| Economy | Finland |
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Economy - overview:
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Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In addition to marginal growth prospects, general government finances will remain in deficit during the next few years. The great challenge of economic policy will be to mitigate a possible recession in 2012 in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth. |
GDP (purchasing power parity):
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$195.6 billion (2011 est.)
$190.4 billion (2010 est.)
$184.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$38,300 (2011 est.)
$36,700 (2010 est.)
$35,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$270.6 billion (2011 est.) |
GDP - real growth rate:
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2.7% (2011 est.)
3.1% (2010 est.)
-7.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.8%
industry: 29.2%
services: 68% (2011 est.) |
Investment (gross fixed):
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19.4% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 24.7% (2007) |
Distribution of family income - Gini index:
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26.8 (2008)
25.6 (1991) |
Inflation rate (consumer prices):
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3.3% (2011 est.)
1.7% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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2.7% (31 December 2011 est.)
2.267% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$260.5 billion (31 December 2011 est.)
$242.6 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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49,532 USD per capita |
Stock of narrow money:
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$124 billion (31 December 2011 est.)
$113 billion (31 December 2010 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$188.2 billion (31 December 2011 est.)
$172.9 billion (31 December 2010 est.) |
Labor force:
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2.676 million (2011 est.) |
Labor force participation rate:
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50.88 % of population |
Labor force - by occupation:
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agriculture and forestry: 4.9%
industry: 16.7%
construction: 7.1%
commerce: 19.4%
finance, insurance, and business services: 12.8%
transport and communications: 6.3%
public services: 32.8% (2009) |
Unemployment rate:
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7.7% (2011 est.)
8.4% (2010) |
Unemployment, youth ages 15-24:
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total: 20.5%
male: 22%
female: 18.8% (2009) |
Budget:
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revenues: $141.7 billion
expenditures: $146.3 billion
note: Central Government Budget (2011 est.) |
Budget revenues per capita:
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26,944 USD per capita |
Taxes and other revenues:
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52.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.7% of GDP (2011 est.) |
Public debt:
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49% of GDP (2011 est.)
48.4% of GDP (2010)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions. |
Industries:
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metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing |
Industrial production growth rate:
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4% (2011 est.) |
Electricity - production:
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67.94 billion kWh (2009 est.) |
Electricity - production per capita:
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12,919 kWh per capita |
Electricity - consumption:
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83.09 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
15,799 kWh per capita |
Electricity - exports:
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3.375 billion kWh (2009 est.) |
Electricity - imports:
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12.09 billion kWh (2009 est.) |
Oil - production:
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8,718 bbl/day (2010 est.) |
Oil - production per capita:
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1,658 bbl/day per capita |
Oil - consumption:
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217,400 bbl/day (2010 est.) |
Oil - consumption - per capita:
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15.09 bbl/year per capita |
Oil - exports:
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133,600 bbl/day (2009 est.) |
Oil - imports:
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318,100 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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4.782 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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910 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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4.782 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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barley, wheat, sugar beets, potatoes; dairy cattle; fish |
Current account balance:
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$4.2 billion (2011 est.)
$7.477 billion (2010 est.) |
Current account balance - per capita:
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799 USD per capita |
Exports:
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$85.4 billion (2011 est.)
$69.4 billion (2010 est.) |
Exports per capita:
|
16,239 USD per capita |
Exports - commodities:
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electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber |
Exports - partners:
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Sweden 11.6%, Germany 10.2%, Russia 8.5%, US 7%, Netherlands 6.9%, China 5%, UK 4.9% (2010) |
Imports:
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$80.79 billion (2011 est.)
$65 billion (2010 est.) |
Imports per capita:
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15,362 USD per capita |
Imports - commodities:
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foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains |
Imports - partners:
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Russia 17.4%, Germany 14.7%, Sweden 14.5%, Netherlands 8.2%, China 4.4% (2010) |
Reserves of foreign exchange and gold:
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$10.3 billion (31 December 2011 est.)
$9.555 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,959 USD per capita |
Debt - external:
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$518 billion (30 June 2011)
$370.8 billion (30 June 2010) |
Debt - external - per capita:
|
98,494 USD per capita |
Stock of direct foreign investment - at home:
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$87.59 billion (31 December 2011 est.)
$82.71 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
16,655 USD per capita |
Stock of direct foreign investment - abroad:
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$137.4 billion (31 December 2011 est.)
$130.6 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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26,126 USD per capita |
Market value of publicly traded shares:
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$118.2 billion (31 December 2010)
$91.02 billion (31 December 2009)
$154.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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22,475 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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