Economy of Finland
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; exports equal nearly two-fifths of GDP.
Finland excels in high-tech exports, e.g., 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.
High unemployment remains a persistent problem. In 2007 Russia announced plans to impose high tariffs on raw timber exported to Finland. The Finnish pulp and paper industry will be threatened if these duties are put into place in 2008 and 2009, and the matter is now being handled by the European Union.
GDP
Real Growth Rate
4%
Per Capita
USD 35,300
From Agriculture
3%
From Industry
32%
From Services
66%
Labour Force
Available for Work
3
Working in Agriculture
4%
Working in Industry
62%
Working in Services
33%
Unemployment Rate
7%
Population Below Poverty Line
0%
Inflation Rate
2%
Investment as Percent of GDP
20%
Budget
Revenues
USD 62,020 (m)
Expenditures
USD 58,160 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Barley, wheat, sugar beets, potatoes; dairy cattle; fish
Core Industries
Metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
Exports
Value
USD 104,900 (m)
Commodities
Machinery and equipment, chemicals, metals; timber, paper, pulp
Partners
Germany 11.3%, Sweden 10.5%, Russia 10.1%, UK 6.5%, US 6.5%, Netherlands 5.1% (2006)
Imports
Value
USD 81,540 (m)
Commodities
Foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains
Partners
Germany 15.6%, Russia 14%, Sweden 13.7%, Netherlands 6.6%, China 5.4%, UK 4.7%, Denmark 4.5% (2006)
External Debt
USD 271,200 (m)
Fiscal Year
Calendar year
