Daily Almanac for
Jul 24, 2008
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EncyclopediaSweden

Economy

Sweden is a highly industrialized country and has one of the highest living standards in the world. Since 1940 there has been a great movement of workers from farms to cities; nevertheless, agricultural output has increased considerably with the application of scientific farming methods. In the 1990s manufacturing contributed about 20% of the annual national income and agriculture about 2%. Transportation, communication, and trade are also important. Farming is concentrated in the southern part of the country; the leading commodities produced are dairy products, grain (including fodder crops), sugar beets, and potatoes. Large numbers of poultry, hogs, and cattle are raised.

Sweden is one of the world's leading producers of iron ore; important mines are at Kiruna and Gällivare. Copper, lead, and zinc ores and pyrite are also extracted. The country's chief industrial centers are Stockholm, Göteborg, Malmö, Uppsala, Västerås, Helsingborg, and Norrköping. The leading manufactures include iron and steel, machinery, precision equipment, forest products, processed food, chemicals, refined petroleum, construction materials, and motor vehicles. Sweden is known for its decorative and folk arts, fine glassware (made especially at Orrefors), and high-quality steel cutlery and blades. Much hydroelectric power is generated. The country's beautiful scenery and handsome towns and cities attract large numbers of tourists.

Sweden carries on a large foreign trade, and the value of exports usually slightly exceeds that of imports. The main imports are machinery, manufactured goods, motor vehicles, foodstuffs, petroleum and petroleum products, and chemicals; the chief exports are machinery, manufactured goods, iron ore, iron and steel, motor vehicles, chemicals, and forest products. The principal trade partners are Germany, Great Britain, Denmark, France, Norway, Finland, and the United States. Sweden was a member of the European Free Trade Association from 1960 to 1994; in 1995 it joined the European Union.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.

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