Economic history of Sweden

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History of Sweden
Prehistoric Prehistory (12000 BC–800 AD) Viking Age (800–1050)
Consolidation Middle Ages (1050–1397) Kalmar Union (1397–1521) Early Vasa era (1521–1611)
Great Power Emerging Great Power (1611–1648) Swedish Empire (1648–1718)
Enlightenment Age of Liberty (1718–1772) Age of Absolutism (1772–1809)
Liberalization Constitution and Union (1809–1866) United Kingdoms (1814–1905) Industrialization (1866–1914) World War I (1914–1918)
Modern Interwar period (1918–1939) World War II (1939–1945) Postwar period (1945–1967) Second half of Cold War (1967–1991) Post-Cold War (1991–present)
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The economic history of Sweden, since the Iron Age, has been characterized by extensive foreign trade based on a small number of export and import commodities, often derived from the widely available raw materials iron ore and wood. An industrial expansion in the latter half of the 19th century transformed the society on many levels. Natural-resource-rich regions benefited from the First Industrial Revolution. A growth surge in Sweden later benefited virtually the whole country during the Second Industrial Revolution. It fostered a broad export-oriented engineering industry with companies such as LM Ericsson, Asea, Alfa Laval, Aga, Electrolux, SKF and Volvo reaching well established positions on the global market and becoming drivers of GDP growth. In addition to engineering, the pulp and paper, steel, and chemical industries developed to reach international prominence. By the 1970s, Sweden had become one of the wealthiest nations of the world. The growth slowed down during the following decades, which were characterized by public deficits and structural change.