GBP to SEK Exchange Rate
Ah, Sweden: Home to the world’s first ice hotel, birthplace of IKEA, and a place where saltlakrits (salty licorice) is a popular ice cream flavour.
What influences the GBP/SEK exchange rate?
The SEK exchange rate can be influenced by monetary policy abroad and in Sweden as well as imbalances in foreign trade.1 The GBP/SEK exchange rate may see further volatility based on the value of the pound in the aftermath of Brexit.
With low public debt and rising investment, the Swedish GDP increased by a full 1% at the end of 2016.2Innovative and productive Sweden-based companies have fueled growth in the international sector.3 Major Swedish companies to watch include AstraZeneca, Electrolux, Ericsson, H&M, IKEA, Skype and Spotify.
The GBP/SEK exchange rate will depend in part on how Sweden tackles upcoming challenges including increased competition from emerging markets, an aging population and declining education system.3
“Sweden was the U.K.’s 14th largest export market in 2014 with total exports of around £5.6 billion.” – U.K. Department for International Trade4
The U.K. is one of Sweden’s top 5 trading partners, and Sweden is the U.K.’s largest export market in the Nordic region. The U.K.’s main exports to Sweden include machinery and transport equipment, manufactured goods, and electrical and communications products.4
In 2015, Sweden was ranked 22nd in GDP, while the United Kingdom ranked 5th.5
Sweden’s top exports include packaged medicaments, refined petroleum, telephones, cars, and vehicle parts. Its top imports include computers, cars, refined petroleum, vehicle parts, and crude petroleum.6
In 2014, Sweden was the 31st largest exporter and the 29th largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.6,7
Whether you’re planning on traveling to Sweden or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Sweden, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Swedish Krona
Currency Code: SEK
Currency Symbol: kr
Central Bank: Sveriges Riksbank
Countries Used In: Sweden
Major Unit: One Krona
Note Denominations: 20 kr, 50 kr, 100 kr, 200 kr, 500 kr, 1,000 kr
Coin Denominations: 1 kr, 2 kr, 5 kr, 10 kr
- http://www.mckinsey.com/~/media/mckinsey/global%20themes/europe/growth%20and%20renewal%20in%20the%20swedish%20economy/mgi_swedish_economy_full_report.ashx. https://www.gov.U.K./government/publications/exporting-to-sweden/doing-business-in-sweden-sweden-trade-and-export-guide