Economy
The economy of Malmö was traditionally based on shipbuilding (Kockums) and construction related industries, such as concrete factories. The region's leading university, along with its associated hi-tech and pharmaceutical industries, is located in Lund about 16 km to the north-east. As a result, Malmö had a troubled economic situation following the mid-1970s. Between 1990-1995, 27,000 jobs were lost, and the budget deficit was more than one billion Swedish krona. In 1995, Malmö had Sweden's highest unemployment rate
However, during the last few years there has been a revival. The main contributing factor has been the economic integration with Denmark brought about by the Øresund Bridge. Almost 10% of the population in Malmö works in Copenhagen. Also the university college founded in 1998 and the effects of integration into the European Union have contributed.
In 2004, the rate of wage-earners was 63%, compared to 74% in Stockholm and 71% in Gothenburg. This in turn led to Malmö municipality in 2007 having the 9th lowest median income in Sweden, ranked far below the other larger Swedish cities Stockholm (31st) and Gothenburg (94th).
As of 2005, the largest companies were:
- Skanska – heavy construction: 3,025 employees
- ISS Facility Service AB – hospital service, cleaning, etc.: 1,725 employees
- E.ON Sverige – electricity: 1,025 employees
- Sydsvenskan – newspaper: 1,025 employees
- Pågen – bakery: 975 employees
Read more about this topic: Malmö
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)