The Swedish Krona (plural: kronor) is the official currency of Sweden. It is abbreviated as "SEK," which stands for "Svensk krona" in Swedish, and is sometimes represented by the symbol "kr." The currency is issued by the central bank of Sweden, Sveriges Riksbank or the Swedish National Bank.
One Swedish Krona is subdivided into 100 öre; however, the öre coins were discontinued in 2010 due to their low value and are no longer in circulation. As a result, all transactions in Sweden are now rounded to the nearest whole krona.
The Swedish Krona was introduced in 1873 when the Scandinavian Monetary Union was established, comprising Sweden, Denmark, and Norway. The union aimed to harmonize the monetary systems of the member countries and facilitate trade among them. Although the Scandinavian Monetary Union dissolved in 1914, Sweden continued to use the krona as its national currency.
Sweden is a member of the European Union, but it has not adopted the euro as its currency. The country held a referendum on joining the eurozone in 2003, but the majority of Swedish voters rejected the proposal. As a result, the Swedish Krona remains the official currency of Sweden for the foreseeable future.
The Swedish economy was doing relatively well, considering the global economic impact of the COVID-19 pandemic. Sweden managed to maintain a relatively stable economy during the pandemic, owing to its strong welfare system, diversified economy, and supportive government measures.
Some key indicators of the Swedish economy at the time include:
GDP Growth: Sweden experienced a contraction in GDP in 2020 due to the pandemic, but it was less severe than in many other European countries. The economy began to recover in 2021, with positive GDP growth rates.
Unemployment: The Swedish labor market was affected by the pandemic, with an increase in unemployment levels. However, the unemployment rate remained relatively stable compared to other countries, and it started to decrease as the economy began to recover in 2021.
Inflation: Inflation in Sweden remained low and stable during the pandemic, with the central bank, Sveriges Riksbank, maintaining accommodative monetary policy to support the economy.
Fiscal policy: The Swedish government implemented various fiscal measures to support businesses and individuals during the pandemic, such as wage subsidies, tax deferrals, and increased public spending. These measures helped cushion the economic impact of the pandemic.
Trade: Sweden's export-oriented economy was affected by disruptions in global trade due to the pandemic. However, as global demand started to recover, Swedish exports also began to rebound, contributing to the overall economic recovery.
Please note that the current state of the Swedish economy may be different. To get the most recent information, you should refer to the latest economic data and analysis from reliable sources such as government agencies, international organizations, or reputable news outlets.