Economy of Sweden

Uncommon card · No. 133020

Sweden has a highly developed social democratic economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce. Today, industries such as engineering, mining, steel, and pulp have been further developed, and have given rise to multi-national companies such as Ericsson, ASEA/ABB, SKF, Alfa Laval, AGA, and Dyno Nobel. Sweden is a competitive open mixed economy. There is a strong welfare state, with public-sector spending accounting up to three-fifths of GDP. In 2014, the percent of national wealth owned by the government was 24%. Due to Sweden being one of the neutral powers during World War II, it did not have to rebuild its...

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