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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, with exports equaling one-third of GDP. 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. Rapidly increasing integration with Western Europe - Finland was one of the 12 countries joining the European Economic and Monetary Union (EMU) - will dominate the economic picture over the next several years. Growth in 2003 was held back by the global slowdown but will pick up in 2004 provided the world economy suffers no further blows. |
| GDP | purchasing power parity - $142.2 billion (2004 est.) |
| GDP - real growth rate | 1.9% (2004 est.) |
| GDP - per capita | purchasing power parity - $27,400 (2004 est.) |
| GDP - composition by sector |
agriculture: 4.3% industry: 32.7% services: 62.9% (2004 est.) |
| Investment gross fixed | 18% of GDP (2004 est.) |
| Population below poverty line | NA |
| Household income or consumption by percentage share |
lowest 10%: 4.2% highest 10%: 21.6% (1991) |
| Distribution of family income - Gini index | 25.6 (1991) |
| Inflation rate consumer prices | 0.9% (2004 est.) |
| Labor force | 2.599 million (2004 est.) |
| Labor force by occupation | agriculture and forestry 8%, industry 22%, construction 6%, commerce 14%, finance, insurance, and business services 10%, transport and communications 8%, public services 32% |
| Unemployment rate | 9% (2004 est.) |
| Budget |
revenues: $87.03 billion expenditures: $81.62 billion, including capital expenditures of na (2004 est.) |
| Public debt | 48.7% of GDP (2004 est.) |
| Agriculture products | barley, wheat, sugar beets, potatoes; dairy cattle; fish |
| Industries | metal products, electronics, shipbuilding, pulp and paper, copper refining, foodstuffs, chemicals, textiles, clothing |
| Industrial production growth rate | 0.8% (2004 est.) |
| Electricity production | 71.2 billion kWh (2001) |
| Electricity production by source |
fossil fuel: 39% hydro: 18.7% other: 11.8% (2001) nuclear: 30.4% |
| Electricity consumption | 76.18 billion kWh (2001) |
| Electricity exports | 1.81 billion kWh (2001) |
| Electricity imports | 11.77 billion kWh (2001) |
| Oil production | 0 bbl/day (2001 est.) |
| Oil consumption | 211,400 bbl/day (2001 est.) |
| Oil exports | 101,000 bbl/day (2001) |
| Oil imports | 318,300 bbl/day (2001) |
| Oil proved reserves | |
| Natural gas production | 0 cu m (2001 est.) |
| Natural gas consumption | 4.557 billion cu m (2001 est.) |
| Natural gas exports | 0 cu m (2001 est.) |
| Natural gas imports | 4.567 billion cu m (2001 est.) |
| Natural gas proved reserves | |
| Current account balance | $10.3 billion (2004 est.) |
| Exports | $54.28 billion f.o.b. (2004 est.) |
| Exports commodities | machinery and equipment, chemicals, metals; timber, paper, pulp (1999) |
| Exports partners | Germany 11.8%, Sweden 9.9%, US 8.2%, UK 8%, Russia 7.5%, Netherlands 4.8% (2003) |
| Imports | $37.35 billion f.o.b. (2003 est.) |
| Imports commodities | foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains (1999) |
| Imports partners | Germany 16.2%, Sweden 14.1%, Russia 11.7%, Netherlands 6.3%, Denmark 5.7%, UK 5.3%, France 4.3% (2003) |
| Reserves of foreign exchange gold | $11.17 billion (2003) |
| Debt external | $30 billion (December 1993) |
| Economic aid recipient | |
| Currency | euro (EUR) note: on 1 january 1999, the european monetary union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 january 2002, the euro became the sole currency for everyday transactions within the member countries |
| Currency code | EUR |
| Exchange rates | euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999) |
| Fiscal year | calendar year |
Introduction and Background to Finland | Geography Of Finland | People Of Finland | Government Of Finland | Communications Of Finland | Transportation Of Finland | Military Of Finland | Transnational Issues Of Finland
Finnish Flag Map Of Finland Finnish language
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