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Finland - Economy (Facts)

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 - real growth rate: 5.5% (2006 est.) GDP (purchasing power parity): $176.4 billion (2006 est.) GDP (official exchange rate): $199 billion (2006 est.) GDP - per capita (PPP): $33,700 (2006 est.) GDP - composition by sector: agriculture: 2.7% industry: 30.3% services: 67% (2006 est.) Population below poverty line: NA Household income or consumption by percentage share: lowest 10%: 4.2% highest 10%: 21.6% (1991) Inflation rate (consumer prices): 1.7% (2006 est.) Labor force: 2.62 million (2006 est.) Labor force - by occupation: agriculture and forestry 4.4%, industry 17.5%, construction 6%, commerce 22%, finance, insurance, and business services 12%, transport and communications 8%, public services 30.2% Unemployment rate: 7% (2006 est.) Budget: revenues: $105.6 billion expenditures: $101 billion; including capital expenditures of NA (2006 est.) 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: 118,300 bbl/day (2004) Oil - imports: 333,400 bbl/day (2004) Oil - proved reserves: 0 bbl Natural gas - production: 0 cu m (2004 est.) Natural gas - exports: 0 cu m (2004 est.) Natural gas - imports: 4.866 billion cu m (2004 est.) Agriculture - products: barley, wheat, sugar beets, potatoes; dairy cattle; fish Exports: $84.72 billion f.o.b. (2006 est.) Exports - commodities: machinery and equipment, chemicals, metals; timber, paper, pulp (1999) Exports - partners: Germany 11.3%, Sweden 10.5%, Russia 10.1%, UK 6.5%, US 6.5%, Netherlands 5.1% (2006) Imports: $71.69 billion f.o.b. (2006 est.) Imports - commodities: foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains Imports - partners: Germany 15.6%, Russia 14%, Sweden 13.7%, Netherlands 6.6%, China 5.4%, UK 4.7%, Denmark 4.5% (2006) Debt - external: $251.9 billion (30 June 2006) Currency: Euro (EUR) Current Euro Exchange Rates Historical Euro Exchange Rates Chart Euro Exchange Rates Currency code: EUR Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) Fiscal year: calendar year