Finland

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Introduction - Finland:
Location - Finland:
People - Finland:
Government - Finland:
Economy - Finland:

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; exports equal 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.

Gdp purchasing power parity

$176.4 billion (2006 est.)

Gdp official exchange rate

$199 billion (2006 est.)

Gdp real growth rate

5.5% (2006 est.)

Gdp per capita ppp

$33,700 (2006 est.)

Gdp composition by sector

agriculture: 2.7%
industry: 30.3%
services: 67% (2006 est.)

Labor force

2.62 million (2006 est.)

Labor force by occupation

agriculture and forestry 4.4%, industry 17.5%, construction 6%, commerce 22%, finance, insurance, and business services 12%, transport and communications 8%, public services 30.2%

Unemployment rate

7% (2006 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

26.9 (2000)

Inflation rate consumer prices

1.7% (2006 est.)

Investment gross fixed

18.9% of GDP (2006 est.)

Budget

revenues: $105.6 billion
expenditures: $101 billion; including capital expenditures of $NA (2006 est.)

Public debt

37.7% of GDP (2006 est.)

Agriculture products

barley, wheat, sugar beets, potatoes; dairy cattle; fish

Industries

metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing

Industrial production growth rate

3% (2006 est.)

Electricity production

81.6 billion kWh (2004)

Electricity consumption

80.79 billion kWh (2004)

Electricity exports

6.8 billion kWh (2004)

Electricity imports

11.7 billion kWh (2004)

Oil production

9,105 bbl/day (2004 est.)

Oil consumption

220,400 bbl/day (2004 est.)

Oil exports

118,300 bbl/day (2004)

Oil imports

333,400 bbl/day (2004)

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

4.86 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

4.866 billion cu m (2004 est.)

Current account balance

$8.749 billion (2006 est.)

Exports

$84.72 billion f.o.b. (2006 est.)

Exports commodities

machinery and equipment, chemicals, metals; timber, paper, pulp (1999)

Exports partners

Germany 11.3%, Sweden 10.5%, Russia 10.1%, UK 6.5%, US 6.5%, Netherlands 5.1% (2006)

Imports

$71.69 billion f.o.b. (2006 est.)

Imports commodities

foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains

Imports partners

Germany 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

$6.561 billion (August 2006 est.)

Economic aid donor

ODA, $850,536,746.4905 (2005)

Debt external

$251.9 billion (30 June 2006)

Currency code

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

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Finland:
Transportation - Finland:
Military - Finland:
This page was last updated on 16 September, 2007
Source: CIA >>>


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