Although Sweden became a member of the European Union in 1995, a referendum voted against the country's membership in the euro area. Thus, the official Swedish currency is still the Swedish krona. Today, Sweden is considered one of the most highly developed societies in the world; the low unemployment, low inflation rate and high wages makes Sweden one of the best places to live in Europe and a top destination for asylum seekers and refugees. More than ten percent of the Swedish population is made up of immigrants. One major reason for this fact is surely the Swedish social welfare system, which provides universal health care and post-secondary education for its citizens.
Additionally, the Swedish economy is one of the most secure in the world: In 2017, Sweden was among the leading countries in the world with the largest gross domestic product per capita, an important indicator for a country's economic well-being - GDP per capita indicates the strength of the economy and standard of living in a country. In addition, Sweden's gross domestic product is estimated to increase to approximately 650 billion dollars by 2020, a significant increase compared to 2010. Most of Sweden's GDP is generated by the services sector, which includes tourism and hospitality.
Sweden’s economic security is not only due to low unemployment rates and low inflation, but also a result of the positive trade balance with a reported trade surplus during the last decade, which helps Sweden maintain economic stability year after year. However, in 2016, the trade balance reported a deficit for the first time in the last decade.