International trading around the world: Difference between revisions

| colspan="6" | Pelaxia has a highly industrialized, socialist market economy that incentives social ownership and democratic control of means of production effectively and constantly in various forms such as public, cooperative, collective ownership with the possibility of combining the three. In this sense it discourages the existence of private ownership of means of production (private property), but completely upholds and defends the right to personal property. Pelaxia mostly utilizes the market mechanism for the allocation of capital goods and other means of production although there is an edge for central or local intervention/planning.<br />The public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other socialist countries, and a strongly integrated welfare system. Pelaxia's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources such as oil. With respect to foreign trade, the key economic sector is manufacturing, but much of Pelaxia's economic growth has been fueled by an abundance of natural resources, such as petroleum exploration and production, and agricultural products. The largest industries are electronics (21.6 percent), machinery, vehicles and other engineered metal products (21.1 percent), oil industry (13.1 percent), and chemicals (10.9 percent).

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[[Category:Bureau of International Statistics]]

[[Category: World Factbook]]