FINLAND

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Finland Economy

Country Name: Republic of Finland

Capital City: Helsinki

Population: 5,231,372 (2006)

Population Growth: 0.14% (2006)

Currency: euro (EUR)

Languages: Finnish, Swedish

Area: 338,145 sq km

Inflation Rate: 1.7% (2006 est.)

Unemployment Rate: 7% (2006)

Domain extension: .fi

ECONOMIC DETAILS OF FINLAND

ECONOMY OVERVIEW
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; exports equal two-fifths of GDP. Finland excels in high-tech exports, e.g., 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. High unemployment remains a persistent problem.

GDP - purchasing power parity:

$176.4 billion (2006 est.)

GDP - real growth rate:

5.5% (2006 est.)

GDP - per capita:

$33,700 (2006 est.)

GDP - by sector (agriculture):

agriculture: 2.7%

GDP - by sector (industry):

industry: 30.3%

GDP - by sector (services):

services: 67% (2006 est.)

Export Partners:

Germany 11.3%, Sweden 10.5%, Russia 10.1%, UK 6.5%, US 6.5%, Netherlands 5.1% (2006)

Import Partners:

Germany 15.6%, Russia 14%, Sweden 13.7%, Netherlands 6.6%, China 5.4%, UK 4.7%, Denmark 4.5% (2006)

Export Commodities:

machinery and equipment, chemicals, metals; timber, paper, pulp (1999)

Import Commodities:

foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains

Exports Volume:

$84.72 billion f.o.b. (2006 est.)

Imports Volume:

$71.69 billion f.o.b. (2006 est.)

Labour Force:

2.62 million (2006 est.)

Unemployment Rate:

7% (2006 est.)

Population below poverty line:

NA%

Inflation Rate:

1.7% (2006 est.)

Investment (gross fixed):

18.9% of GDP (2006 est.)

Public Debt:

37.7% of GDP (2006 est.)

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:

3% (2006 est.)

Electricity - production:

81.6 billion kWh (2004)

Electricity - consumption:

80.79 billion kWh (2004)

Electricity - exports:

6.8 billion kWh (2004)

Electricity - imports:

11.7 billion kWh (2004)

Oil - production:

9,105 bbl/day (2004 est.)

Oil - consumption:

220,400 bbl/day (2004 est.)

Oil - exports:

101,000 bbl/day (2001)

Oil - imports:

318,300 bbl/day (2001)

Natural gas - production:

0 cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

$8.749 billion (2006 est.)

Currency Code:

euro (EUR)