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Economic Information |
Economy - overview:
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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 exports to GDP has risen from a quarter to 37% 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.
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GDP (purchasing power parity):
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$194 billion (2008 est.)
country comparison to the world: 55
$192.4 billion (2007 est.)
$184.8 billion (2006 est.)
note: data are in 2008 US dollars
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GDP (purchasing power parity):
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$271.9 billion (2008 est.)
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GDP (official exchange rate):
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0.8% (2008 est.)
country comparison to the world: 183
4.1% (2007 est.)
4.9% (2006 est.)
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GDP - real growth rate:
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$37,000 (2008 est.)
country comparison to the world: 31
$36,700 (2007 est.)
$35,300 (2006 est.)
note: data are in 2008 US dollars
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GDP - per capita (PPP):
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agriculture: 2.8%
industry: 32.4%
services: 64.9% (2008 est.)
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GDP - composition by sector:
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2.703 million (2008 est.)
country comparison to the world: 106
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Labor force:
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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)
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Labor force - by occupation:
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6.4% (2008 est.)
country comparison to the world: 81
6.9% (2007 est.)
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Unemployment rate:Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 24.7% (2007)
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Distribution of family income - Gini index:
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29.5 (2007)
country comparison to the world: 117
25.6 (1991)
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Investment (gross fixed):
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20.6% of GDP (2008 est.)
country comparison to the world: 100
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Budget:
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revenues: $143.8 billion
expenditures: $132.3 billion (2008 est.)
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Public debt:
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33.7% of GDP (2008 est.)
country comparison to the world: 67
46.8% of GDP (2004 est.)
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Inflation rate (consumer prices):
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4.1% (2008 est.)
country comparison to the world: 69
2.5% (2007 est.)
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Central bank discount rate:
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3% (31 December 2008)
country comparison to the world: 95
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
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Commercial bank prime lending rate:
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5.79% (31 December 2008)
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Stock of money:
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$NA (31December 2008)
$NA (31 December 2007)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
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Stock of quasi money:
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$NA (31 December 2008)
$NA (31 December 2007)
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Stock of domestic credit:
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$241.1 billion (31 December 2008)
country comparison to the world: 29
$225.4 billion (31 December 2007)
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Market value of publicly traded shares:
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$NA (31 December 2008)
country comparison to the world: 26
$369.2 billion (31 December 2007)
$265.5 billion (31 December 2006)
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Agriculture - products:
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barley, wheat, sugar beets, potatoes; dairy cattle; fish
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Industries:
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metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
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Industrial production growth rate:
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0.4% (2008 est.)
country comparison to the world: 129
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Electricity - production:
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77.24 billion kWh (2007 est.)
country comparison to the world: 36
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Electricity - consumption:
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86.9 billion kWh (2008)
country comparison to the world: 32
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Electricity - exports:
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3.335 billion kWh (2008 est.)
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Electricity - imports:
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16.11 billion kWh (2008 est.)
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Oil - production:
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9,789 bbl/day (2008 est.)
country comparison to the world: 86
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Oil - consumption:
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215,600 bbl/day (2008 est.)
country comparison to the world: 55
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Oil - exports:
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133,000 bbl/day (2008 est.)
country comparison to the world: 62
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Oil - imports:
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347,400 bbl/day (2008 est.)
country comparison to the world: 31
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Oil - proved reserves:
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0 bbl
country comparison to the world: 171
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Natural gas - production:
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0 cu m (2008 est.)
country comparison to the world: 183
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Natural gas - consumption:
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4.735 billion cu m (2008 est.)
country comparison to the world: 60
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Natural gas - exports:
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0 cu m (2008)
country comparison to the world: 59
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Natural gas - imports:
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4.739 billion cu m (2008 est.)
country comparison to the world: 34
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Natural gas - proved reserves:
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0 cu m (1 January 2009 est.)
country comparison to the world: 182
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Current account balance:
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$5.518 billion (2008 est.)
country comparison to the world: 33
$10.12 billion (2007 est.)
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Exports:
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$96.62 billion (2008 est.)
country comparison to the world: 38
$90.2 billion (2007 est.)
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Exports - commodities:
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electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
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Exports - partners:
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Russia 11.6%, Sweden 10%, Germany 10%, US 6.4%, UK 5.5%, Netherlands 5.1% (2008)
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Imports:
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$87.51 billion (2008 est.)
country comparison to the world: 38
$78.22 billion (2007 est.)
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Imports - commodities:
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foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains
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Imports - partners:
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Russia 16.3%, Germany 15.7%, Sweden 13.6%, Netherlands 6.3%, China 5.1%, UK 4.2% (2008)
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Reserves of foreign exchange and gold:
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$8.346 billion (31 December 2008 est.)
country comparison to the world: 72
$8.385 billion (31 December 2007 est.)
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Debt - external:
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$339.5 billion (31 December 2008)
country comparison to the world: 25
$314.1 billion (31 December 2007)
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Stock of direct foreign investment - at home:
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$84.44 billion (31 December 2008 est.)
country comparison to the world: 38
$88.69 billion (31 December 2007 est.)
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Stock of direct foreign investment - abroad:
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$116 billion (31 December 2008 est.)
country comparison to the world: 24
$114.2 billion (31 December 2007 est.)
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Exchange rates:
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euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
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