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Finland Economy




Finland    Economy Top of Page
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 more than 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 11 countries joining the euro monetary system (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2001 will be bolstered by strong private consumption, yet may be 1 or 2 points lower than in 2000, largely because of a weakening in export demand.
GDP: purchasing power parity - $118.3 billion (2000 est.)
GDP - real growth rate: 5.6% (2000 est.)
GDP - per capita: purchasing power parity - $22,900 (2000 est.)
GDP - composition by sector: agriculture:  3.5%

industry:  29%

services:  67.5% (1999)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  4.2%

highest 10%:  21.6% (1991)
Inflation rate (consumer prices): 3.4% (2000 est.)
Labor force: 2.6 million (2000 est.)
Labor force - by occupation: public services 32%, industry 22%, commerce 14%, finance, insurance, and business services 10%, agriculture and forestry 8%, transport and communications 8%, construction 6%
Unemployment rate: 9.8% (2000 est.)
Budget: revenues:  $36.1 billion

expenditures:  $31 billion, including capital expenditures of $NA (2000 est.)
Industries: metal products, shipbuilding, pulp and paper, copper refining, foodstuffs, chemicals, textiles, clothing
Industrial production growth rate: 7.5% (2000)
Electricity - production: 75.792 billion kWh (1999)
Electricity - production by source: fossil fuel:  41.88%

hydro:  16.77%

nuclear:  28.82%

other:  12.53% (1999)
Electricity - consumption: 81.611 billion kWh (1999)
Electricity - exports: 232 million kWh (1999)
Electricity - imports: 11.356 billion kWh (1999)
Agriculture - products: cereals, sugar beets, potatoes; dairy cattle; fish
Exports: $44.4 billion (f.o.b., 2000)
Exports - commodities: machinery and equipment, chemicals, metals; timber, paper, pulp
Exports - partners: EU 58% (Germany 13%, Sweden 10%, UK 9%, France 5%, Netherlands 4%), US 8%, Russia, Japan (1999)
Imports: $32.7 billion (f.o.b., 2000)
Imports - commodities: foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains
Imports - partners: EU 60% (Germany 15%, Sweden 11%, UK 7%), US 8%, Russia 7%, Japan 6% (1999)
Debt - external: $30 billion (December 1993)
Economic aid - donor: ODA, $379 million (1997)
Currency: markka (FIM); euro (EUR)

note:  on 1 January 1999, the EU introduced the euro as a common currency that is now being used by financial institutions in Finland at a fixed rate of 5.94573 markkaa per euro and will replace the local currency for all transactions in 2002
Currency code: FIM; EUR
Exchange rates: euros per US dollar - 1.0659 (January 2001), 1.0854 (2000), 0.9386 (1999); markkaa per US dollar - 5.3441 (1998), 5.1914 (1997), 4.5936 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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