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Business & Immigration

Stockholm's Economy "Breaking a Trend"

Published onsdag 29 september 2010 kl 18.00
As immigration to Stockholm grew during the second quarter, so did the city's economy.

Stockholm's economy benefits from immigrant labor power, indicates a new report. At the same time, Sweden's capital city is strengthening the role it plays in the international business arena.

"Despite powerful population growth, unemployment is getting lower," Olle Zetterburg, CEO of Stockholm Business Region and one of the people behind the report, told news agency TT. "That there are more jobs than new people is breaking a trend."

Zetterburg said that Stockholm has experienced rapid population growth due to a high birth rate, migration from other parts of Sweden, and immigration from other countries.

The report reveals that immigration to Stockholm rose during the second economic quarter.  People from Poland, Great Britain, Northern Ireland and Iraq – as well as Swedes coming home from abroad – moved to Stockholm in the largest numbers. At the same time, employment rose in Stockholm more than in the rest of the country. Stockholm's hotel, restaurant, care and service sectors grew the most, according to Zetterberg.

A study from Öresund Institute also shows that of all the countries in the world, Sweden is home to the largest number of global headquarters, per million inhabitants, after Switzerland. Of 603 of the world's biggest companies in a variety of sectors, 14 of their headquarters are in Sweden. Of those, eleven are located in Stockholm. This profiles Stockholm as the world's eighth largest city in terms of hosting global headquarters.

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