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In 2016, Stockholm saw positive economic development: household disposable incomes increased, while unemployment levels continued to fall. The capital of Sweden carried a disproportionate weight in the life of the country, accounting for 23% of the national population and 33% of Sweden's GDP. Stockholm maintained stable growth through a diversified business community and a variety of positively performing industries (IT, biotechnology and banking).
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Stockholm metropolitan area is a driving force of Sweden's economic performance. In 2016, the city registered 68% higher GDP per capita than the rest of the country. Stockholm's higher labour productivity is primarily driven by the concentration of business and financial services, as well as extensive research and development activities in the city.
Soaring productivity in Stockholm upheld higher household earnings (USD70,900 vs USD53,900 in the rest of Sweden) in 2016. As well as boasting increasing wages, Sweden's capital city enjoyed a higher employment rate (81% compared with 79% in other parts of the country), which further contributed to the higher standard of living in the city.
Due to higher incomes, spending per household (excluding transport and housing) was 22% higher in Stockholm than in the rest of the country in 2016. In absolute terms, much higher spending was recorded on education (+95% in 2016), hotels and restaurants (+35%) and household goods and services (+32%) in Stockholm, compared with the rest of the country.
Per household expenditure on housing and transport was 18% higher in Stockholm than in the rest of Sweden in 2016. After London and Vancouver, Stockholm was the third most overvalued housing market in the world, following exposure to a housing boom (Swiss investment bank UBS, 2016). Stockholm's price for public transport services were also high (USD4.22 per ticket), just below Copenhagen's (USD4.68) and above London's (USD4.07).
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