Sweden Economy

The economy of Sweden is a developed diverse 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 equipments, chemical goods, home goods and appliances, forestry, iron and steel. Because of the fact that Sweden is a neutral country and did not actively participate in the World War II, during the post-war era, the country did not have to rebuild its economic base, banking system, and country as a whole, like other countries had to. Sweden has achieved a relatively high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark, as a share of the country's income. As of 2007, total tax revenue was 47.8% of GDP, down from 49.1% 2006.