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Finland: Economy#

Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years. Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, gaming, cleantech, and biotechnology sectors. 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 2010-11, however, continued recession within the EU dampened the economy in 2012-13. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland took action to ensure it that it met the EU deficit targets in 2013 and retained its triple-A credit rating. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.

Economic Facts#

GDP (purchasing power parity)$195.5 billion (2013 est.)
$196.8 billion (2012 est.)
$198.4 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-0.6% (2013 est.)
-0.8% (2012 est.)
2.7% (2011 est.)
GDP - per capita (PPP)$35,900 (2013 est.)
$36,300 (2012 est.)
$36,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2.9%
industry: 25.1%
services: 71.9% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 3.6%
highest 10%: 24.7% (2007)
Labor force - by occupationagriculture and forestry: 4.4%
industry: 15.5%
construction: 7.1%
commerce: 21.3%
finance, insurance, and business services: 13.3%
transport and communications: 9.9%
public services: 28.5% (2011)
Exports - commoditieselectrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Exports - partnersSweden 11.1%, Russia 9.9%, Germany 9.3%, Netherlands 6.3%, US 6.2%, UK 5.1%, China 4.6% (2012)
Agriculture - productsbarley, wheat, sugar beets, potatoes; dairy cattle; fish
Budgetrevenues: $139.4 billion
expenditures: $145.3 billion
note: Central Government Budget (2013 est.)
Imports - commoditiesfoodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Imports - partnersRussia 17.7%, Sweden 14.8%, Germany 13.9%, Netherlands 8.1%, China 4.4% (2012)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$75.7 billion (2013 est.)
$76.46 billion (2012 est.)
Debt - external$586.9 billion (31 December 2012 est.)
$478.5 billion (31 December 2011)
Fiscal yearcalendar year
Imports$70.67 billion (2013 est.)
$72.13 billion (2012 est.)
Industrial production growth rate-4.2% (2013 est.)
Industriesmetals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
Inflation rate (consumer prices)2.2% (2013 est.)
3.2% (2012 est.)
Labor force2.685 million (2013 est.)
Unemployment rate8.1% (2013 est.)
7.8% (2012 est.)
Distribution of family income - Gini index26.8 (2008)
25.6 (1991)
Public debt56.5% of GDP (2013 est.)
53.1% of GDP (2012 est.)
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
Current account balance-$2 billion (2013 est.)
-$3.679 billion (2012 est.)
Reserves of foreign exchange and gold$10.6 billion (31 December 2013 est.)
$11.08 billion (31 December 2012 est.)
GDP (official exchange rate)$259.6 billion (2013 est.)
Stock of direct foreign investment - at home$138.7 billion (31 December 2013 est.)
$134.4 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$197.2 billion (31 December 2013 est.)
$186.7 billion (31 December 2012 est.)
Market value of publicly traded shares$158.7 billion (31 December 2012 est.)
$143.1 billion (31 December 2011)
$118.2 billion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2013)
1.5% (31 December 2010)
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 rate2% (31 December 2013 est.)
2.06% (31 December 2012 est.)
Stock of domestic credit$267.8 billion (31 December 2013 est.)
$265.3 billion (31 December 2012 est.)
Stock of narrow money$130.8 billion (31 December 2013 est.)
$126.5 billion (31 December 2012 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$183.3 billion (31 December 2013 est.)
$182.4 billion (31 December 2012 est.)
Taxes and other revenues53.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 56.3%
government consumption: 24.3%
investment in fixed capital: 18.3%
investment in inventories: 0.3%
exports of goods and services: 38%
imports of goods and services: -37.3%
(2013 est.)
Gross national saving17.9% of GDP (2013 est.)
19.6% of GDP (2012 est.)
21.2% of GDP (2011 est.)