Business booming in Stockholm, despite global crisis

According to the Stockholm economic report from the last quarter of 2011, more new companies than ever were set up in the Swedish capital, while at the same time unemployment dropped and wages swelled.

"That unemployment is declining despite the turbulence in the world around us is very gratifying," said Olle Zetterberg, CEO for Stockholm Business Region.

"This shows that we have internationally competitive businesses in our region."

A total of 24,046 new companies were registered in Stockholm County during 2011, and 14,027 in the City of Stockholm during 2011.

Compared to the previous quarter, total wages increased by 4.5 percent in the city and by 5.1 percent overall. Unemployment fell to 3.9 percent in the city and 3.6 percent across the entire county compared to the final quarter of 2010.

There were also positive tourism figures, with the number of visitors to the Swedish capital increasing during the quarter, up 9 percent in the city. Overnight stays by non-European visitors increased by 32 percent - the most during the period. The year 2011 was a record year with a total of 10.6 million commercial overnight stays.

This article was published in collaboration between Stockholm Business Region and The Swedish Wire.