Economy

Sweden is a highly industrialized country. Agriculture, once accounting for nearly all of Sweden’s economy, now employs less than 2% of the labour force. Extensive forests, rich iron ore deposits, and hydroelectric power are the natural resources which, through the application of technology and efficient organization, have enabled Sweden to become a leading producing and exporting nation.

The United Kingdom has the fifth-largest economy in the world, is the second-largest economy in the European Union, and is a major international trading power. A highly developed, diversified, market-based economy with extensive social welfare services provides most residents with a high standard of living. Unemployment and inflation levels are amongst the lowest within the European Union.

The economy of the United Kingdom is now primarily based on private enterprise, accounting for approximately four-fifths of employment and output.

The economy of Ireland is modern and trade-dependent with growth averaging a robust 10% in 1995–2000. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 46% of GDP, about 80% of exports, and employs 29% of the labour force. Although exports remain the primary engine for Ireland’s robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. The annual rate of inflation stands at 5.1% as of 2007, up from recent rates of between 3% and 4%.

The GDP per capita (purchasing power parity) is 33,500 USD. From the point of view of economical performance, Finland belongs to the most successful countries of the European Union. A fast GDP growth, which has still continued in 2006, slowed down in 2007 and according to the newest information of the Finnish Ministry of Finance and the data of the Statistics Agency has reached 4,4 % in 2007.