Finland Economy 2018, CIA World Factbook
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Finland Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Finland Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment.Finland is historically competitive in manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology 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 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2016, posting a 1.9% GDP increase before growing an estimated 3.3% in 2017, supported by a strong increase in investment, private consumption, and net exports. GDP is expected to grow a rate of 2-3% in the next few years.Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. As a result, wage growth was nearly flat in 2017. The Government was also seeking to reform the health care system and social services. 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.

GDP (purchasing power parity):
$242.4 billion (2017 est.) $235.9 billion (2016 est.) $231.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 63

GDP (official exchange rate):
$251.5 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2017 est.) 1.9% (2016 est.) 0% (2015 est.)
country comparison to the world: 124
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$44,000 (2017 est.) $43,000 (2016 est.) $42,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 37

Gross national saving:
22.7% of GDP (2017 est.) 20.8% of GDP (2016 est.) 20.3% of GDP (2015 est.)
country comparison to the world: 67
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 54.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 22.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -36.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.2% (2017 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:
2.2% (2017 est.)
country comparison to the world: 124
[see also: Industrial production growth rate country ranks ]

Labor force:
2.695 million (2017 est.)
country comparison to the world: 112
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 4.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.5% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.7% (2017 est.) 8.8% (2016 est.)
country comparison to the world: 119
[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%: 4.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.5% (2015)

Distribution of family income - Gini index:
21.5 (2015) 26.8 (2008)
country comparison to the world: 150
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $136.8 billion
[see also: Budget - revenues country ranks ]
expenditures: $140.7 billion
[see also: Budget - expenditures country ranks ]
note: Central Government Budget (2017 est.)

Taxes and other revenues:
54.4% of GDP (2017 est.)
country comparison to the world: 10
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2017 est.)
country comparison to the world: 72
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
63.8% of GDP (2017 est.) 63.6% of GDP (2016 est.)
note: data cover general government debt, and includes 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 intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 65
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2017 est.) 0.4% (2016 est.)
country comparison to the world: 30
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.25% (31 December 2016) 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: 140
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.6% (31 December 2017 est.) 1.79% (31 December 2016 est.)
country comparison to the world: 181
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$145.7 billion (31 December 2017 est.) $124 billion (31 December 2016 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 money circulating within their own borders
country comparison to the world: 29
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$176.4 billion (31 December 2017 est.) $152.9 billion (31 December 2016 est.)
country comparison to the world: 45
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$346.6 billion (31 December 2017 est.) $351.6 billion (31 December 2016 est.)
country comparison to the world: 34
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$133.7 billion (31 December 2016 est.) $NA (31 December 2015 est.) $154.4 billion (31 December 2014 est.)
country comparison to the world: 38
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$922 million (2017 est.) -$2.534 billion (2016 est.)
country comparison to the world: 40
[see also: Current account balance country ranks ]

Exports:
$65.5 billion (2017 est.) $58.32 billion (2016 est.)
country comparison to the world: 42
[see also: Exports country ranks ]

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

Exports - partners:
Germany 13.1%, Sweden 10.6%, US 7.6%, Netherlands 6.7%, Russia 5.7%, China 5.2%, UK 4.8% (2016)

Imports:
$62.82 billion (2017 est.) $57.66 billion (2016 est.)
country comparison to the world: 45
[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 16.9%, Sweden 16.1%, Russia 11.1%, Netherlands 8.6% (2016)

Reserves of foreign exchange and gold:
$10.8 billion (31 December 2017 est.) $10.48 billion (31 December 2016 est.)
country comparison to the world: 72
[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: 21
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$110 billion (31 December 2017 est.) $114.6 billion (31 December 2016 est.)
country comparison to the world: 45
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$169.1 billion (31 December 2017 est.) $153.7 billion (31 December 2016 est.)
country comparison to the world: 29
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.906 (2017 est.) 0.9214 (2016 est.) 0.9214 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.)


NOTE: 1) The information regarding Finland on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 2018 information contained here. All suggestions for corrections of any errors about Finland Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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