| Economy | Finland |
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Economy - overview:
|
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; Finland's ratio of foreign trade to GDP has risen from a quarter to nearly 45% over the past 15 years. 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. Although Finland has been one of the best performing economies within the EU in recent years and its banks and financial markets have avoided the worst of global financial crisis, the world slowdown has hit export growth and domestic demand and will serve as a brake on economic growth in 2009 and 2010. The slowdown of construction, other investment, and exports will cause unemployment to rise. During 2009, unemployment will climb to over 8% of the labor force. Long-term challenges include the need to address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth. |
GDP (purchasing power parity):
|
$195.2 billion (2008 est.)
$192.1 billion (2007)
$184.3 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$37,200 (2008 est.)
$36,700 (2007 est.)
$35,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$281.2 billion (2008 est.) |
GDP - real growth rate:
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1.5% (2008 est.)
4.2% (2007 est.)
4.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 2.8%
industry: 33.2%
services: 64% (2008 est.) |
Investment (gross fixed):
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20.5% of GDP (2008 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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29.5 (2007) |
Inflation rate (consumer prices):
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4.1% (2008 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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5.04% (December 2008) |
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:
|
void |
Stock of quasi money:
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NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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$240.7 billion (31 December 2007) |
Stock of domestic credit - per capita:
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45,846 USD per capita |
Labor force:
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2.53 million (2008) |
Labor force participation rate:
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48.19 % of population |
Labor force - by occupation:
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agriculture and forestry 4.5%, industry 18.3%, construction 7.3%, commerce 16%, finance, insurance, and business services 14.5%, transport and communications 7%, public services 32.4% (2008) |
Unemployment rate:
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6.4% (2008 est.) |
Budget:
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revenues: $66.48 billion
expenditures: $65.3 billion (2008) |
Budget revenues per capita:
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12,663 USD per capita |
Public debt:
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33% of GDP (2008 est.) |
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:
|
4% (2008 est.) |
Electricity - production:
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74.1 billion kWh (2008) |
Electricity - production per capita:
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14,114 kWh per capita |
Electricity - consumption:
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86.9 billion kWh (2008) |
Electricity - consumption - per capita:
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16,552 kWh per capita |
Electricity - exports:
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3.2 billion kWh (2008) |
Electricity - imports:
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16 billion kWh (2008) |
Oil - production:
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8,951 bbl/day (2007 est.) |
Oil - production per capita:
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1,705 bbl/day per capita |
Oil - consumption:
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217,500 bbl/day (2008) |
Oil - consumption - per capita:
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15.12 bbl/year per capita |
Oil - exports:
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124,300 bbl/day (2007) |
Oil - imports:
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331,200 bbl/day (2007) |
Oil - proved reserves:
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NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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2.268 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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432 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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4.576 billion cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006) |
Agriculture - products:
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barley, wheat, sugar beets, potatoes; dairy cattle; fish |
Current account balance:
|
$10.29 billion (2008) |
Current account balance - per capita:
|
1,960 USD per capita |
Exports:
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$104.3 billion f.o.b. (2008 est.) |
Exports per capita:
|
19,866 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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Germany 10.9%, Sweden 10.7%, Russia 10.3%, US 6.4%, UK 5.8%, Netherlands 5.6% (2007) |
Imports:
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$93.28 billion f.o.b. (2008 est.) |
Imports per capita:
|
17,767 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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Germany 15.8%, Russia 14%, Sweden 13.7%, Netherlands 6.8%, China 5.5%, UK 4.9% (2007) |
Reserves of foreign exchange and gold:
|
$9.3 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,772 USD per capita |
Debt - external:
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$271.2 billion (30 June 2007) |
Debt - external - per capita:
|
51,655 USD per capita |
Stock of direct foreign investment - at home:
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$94.57 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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18,013 USD per capita |
Stock of direct foreign investment - abroad:
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$121.9 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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23,218 USD per capita |
Market value of publicly traded shares:
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$369.2 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
70,321 USD per capita |
Economic aid - donor:
|
ODA, $1.023 billion (2007) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
|
euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004) |
Fiscal year:
|
calendar year |
|
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