About Finland and Key Financial Statistics
About Finland and Key Financial Statistics
Overview of Economy:
Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years. Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, 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 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. 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, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-12, however, continued recession within the EU dampened the economy in 2012-14. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, losing its coveted triple-A credit rating, and on pace to breach EU debt limits in 2015. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth. The depreciating ruble will retard exports to Russia.
Gross Domestic Product (In USD):
$221.7 billion (2014 est.)
$222.6 billion (2013 est.)
$225.1 billion (2012 est.)
Composition of Gross Domestic Product:
% Agricuture: 2.8
% Industry: 26.5
% Services: 70.6
Composition of Labor Force by Occupation:
% Agriculture and forestry: 4.4
% Industry: 15.5
% Services: 28.5 (public)
Per Capita Income:
$40,700 (2014 est.)
$40,800 (2013 est.)
$41,300 (2012 est.)
Exports:
$79.2 billion (2014 est.)
$78.56 billion (2013 est.)
Key Export Commodities:
electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Export Partners:
Germany 12.2%, Sweden 11.2%, Russia 8.1%, US 6.7%, Netherlands 6.2%, UK 5.5%, China 4.5% (2014)
Imports:
$72.94 billion (2014 est.)
$73.76 billion (2013 est.)
Key Import Commodities:
foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Import Partners:
Sweden 15.8%, Germany 15.3%, Russia 14.8%, Netherlands 8.7%, Denmark 4.2% (2014)
Inflation Rate (Consumer Price Index):
1.2% (2014 est.)
2.2% (2013 est.)
Exchange Rate to USD:
euros (EUR) per US dollar -
0.7489 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
Unemployment Rate:
8.7% (2014 est.)
8.1% (2013 est.)
S&P Rating:
Standard & Poor's Ratings:
AAA: The best quality borrowers, reliable and stable
AA: Quality borrowers, a bit higher risk than AAA
A: Economic situation can affect finance
BBB: Medium class borrowers, which are satisfactory at the moment
BB: More prone to changes in the economy
B: Financial situation varies noticeably
CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings
