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Timber, hydropower and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Sweden's engineering sector accounts for 50% of output and exports. Telecommunications, the automotive industry and the pharmaceutical industries are also of great importance.
What kind of economy does Sweden have in the world?
- Economy of Sweden. Sweden has achieved a 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 2012, total tax revenue was 44.2% of GDP, down from 48.3% in 2006.
The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade.
What type of economic system does Swedish have?
- Sweden is a competitive and highly liberalized, open market economy. The vast majority of Swedish enterprises are privately owned and market-oriented, combined with a strong welfare state involving transfer payments involving up to three-fifths of GDP.
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