Finland Economy - 2024

Economic overview

highly industrialized, export-based EU economy and euro user; high per capita GDP; major timber, metals, engineering, telecommunications, and electronics industries; manageable public debts; rigid labor laws impose higher regulatory burdens

Real GDP (purchasing power parity)

$274.576 billion (2022 est.)
$270.143 billion (2021 est.)
$262.343 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.1% (2022 est.)
2.97% (2021 est.)
-2.21% (2020 est.)

Real GDP per capita

$49,400 (2022 est.)
$48,800 (2021 est.)
$47,400 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$269.259 billion (2019 est.)

Inflation rate (consumer prices)

2.19% (2021 est.)
0.29% (2020 est.)
1.02% (2019 est.)

Credit ratings

Fitch rating: AA+ (2016)

Moody's rating: Aa1 (2016)

Standard & Poors rating: AA+ (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.7% (2017 est.)

industry: 28.2% (2017 est.)

services: 69.1% (2017 est.)

GDP - composition, by end use

household consumption: 54.4% (2017 est.)

government consumption: 22.9% (2017 est.)

investment in fixed capital: 22.1% (2017 est.)

investment in inventories: 0.4% (2017 est.)

exports of goods and services: 38.5% (2017 est.)

imports of goods and services: -38.2% (2017 est.)

Agricultural products

milk, barley, oats, wheat, potatoes, sugar beets, rye, pork, poultry, beef

Industries

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

Industrial production growth rate

2.77% (2021 est.)

Labor force

2.82 million (2021 est.)

Unemployment rate

7.53% (2021 est.)
7.76% (2020 est.)
6.69% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.1% (2021 est.)

male: 19%

female: 17.1%

Population below poverty line

12.2% (2019 est.)

Gini Index coefficient - distribution of family income

27.7 (2019 est.)

Average household expenditures

on food: 11.5% of household expenditures (2018 est.)

on alcohol and tobacco: 4.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 6.7%

highest 10%: 45.2% (2013)

Remittances

0.28% of GDP (2021 est.)
0.3% of GDP (2020 est.)
0.3% of GDP (2019 est.)

Budget

revenues: $140.643 billion (2020 est.)

expenditures: $153.635 billion (2020 est.)

note: Central Government Budget data; these numbers represent a significant reduction from previous official reporting

Budget surplus (+) or deficit (-)

-0.6% (of GDP) (2017 est.)

Public debt

61.3% of GDP (2017 est.)
62.9% of GDP (2016 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 intragovernmental debt; intragovernmental 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

Taxes and other revenues

19.85% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$1.896 billion (2021 est.)
$2.169 billion (2020 est.)
-$879.445 million (2019 est.)

Exports

$128.15 billion (2022 est.)
$116.905 billion (2021 est.)
$97.789 billion (2020 est.)

note: data are in current year dollars

Exports - partners

Germany 13%, Sweden 9%, United States 8%, Netherlands 6%, China 6% (2021)

Exports - commodities

refined petroleum, kaolin-coated paper, cars, lumber, stainless steel, wood pulp (2021)

Imports

$134.914 billion (2022 est.)
$116.277 billion (2021 est.)
$97.037 billion (2020 est.)

note: data are in current year dollars

Imports - partners

Germany 16%, Sweden 15%, Russia 11%, China 7%, Netherlands 7% (2021)

Imports - commodities

cars and vehicle parts, crude petroleum, refined petroleum, broadcasting equipment, packaged medicines (2021)

Reserves of foreign exchange and gold

$16.744 billion (31 December 2021 est.)
$13.48 billion (31 December 2020 est.)
$11.427 billion (31 December 2019 est.)

Debt - external

$631.549 billion (2019 est.)
$536.301 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)