|Population (2014)||9 644 864 (+0.01%)|
|EU Status||member since 1995|
|National Currency||SEK (Swedish krona/kronor)|
|Exchange Rate (2015-07-03)||1 EUR = 9.3726 SEK|
|Nominal GDP (2013)||420.1 bln EUR (+0.03%)|
|Nominal GDP per Capita (2013)||43 800 EUR (+0.02%)|
|Real GDP Growth (2014)||2.1 % (2013: 1.5 %)|
|CPI, MoM (Apr 2015)||0.2 % (Mar 2015: 0.1 %)|
|CPI, YoY (Apr 2015)||0.5 % (Mar 2015: 0.7 %)|
|CPI, Year Average (2014)||0.2 % (2013: 0.4 %)|
|Unemployment Rate (2014)||7.9 % (2013: 8.0 %)|
|Government Bond Yield (Apr 2015)||0.34 % (Mar 2015: 0.58 %)|
|Credit Ratings (as of Jun 2015)|
|Fitch||AAA||highest credit quality, outlook stable|
|Moody's||Aaa||prime, outlook stable|
|Withholding Tax||0.0 - 30.0%|
|Double Taxation Agreements||77 signed agreements|
|Exchange on Request||46 signed agreements|
|Automatic Exchange||starts in September 2017|
|Financial Market Development||5.200 (max 7.000)||rank: 12th out of 144 countries|
|Banks' Soundness||5.800 (max 7.000)||rank: 26th out of 144 countries|
|Banking Industry Country Risk||2||(1 - lowest risk, 10 - highest risk)|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||100 000 EUR|
|Country Ceiling for Deposits|
|Local Currency (Swedish krona/kronor)||Aaa||prime|
|Deposit Rates (Mar 2015, SEK)||0.45 % (Feb 2015: 0.54 %)|
|Banking Sector Structure|
|Number of Banks||162|
|Recent Changes (2013)||new banks: 0, closed banks: 1|
|Consolidated Assets (2013)||1 203 bln EUR (-0.01%)|
|Nordea Bank AB (publ)||Svenska Handelsbanken AB (publ)|
|Skandinaviska Enskilda Banken AB (publ) (SEB)||Swedbank AB (publ)|
|List of Banks in Sweden|
During the last 11 years EURSEK exchange rate was within the range 8.3362 - 11.4524, reaching its maximum in Feb 2009 and falling to its minimum in Aug 2012.
According to Eurostat, nominal GDP of Sweden in 2013 was 420.1 bln EUR.
Sweden outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.8% over the past 10 years (2004 - 2014). In 2014 real GDP growth was 2.1% which was above the Euro Area average (0.9%) and above the European Union average (1.3%). Real GDP growth in 2015 - 2020 are IMF's estimates.
In 2013, nominal GDP per capita in Sweden was 43 800 EUR.
Sweden has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 31.5% over the past 10 years (2003 - 2013). GDP per capita at PPP in 2014 - 2020 are IMF's estimates.
According to Eurostat, inflation rate in Sweden in 2014 expressed as annual percentages of average consumer prices was 0.2% which was below the Euro Area average (0.4%) and below the European Union average (0.6%). Inflation rates in 2015 - 2020 are IMF's estimates.
Withholding taxes are imposed at source of income and are often applied to dividends, interest, royalties, rent and similar payments. The rates of withholding tax are often reduced by double taxation agreements.
Withholding tax rates applied on payments of interest and dividends in Sweden are shown in Table 1.
|Natural person, resident||30.0||30.0|
|Natural person, non-resident||30.0||0.0|
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Sweden signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Sweden and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Sweden signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Sweden and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Sweden signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
According to World Economic Forum's Global Competitiveness Report 2014-2015, financial market development in Sweden is scored 5.200 out of maximum 7.000 and ranked 12th out of 144 analysed economies. Soundness of banks is scored 5.800 bringing Sweden into the 26th place, trustworthiness and confidence of financial market is scored 5.700 (12th place).
Banking Industry Country Risk Assessment (BICRA) is a methodology designed by Standard&Poor's "to evaluate and compare global banking systems". A BICRA is scored on a scale from 1 to 10, ranging from the lowest-risk banking systems (group 1) to the highest-risk (group 10). The BICRA methodology has two main analytical components: "economic risk" and "industry risk". Each of the components is then further divided into 3 "factors" that result in an economic and industry risk score for each country.
Sweden is included into group '2' with economic risk scored '2' and industry risk scored '3'.
|Economic resilience||very low|
|Credit risk in economy||low|
|Government support assessment||supportive|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Sweden are summarised in Table 3.
|Scheme Participants||all credit institutions operating in Sweden, branches of Swedish banks abroad|
|Scheme Exemptions||branches of foreign banks (covered by their home countries)|
|Eligible Depositors||private individuals, companies and other legal entities|
|Covered Accounts||deposits in all types of accounts|
|Maximum Protected Amount||100 000 EUR|
|Paid In Currency||EUR|
Table 3. Deposit guarantee scheme in Sweden.
Deposit Guarantee Schemes in Europe
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Swedish krona/kronor) deposit ceiling for Sweden is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Currently there are 162 credit institutions operating in Sweden.
Recent structural changes (2013 - 2014) of the banking sector of Sweden are summarised in Table 4.
|Number of Opened Banks||0||7|
|Number of Closed Banks||1||11|
Table 4. Recent structural changes in the banking sector of Sweden.
All the credit institutions operating in Sweden can be classified into several categories. Table 5 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||30|
The list of the most recently opened banks in Sweden is provided in Table 6.
|Aros Kapital AB (new)||December 2014|
|UBS (Luxembourg S.A.) Sweden Bankfilial (new)||December 2014|
|Bank of China (Luxembourg) S.A. Stockhol m filial (new)||August 2014|
|Credit Suisse International,(UK)Bank Sweden Branch (filial) (new)||August 2014|
|Ålandsbanken Abp(Finland),svensk filial (new)||August 2014|
|Barclays Bank PLC Filial Stockholm (new)||June 2014|
|Söderberg och Partners Placeringsrådgivning AB (closed)||March 2014|
Table 6. The most recently opened banks in Sweden.
There are 30 branches of foreign banks from 10 different countries in Sweden. Table 7 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|