Economy - overviewFinland 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 (purchasing power parity)$185.9 billion (2007 est.) GDP (official exchange rate)$244.9 billion (2007) GDP - real growth rate4.4% (2007) GDP - per capita (PPP)$35,500 (2007 est.) GDP - composition by sectoragriculture: 2.6% Population below poverty lineNA% Household income or consumption by percentage sharelowest 10%: 4% Inflation rate (consumer prices)2.7% (2007 est.) Investment (gross fixed)19.4% of GDP (2007 est.) Labor force2.68 million (2007 est.) Labor force - by occupationagriculture and forestry 4.4%, industry 18.6%, construction 6%, commerce 16.3%, finance, insurance, and business services 13.9%, transport and communications 7.6%, public services 33.2% (2004) Unemployment rate6.9% (2007) Distribution of family income - Gini index26 (2005) Budgetrevenues: $62.02 billion Public debt31.3% of GDP (2007) Industriesmetals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing Industrial production growth rate4.6% (2007) Electricity - production73.47 billion kWh (2007 est.) Electricity - consumption88.27 billion kWh (2007 est.) Electricity - exports1.059 billion kWh (2007 est.) Electricity - imports15.85 billion kWh (2007 est.) Oil - production8,951 bbl/day (2005 est.) Oil - consumption219,700 bbl/day (2005 est.) Oil - imports281,300 bbl/day (January-September 2007 est.) Oil - exports126,300 bbl/day (January-September 2007 est.) Oil - proved reservesNA bbl Natural gas - production0 cu m (2007 est.) Natural gas - consumption3.909 billion cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports4.123 billion cu m (2007 est.) Natural gas - proved reserves0 cu m (1 January 2006) Current Account Balance$11.24 billion (2007) Agriculture - productsbarley, wheat, sugar beets, potatoes; dairy cattle; fish Exports$104.9 billion f.o.b. (2007) Exports - commoditiesmachinery and equipment, chemicals, metals; timber, paper, pulp Exports - partnersGermany 11.3%, Sweden 10.5%, Russia 10.1%, UK 6.5%, US 6.5%, Netherlands 5.1% (2006) Imports$81.54 billion f.o.b. (2007) Imports - commoditiesfoodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains Imports - partnersGermany 15.6%, Russia 14%, Sweden 13.7%, Netherlands 6.6%, China 5.4%, UK 4.7%, Denmark 4.5% (2006) Reserves of foreign exchange and gold$7.804 billion (2007) Debt - external$271.2 billion (30 June 2007) Stock of direct foreign investment - at home$66.25 billion (2006) Stock of direct foreign investment - abroad$74.81 billion (2006) Market value of publicly traded shares$1.095 trillion (January 2008) Economic aid - donorODA, $1.023 billion (2007) Currency (code)euro (EUR) Exchange rateseuros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003) Fiscal yearcalendar year |
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Source: CIA World Factbook | |