Overview
The formerly agrarian town today has one of the largest oil refineries (PCK Raffinerie GmbH) in Germany, established in 1958 and connected to the Russian Druzhba pipeline network, and is the largest location of paper industry (UPM) in Europe. Most industries were located in the remote area during socialist rule in the 1960s and 1970s.
Large residential areas were built for the workers moving to Schwedt. About 9% of the town's flats are in prefab concrete buildings (Plattenbau) dating from the era. As many jobs were lost after German reunification and the return to market economy, Schwedt has lost a quarter of its population since 1990. In recent decades, Schwedt became a model town for the demolition of Plattenbau housings in order to fight flat vacancies and urban decay.
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