Economy - overview:
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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$195.5 billion (2013 est.)
country comparison to the world: 58
$196.8 billion (2012 est.)
$198.4 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$259.6 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-0.6% (2013 est.)
country comparison to the world: 201
-0.8% (2012 est.)
2.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$35,900 (2013 est.)
country comparison to the world: 38
$36,300 (2012 est.)
$36,700 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
17.9% of GDP (2013 est.)
country comparison to the world: 91
19.6% of GDP (2012 est.)
21.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household 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.)
agriculture:
2.9%
industry:
25.1%
services:
71.9% (2013 est.)
barley, wheat, sugar beets, potatoes; dairy cattle; fish
metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
-4.2% (2013 est.)
country comparison to the world: 188
[see also: Industrial production growth rate country ranks ]
2.685 million (2013 est.)
country comparison to the world: 110
[see also: Labor force country ranks ]
agriculture 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)
8.1% (2013 est.)
country comparison to the world: 91
7.8% (2012 est.)
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
3.6%
highest 10%:
24.7% (2007)
26.8 (2008)
country comparison to the world: 131
25.6 (1991)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$139.4 billion
expenditures:
$145.3 billion
note:
Central Government Budget (2013 est.)
53.7% of GDP (2013 est.)
country comparison to the world: 10
[see also: Taxes and other revenues country ranks ]
-2.3% of GDP (2013 est.)
country comparison to the world: 92
[see also: Budget surplus (+) or deficit (-) country ranks ]
56.5% of GDP (2013 est.)
country comparison to the world: 53
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
[see also: Public debt country ranks ]
calendar year
2.2% (2013 est.)
country comparison to the world: 76
3.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
0.75% (31 December 2013)
country comparison to the world: 123
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
[see also: Central bank discount rate country ranks ]
2% (31 December 2013 est.)
country comparison to the world: 174
2.06% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$130.8 billion (31 December 2013 est.)
country comparison to the world: 28
$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
[see also: Stock of narrow money country ranks ]
$183.3 billion (31 December 2013 est.)
country comparison to the world: 41
$182.4 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$267.8 billion (31 December 2013 est.)
country comparison to the world: 36
$265.3 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$158.7 billion (31 December 2012 est.)
country comparison to the world: 33
$143.1 billion (31 December 2011)
$118.2 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$2 billion (2013 est.)
country comparison to the world: 144
-$3.679 billion (2012 est.)
[see also: Current account balance country ranks ]
$75.7 billion (2013 est.)
country comparison to the world: 47
$76.46 billion (2012 est.)
[see also: Exports country ranks ]
electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Sweden 11.1%, Russia 9.9%, Germany 9.3%, Netherlands 6.3%, US 6.2%, UK 5.1%, China 4.6% (2012)
$70.67 billion (2013 est.)
country comparison to the world: 43
$72.13 billion (2012 est.)
[see also: Imports country ranks ]
foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Russia 17.7%, Sweden 14.8%, Germany 13.9%, Netherlands 8.1%, China 4.4% (2012)
$10.6 billion (31 December 2013 est.)
country comparison to the world: 74
$11.08 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$586.9 billion (31 December 2012 est.)
country comparison to the world: 23
$478.5 billion (31 December 2011)
[see also: Debt - external country ranks ]
$138.7 billion (31 December 2013 est.)
country comparison to the world: 35
$134.4 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$197.2 billion (31 December 2013 est.)
country comparison to the world: 24
$186.7 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)