Impact of COVID-19 on Sweden Economy Market Trends, Growth, Analysis and Forecast - 2025

Sweden is a developed export-oriented country aided by iron ore and energy sector. Metal processing and mineral extraction are considered as major components of the Sweden economy. There are nearly 15 active metal mines in the country, of which 6 mines produce iron ore and remaining 9 produce gold and base metals. In 2017, the production of industrial minerals, including quartz, limestone, and dolomite was continuing at 36 different sites. The Swedish mining and minerals sector is quite concentrated; however, it is also relatively diverse in terms of products, markets, and companies. The three Swedish companies that are global crucial suppliers of mining equipment include ABB, Epiroc AB, and Sandvik AB.

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Key Players

• AB Volvo
• ABB Ltd.
• Boliden AB
• Breas Medical AB
• Getinge AB
• Hennes & Mauritz AB
• Lundin Energy AB
• Recipharm AB
• Sandvik AB

These companies have a successful history of partnership with Swedish mine operators. Swedish mining cluster includes metal processing industries and developers and manufacturers of mining machinery and equipment. From an EU-wide perspective, the Swedish mining sector is vital as 90% of EU iron ore mining takes place in the country. Therefore, metal and mining operations have resulted in the growth of the Swedish economy. However, the companies associated with these industries are facing concerns regarding its operations due to COVID-19 outbreak. For instance, on 28th March 2020, Boliden AB production shutdown production in Tara mine, Israel, in response to Israel government country-wide restrictions to limit the spread of coronavirus in the country.

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Further, Sandvik AB reduced working hours, discretionary spend, and temporary employees and consultants amid COVID-19 effect. The company’s most production units have been able to operate continuously, however, its production is currently on hold in countries, including India, Italy, and other countries, due to the government restrictions. This, in turn, will affect the production capabilities and revenue generation from export activities in the country. To reduce the effects of COVID-19 epidemic to the economy, the Swedish government has taken some measures to support businesses. For instance, the government presented a crisis package to SMEs to alleviate the effect of coronavirus pandemic.

The package comprises a loan guarantee by the central government which will facilitate companies to access financing. This signifies that the central government will ensure 70% of new loans banks offer to companies that are facing financial complexity due to the COVID-19 outbreak. The government proposed offering support that intends to simplify and speed up the renegotiation of rents. Under the approach, the central government will encompass 50% of the rental reduction. This will support to decrease costs for companies facing significant difficulties amid COVID-19 virus across sectors including hotels, restaurants, durable consumer goods, and other activities. In addition, the sole proprietors affected by the crisis will receive tax cuts.

The study on the impact of COVID-19 om Sweden economy is classified based on industries, such as automobile, energy, oil and gas, healthcare, metal, and others. In the healthcare industry, the increasing production of ventilators has been witnessed in the country. For instance, on 17th March 2020, Getinge AB declared that it will temporarily accelerate its ventilators production capacity by 60% in 2020 over 2019. The company will produce ventilators at its manufacturing facility in Solna, Sweden. This aims to meet the global demand for ventilators due to COVID-19 crisis. On 16th March 2020, Getinge AB declared that it will deliver 500 ventilators to Italy coupled with the intensifying demand. The government of Italy has also purchased approximately 5,000 units of ventilators it tendered for earlier in March 2020. This, in turn, will accelerate its revenue generation from ventilators.

Verticals Affected Most

• Automobile
• Energy
• Machinery
• Healthcare
• Metal
• Others (Retail and IT and Telecom)

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