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Finland Economy 2017
https://theodora.com/wfbcurrent/finland/finland_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Finland Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years.Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, provides a secondary occupation for the rural population.Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012-14. The recession affected general government finances and the debt ratio.Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth. The depreciating ruble and Russia’s general economic slowdown will dampen exports to Russia.

GDP (purchasing power parity):
$230 billion (2016 est.) $227.9 billion (2015 est.) $227.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 63
[see also: GDP country ranks ]

GDP (official exchange rate):
$239.2 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2016 est.) 0.2% (2015 est.) -0.7% (2014 est.)
country comparison to the world: 179
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$41,800 (2016 est.) $41,600 (2015 est.) $41,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 40
[see also: GDP - per capita country ranks ]

Gross national saving:
21.5% of GDP (2016 est.) 20.9% of GDP (2015 est.) 19.9% of GDP (2014 est.)
country comparison to the world: 73
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 55.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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:
0.8% (2016 est.)
country comparison to the world: 152
[see also: Industrial production growth rate country ranks ]

Labor force:
2.675 million (2016 est.)
country comparison to the world: 111
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture and forestry: 4.4%
industry: 15.5%
[see also: Labor force - by occupation - industry country ranks ]
construction: 7.1%
commerce: 21.3%
finance, insurance, and business services: 13.3%
transport and communications: 9.9%
public services: 28.5% (2011)

Unemployment rate:
9.1% (2016 est.) 9.3% (2015 est.)
country comparison to the world: 106
[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:
26.8 (2008) 25.6 (1991)
country comparison to the world: 135
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $127.6 billion
[see also: Budget revenues country ranks ]
expenditures: $132.7 billion
[see also: Budget expenditures country ranks ]
note: Central Government Budget (2016 est.)

Taxes and other revenues:
53.4% of GDP (2016 est.)
country comparison to the world: 8
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2016 est.)
country comparison to the world: 71
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
64.9% of GDP (2016 est.) 62.5% of GDP (2015 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as int
country comparison to the world: 52
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2016 est.) -0.2% (2015 est.)
country comparison to the world: 45
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 151
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.8% (31 December 2016 est.) 2% (31 December 2015 est.)
country comparison to the world: 179
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$130.1 billion (31 December 2016 est.) $121.4 billion (31 December 2015 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of
country comparison to the world: 30
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$179.8 billion (31 December 2014 est.) $195.3 billion (31 December 2013 est.)
country comparison to the world: 44
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$355.3 billion (31 December 2016 est.) $357.9 billion (31 December 2015 est.)
country comparison to the world: 32
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$158.7 billion (31 December 2012 est.) $143.1 billion (31 December 2011 est.) $118.2 billion (31 December 2010 est.)
country comparison to the world: 36
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$199 million (2016 est.) $316 million (2015 est.)
country comparison to the world: 44
[see also: Current account balance country ranks ]

Exports:
$57.1 billion (2016 est.) $61.29 billion (2015 est.)
country comparison to the world: 44
[see also: Exports country ranks ]

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

Exports - partners:
Germany 13.9%, Sweden 10.1%, US 7%, Netherlands 6.6%, Russia 5.9%, UK 5.2%, China 4.7% (2015)

Imports:
$53.5 billion (2016 est.) $58.5 billion (2015 est.)
country comparison to the world: 47
[see also: Imports country ranks ]

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

Imports - partners:
Germany 17%, Sweden 16%, Russia 11%, Netherlands 9.1%, Denmark 4.1% (2015)

Reserves of foreign exchange and gold:
$10.5 billion (31 December 2016 est.) $10.02 billion (31 December 2015 est.)
country comparison to the world: 73
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$544.7 billion (31 March 2016 est.) $524.7 billion (31 March 2015 est.)
country comparison to the world: 20
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$153.5 billion (31 December 2016 est.) $135.9 billion (31 December 2015 est.)
country comparison to the world: 36
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$140.6 billion (31 December 2016 est.) $141.1 billion (31 December 2015 est.)
country comparison to the world: 31
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.78 (2012 est.)


NOTE: The information regarding Finland on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 2017 information contained here. All suggestions for corrections of any errors about Finland Economy 2017 should be addressed to the CIA.




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