Stockholm Economy

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Stockholm is a capital of one of the most prosperous European countries, and there is no surprise that it is a center of important economic operations, financial development and social services concentration. Moreover, this city is in top 5 of the most expensive world cities to live in. Two major features of city’s economic life should be defined: the dominance of social sector with related structure of occupation and location of central offices of big Sweden multinational companies.

Speaking about social branch of economy, it is impossible not to mention retail, financial and banking services, tourism (both recreation and business), IT and communications. In Stockholm eight citizens out of ten are occupied in social sector, which pushes out any big industries in the area and determines this city to be one of the ecologically clean in the region (this attracts a majority of tourists).

If talking about banks, one of the most famous in other country, and Europe, is Swedbank, the head office of which is located in Stockholm. The promotion of this city as an important regional financial center is also the reason for placing head offices of such banks as Nordea Bank AB, Skandinaviska Enskilda Banken and Handelsbanken; in addition, major insurance companies have also found their place in Stockholm; those are Trygg-Hansa and Skandia. As a precondition of such financial growth. The establishment of Stockholm Stock Exchange should be mentioned as well. This occurred in 1863 and nowadays performs a leading role among countries of North Europe. 

In the context of large establishments, it's worth mentioning such world-known Sweden companies as Electrolux (famous producer of household appliances), Ericsson (provider of telecommunication equipment), IBM Svenska (software and hardware), Capgemini (consulting and related services), Sodexo (food supply), etc. are dominantly based here.

Besides, in modern times Stockholm became one of the leading cities of the world's information and communication technology (ICT) and offers its residents the latest services. In northern district of the city there is a large IT-center. There also some corporations, which play a vital role in economy of both Sweden and neighbor countries. They are: Posten (logistics operator), Handelsbanken (financial and banking services), Securitas (security), Connex (transport operations), ISS Facility Services (cleaning, security, catering facilities).

Nearly 8 million tourists visit Stockholm annually, which also testifies this city to be involved in big amount of social services. Many restaurants, hotels, roads and entertainment facilities have been built since 1991. Moreover, in recent times Stockholm has also gained a popularity of being a famous conference-spot and business-tourism. Royal Palace and business district of City cannot but alert tourists’ attention, especially if walking along numerous bridges, narrow old streets and staring at incredible view are an obligatory part of travel programme.

Since the 13th century, when Stockholm emerged, this settlement performed a role of leading trade center in the region; so, nowadays this city is likely to continue its main mission alongside the development of new technologies, tourism and social services. That is why Stockholm became attractive for both curious tourists and internationals, who seek a job in innovative and highly technological environment.