Economy of Finland

Economy of Finland

Helsinki, Finland
Currency	Euro (EUR)
Fiscal year	calendar year
Trade organisations	EU, WTO and OECD
Statistics
GDP	$240 billion (2017 PPP) $276 billion (2014 nominal)
GDP rank	41st (nominal) / 62nd (PPP)
GDP growth	1.6% (2016)
GDP per capita	$40,455(PPP; 2014)
GDP by sector	Agriculture: 2.8% Industry: 25.9% Services: 71.2% (2012 est.)
Inflation (CPI)	0.8% (Jan. 2017)
Population below poverty line	18% at risk of poverty or social exclusion
Gini coefficient	28.2 (2010)
Labour force	2.4 million (May 2015)
Labour force by occupation	Agriculture and forestry 4.4% Industry 15.5% Construction 7.1% Commerce 21.3% Finance, insurance, and business services 13.3% Transport and communications 9.9% Public services 28.5% (2011 est.)
Unemployment	8.6% (2016)
Average gross salary	40,600 € / 43,400 $, annual (2016-Q2)
Average net salary	30,100€ / 32,200$, annual (2016-Q2)
Main industries	metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
Ease-of-doing-business rank	13th (2017)
External
Exports	$78 billion (2012 est.)
Export goods	Electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals, timber
Main export partners	Germany 13.9%  Sweden 10.1%  United States 7.0%  Netherlands 6.6%  Russia 5.9%  United Kingdom 5.2%  China 4.7% (2015 est.)
Imports	$82 billion (2012 est.)
Import goods	foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains
Main import partners	Germany 17%  Sweden 16%  Russia 11%  Netherlands 9.1%  Denmark 4.1% (2015 est.)
FDI stock	$101 billion (2012 est.)
Gross external debt	$563 billion (31 Dec 2013)
Public finances
Public debt	57% of GDP (2013 est.), net debt 17.4% of GDP
Revenues	$129 billion (2012 est.)
Expenses	$134 billion (2012 est.)
Economic aid	donor: ODA, $1 billion (2007)
Credit rating	AAA (Domestic) AAA (Foreign) AA+ (T&C Assessment) (Standard & Poor's)
Foreign reserves	$12 billion (March 2011)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Finland has a highly industrialised, mixed economy with a per capita output equal to that of other western economies such as France, Germany, Sweden or the United Kingdom. The largest sector of the economy is services at 72.7 percent, followed by manufacturing and refining at 31.4 percent. Primary production is 2.9 percent.

With respect to foreign trade, the key economic sector is manufacturing. The largest industries are electronics (21.6 percent), machinery, vehicles and other engineered metal products (21.1 percent), forest industry (13.1 percent), and chemicals (10.9 percent). Finland has timber and several mineral and freshwater resources. Forestry, paper factories, and the agricultural sector (on which taxpayers spend around 2 billion euro annually) are politically sensitive to rural residents. The Greater Helsinki area generates around a third of GDP.

In a 2004 OECD comparison, high-technology manufacturing in Finland ranked second largest after Ireland. Knowledge-intensive services have also ranked the smallest and slow-growth sectors – especially agriculture and low-technology manufacturing – second largest after Ireland. Investment was below expected. Overall short-term outlook was good and GDP growth has been above many EU peers. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark and the UK. The economy of Finland tops the ranking of Global Information Technology 2014 report by the World Economic Forum for concerted output between business sector, scholarly production and the governmental assistance on Information and communications technology.