Finland (2007) | Finland (2008) | |
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Budget | revenues: $109.6 billion
expenditures: $101.8 billion (2006 est.) |
revenues: $124.2 billion
expenditures: $114 billion (2007 est.) |
Debt - external | $251.9 billion (30 June 2006) | $271.2 billion (30 June 2007) |
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. | 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. In 2007 Russia announced plans to impose high tariffs on raw timber exported to Finland. The Finnish pulp and paper industry will be threatened if these duties are put into place in 2008 and 2009, and the matter is now being handled by the European Union. |
Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) | euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003) |
GDP - composition by sector | agriculture: 2.5%
industry: 32.3% services: 65.1% (2006 est.) |
agriculture: 2.5%
industry: 31.7% services: 65.9% (2007 est.) |
GDP - real growth rate | 4.9% (2006 est.) | 3.9% (2007 est.) |
Industrial production growth rate | 3% (2006 est.) | 2.5% (2007 est.) |
Inflation rate (consumer prices) | 1.6% (2006 est.) | 2.7% (2007 est.) |
International organization participation | AfDB, Arctic Council, AsDB, Australia Group, BIS, CBSS, CE, CERN, EAPC, EBRD, EIB, EMU, ESA, EU, FAO, G- 9, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, PFP, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMEE, UNMIL, UNMIS, UNMOGIP, UNTSO, UPU, WCO, WEU (observer), WFTU, WHO, WIPO, WMO, WTO, ZC | ADB (nonregional members), AfDB, Arctic Council, Australia Group, BIS, CBSS, CE, CERN, EAPC, EBRD, EIB, EMU, ESA, EU, FAO, G- 9, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, PFP, Schengen Convention, UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL, UNMEE, UNMIL, UNMIS, UNMOGIP, UNTSO, UPU, WCO, WEU (observer), WFTU, WHO, WIPO, WMO, WTO, ZC |
Labor force | 2.65 million (2006 est.) | 2.68 million (2007 est.) |
Pipelines | gas 694 km (2006) | gas 694 km (2007) |
Political parties and leaders | Center Party or Kesk [Matti VANHANEN]; Christian Democrats or KD [Paivi RASANEN]; Green Party or VIHR [Tarja CRONBERG]; Left Alliance or VAS [Martti KORHONEN] (composed of People's Democratic League and Democratic Alternative); National Coalition (conservative) Party or Kok [Jyrki KATAINEN]; Social Democratic Party or SDP [Eero HEINALUOMA]; Swedish People's Party or SFP [Stefan WALLIN]; True Finns | Center Party or Kesk [Matti VANHANEN]; Christian Democrats or KD [Paivi RASANEN]; Green Party or VIHR [Tarja CRONBERG]; Left Alliance or VAS [Martti KORHONEN] (composed of People's Democratic League and Democratic Alternative); National Coalition (conservative) Party or Kok [Jyrki KATAINEN]; Social Democratic Party or SDP [Eero HEINALUOMA]; Swedish People's Party or SFP [Stefan WALLIN]; True Finns [Timo SOINI] |
Unemployment rate | 7% (2006 est.) | 6.6% (2007 est.) |