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Finland Economy 2011
https://theodora.com/wfb2011/finland/finland_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Finland Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as 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. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports stimulated economic growth in 2010, and led to a lowering of unemployment. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In the next few years, the great challenge of economic policy will be to implement a post-recession exit strategy in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

GDP (purchasing power parity):
$185.4 billion (2010 est.)
country comparison to the world: 56

$181.6 billion (2009 est.)
$197.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$232 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.1% (2010 est.)
country comparison to the world: 144

-8.1% (2009 est.)
1% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$35,300 (2010 est.)
country comparison to the world: 35

$34,600 (2009 est.)
$37,700 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 29.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 68.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
2.68 million (2009 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture and forestry: 4.5%
industry: 18.2%
[see also: Labor force - by occupation - industry country ranks ]
construction: 7.3%
commerce: 15.9%
finance, insurance, and business services: 14.5%
transport and communications: 6.9%
public services: 32.7% (2008)

Unemployment rate:
7.9% (2010 est.)
country comparison to the world: 85

8.2% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24.7% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29.5 (2007)
country comparison to the world: 115

25.6 (1991)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
18.7% of GDP (2009 est.)
country comparison to the world: 100
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $117.5 billion
[see also: Budget - revenues country ranks ]
expenditures: $125.2 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
45.4% of GDP (2010 est.)
country comparison to the world: 59

40.3% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.1% (2010 est.)
country comparison to the world: 21

0% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2009)
country comparison to the world: 114

3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.51% (31 December 2009 est.)
country comparison to the world: 142

5.79% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$108 billion (31 December 2010 est)

$110.4 billion (31 December 2009 est)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$160.4 billion (31 December 2010 est.)

$168.5 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$259.2 billion (31 December 2009 est.)
country comparison to the world: 36

$241.6 billion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$91.02 billion (31 December 2009)
country comparison to the world: 28

$154.4 billion (31 December 2008)
$369.2 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
6% (2009 est.)
country comparison to the world: 51
[see also: Industrial production growth rate country ranks ]

Electricity - production:
77.44 billion kWh (2008 est.)
country comparison to the world: 38
[see also: Electricity - production country ranks ]

Electricity - consumption:
87.25 billion kWh (2008)
country comparison to the world: 32
[see also: Electricity - consumption country ranks ]

Electricity - exports:
3.335 billion kWh (2008)
[see also: Electricity - exports country ranks ]

Electricity - imports:
16.11 billion kWh (2008)
[see also: Electricity - imports country ranks ]

Oil - production:
8,718 bbl/day (2009 est.)
country comparison to the world: 86
[see also: Oil - production country ranks ]

Oil - consumption:
206,200 bbl/day (2009 est.)
country comparison to the world: 55
[see also: Oil - consumption country ranks ]

Oil - exports:
130,500 bbl/day (2009 est.)
country comparison to the world: 62
[see also: Oil - exports country ranks ]

Oil - imports:
337,900 bbl/day (2009 est.)
country comparison to the world: 31
[see also: Oil - imports country ranks ]

Oil - proved reserves:
NA bbl
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
NA (2008 est.)
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
4.289 billion cu m (2009)
country comparison to the world: 63
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 179
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
4.289 billion cu m (2009)
country comparison to the world: 34
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 179
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$4.696 billion (2010 est.)
country comparison to the world: 32

$3.444 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$73.53 billion (2010 est.)
country comparison to the world: 40

$62.69 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber

Exports - partners:
Germany 10.32%, Sweden 9.79%, Russia 9%, US 7.85%, Netherlands 5.9%, UK 5.24%, China 4.1% (2009)

Imports:
$69.11 billion (2010 est.)
country comparison to the world: 39

$57.68 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains

Imports - partners:
Russia 16.28%, Germany 15.76%, Sweden 14.65%, Netherlands 6.99%, China 5.29%, France 4.22% (2009)

Reserves of foreign exchange and gold:
$9.128 billion (31 December 2010 est.)
country comparison to the world: 56

$11.45 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$370.8 billion (30 June 2010)
country comparison to the world: 23

$339.5 billion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$87.99 billion (31 December 2010 est.)
country comparison to the world: 35

$85.71 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$122.2 billion (31 December 2010 est.)
country comparison to the world: 24

$118.7 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding Finland on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 2011 information contained here. All suggestions for corrections of any errors about Finland Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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