An estimated 4.5 million Swedish residents are employed, and around a third of the workforce completed tertiary education. In terms of GDP per-hour-worked, Sweden was the world's ninth highest in 2006 at US$31, compared to US$22 in Spain and US$35 in the United States. GDP per-hour-worked is growing 2.5% per year for the economy as a whole and the trade-terms-balanced productivity growth is 2%. According to the OECD, deregulation, globalisation, and technology sector growth have been key productivity drivers. Sweden is a world leader in privatised pensions and pension funding problems are relatively small compared to many other Western European countries. A pilot program to test the feasibility of a six-hour workday, without loss of pay, will commence in 2014, involving the participation of Gothenburg municipal staff. The Swedish government is seeking to reduce its costs through decreased sick leave hours and increased efficiency.
