Overview: Finland has a highly industrialized, largely free market economy, with per capita output nearly three-fourths the US figure. Its main economic force is the manufacturing sector--principally the wood, metals, and engineering industries. Trade is important, with the export of goods representing about 25% of GNP. Except for timber and several minerals, Finland depends on imported raw materials, energy, and some components of manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic commodities. Economic prospects are generally bright, the main shadow being the increasing pressures on wages and prices.

GDP: $74.4 billion, per capita $15,000; real growth rate 4.6% (1989 est.)

Inflation rate (consumer prices): 6.5% (1989)

Unemployment rate: 3.4% (1989)

Budget: revenues $28.3 billion; expenditures $28.1 billion, including capital expenditures of $NA billion (1988 est.)

Exports: $22.2 billion (f.o.b., 1988); commodities--timber, paper and pulp, ships, machinery, clothing and footwear; partners--EC 44.2% (UK 13.0%, FRG 10.8%), USSR 14.9%, Sweden 14.1%, US 5.8%

Imports: $22.0 billion (c.i.f., 1988); commodities--foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, fodder grains; partners--EC 43.5% (FRG 16.9%, UK 6.8%), Sweden 13.3%, USSR 12.1%, US 6.3%

External debt: $5.3 billion (1989)

Industrial production: growth rate 4.3% (1989)

Electricity: 13,324,000 kW capacity; 49,330 million kWh produced, 9,940 kWh per capita (1989)

Industries: metal manufacturing and shipbuilding, forestry and wood processing (pulp, paper), copper refining, foodstuffs, textiles, clothing

Agriculture: accounts for 8% of GNP (including forestry); livestock production, especially dairy cattle, predominates; forestry is an important export earner and a secondary occupation for the rural population; main crops--cereals, sugar beets, potatoes; 85% self-sufficient, but short of food and fodder grains; annual fish catch about 160,000 metric tons

Aid: donor--ODA and OOF commitments (1970-87), $1.7 billion

Currency: markka (plural--markkaa); 1 markka (FMk) or Finmark = 100 pennia

Exchange rates: markkaa (FMk) per US$1--4.0022 (January 1990), 4.2912 (1989), 4.1828 (1988), 4.3956 (1987), 5.0695 (1986), 6.1979 (1985)

Fiscal year: calendar year

NOTE: The information regarding Finland on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 1990 information contained here. All suggestions for corrections of any errors about Finland Economy 1990 should be addressed to the CIA.