Despite high taxes, Sweden’s business environment is one of free enterprise, with industry predominately in private control (unlike many other European nations). Sweden is an export-oriented, mixed economy featuring a large, knowledge-intensive manufacturing sector, a growing (but relatively small) business service sector, and a large public service sector. The main industries include motor vehicles, industrial machines, precision equipment, telecommunications, pharmaceuticals, chemical goods, home goods and appliances, forestry, iron and steel. Without a doubt, Swedish businesses’ greatest asset is the nation’s highly educated labour market. Its engineering sector, alone, accounts for roughly 50% of output and exports. Such a high-skilled work force is the reason why the relatively small nation produces so many world renowned companies and the reason why Sweden consistently ranks near the top of the World Economic Forum’s Global Competitiveness Report, year after year.