. While a member of the European Union since 1995, Sweden has chosen to keep the krona as its currency and not convert to the euro.
Key industries:
Iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles.
Agricultural products:
Barley, wheat, sugar beets, meat, milk.
Export commodities:
Machinery, motor vehicles, paper products, pulp and wood, iron and steel products, chemicals.
Import commodities:
Machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel, foodstuffs, clothing.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Swedish krona:
Reasons to consider
- Two of Sweden's biggest banks, SEB and Nordea, have predicted that the Central Bank may raise its benchmark interest rate to 2% by the end of next year. Current rate is .25%.
- Unemployment is expected to continue to rise until 2011.
- In July, it was reported that household consumption had declined. At the same time, spending on alcohol, tobacco, and healthcare products increased signaling that the economy may have stopped falling.
Risk factors to consider
- Sweden depends heavily on exports to drive its economy, but the global credit crunch has dried up consumer demand for its goods.
- In July 2009, 38% more companies filed for bankruptcy than in the same month last year. In June, the increase was 62%.
- Assessment from the International Monetary Fund says that Sweden appears set to stay in recession longer than most other countries.
How EverBank can help with your Swedish krona needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
-
- EverBank, the EverBank Infinity Sphere and the EverBank logo, along with WorldCurrency and Euro Trax are proprietary service marks of EverBank. All rights reserved.
