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Finland - Open Map
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Economy

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, with exports equaling more than one-third of GDP. 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. The economy has come back from the recession of 1990-92, which had been caused by economic overheating, depressed foreign markets, and the dismantling of the barter system between Finland and the former Soviet Union. Rapidly increasing integration with Western Europe - Finland was one of the 11 countries joining the euro monetary system (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2000 will probably be at the same level as in 1999, enough to continue the decline in unemployment from its current high level.

GDP: purchasing power parity - $108.6 billion (1999 est.)

GDP - real growth rate: 3.5% (1999 est.)

GDP - per capita: purchasing power parity - $21,000 (1999 est.)

GDP - composition by sector:
agriculture: 5%
industry: 32%
services: 63% (1997)

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% (1999 est.)

Labor force: 2.533 million

Labor force - by occupation: public services 32%, industry 22%, commerce 14%, finance, insurance, and business services 10%, agriculture and forestry 8%, transport and communications 8%, construction 6%

Unemployment rate: 10% (1999 est.)

Budget:
revenues: $41 billion
expenditures: $41 billion, including capital expenditures of $NA (1997 est.)

Industries: metal products, shipbuilding, pulp and paper, copper refining, foodstuffs, chemicals, textiles, clothing

Industrial production growth rate: 4.8% (1999)

Electricity - production: 75.299 billion kWh (1998)

Electricity - production by source:
fossil fuel: 41.62%
hydro: 19.59%
nuclear: 27.59%
other: 11.2% (1998)

Electricity - consumption: 79.278 billion kWh (1998)

Electricity - exports: 300 million kWh (1998)

Electricity - imports: 9.55 billion kWh (1998)

Agriculture - products: cereals, sugar beets, potatoes; dairy cattle; fish

Exports: $43 billion (f.o.b., 1998)

Exports - commodities: machinery and equipment, chemicals, metals; timber, paper, and pulp

Exports - partners: EU 56% (Germany 12%, UK 9%, Sweden 9%, France 5%), US 7%, Russia 6%, Japan (1998)

Imports: $30.7 billion (f.o.b., 1998)

Imports - commodities: foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, fodder grains

Imports - partners: EU 60% (Germany 15%, Sweden 12%, UK 7%), US 8%, Russia 7%, Japan 6% (1998)

Debt - external: $30 billion (December 1993)

Economic aid - donor: ODA, $379 million (1997)

Currency: 1 markka (FMk) or Finmark = 100 pennia

Exchange rates: euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); markkaa (FMk) per US$1 - 5.3441 (1998), 5.1914 (1997), 4.5936 (1996), 4.3667 (1995)
note: on 1 January 1999, the EU introduced a common currency that is now being used by financial institutions in some member countries at a fixed rate of 5.94573 markkaa per euro; the euro will replace the local currency in consenting countries for all transactions in 2002

Fiscal year: calendar year



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