Economy

Sweden has one of the most prosperous economies in the world. It is highly industrialized, has a modern distribution system, and boasts a skilled and educated labor force. Only around 1 percent of the workforce is engaged in agriculture, while 28 percent is in the industrial sector. While Sweden once had a strong car industry, it lost a couple of important Swedish brands (Volvo and Saab) that were recently sold to foreign companies.Sweden still exports steel products and important natural resources including silver, zinc, lead, iron ore, and copper. Timber exports are also important. Sweden has to import all fossil fuels because it lacks natural deposits. For this reason Sweden depends on nuclear and hydroelectric power for 90% of its energy needs.Although salaries are high, the cost of living is high too. An income tax funds the country's extensive welfare system. Private service alternatives and spending cuts have encouraged greater productivity and reduced overall costs. Preserving key elements of the country's welfare system remains important to most Swedes.

Pictured above is Sweden's currency, the Swedish krona (SEK).