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 almost 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. 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 2001 was held back by the global slowdown and will likely be anemic again in 2002.

GDP purchasing power parity - $133.5 billion (2001 est.)

GDP - real growth rate 0.6% (2001 est.)

GDP - per capita purchasing power parity - $25,800 (2001 est.)

GDP - composition by sector
agriculture: 3%
industry: 28%
services: 69% (2000)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: 4.2%
highest 10%: 21.6% (1991)

Distribution of family income - Gini index 25.6 (1991)

Inflation rate (consumer prices) 2.6% (2001 est.)

Labor force 2.6 million (2000 est.)

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 9.4% (2001 est.)

Budget
revenues: $36.1 billion
expenditures: $31 billion, including capital expenditures of $NA (2000 est.)

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

Industrial production growth rate 5.1% (2001)

Electricity - production 75.356 billion kWh (2000)

Electricity - production by source
fossil fuel: 40.86%
hydro: 19.22%
other: 11.6% (2000)
nuclear: 28.32%

Electricity - consumption 81.961 billion kWh (2000)

Electricity - exports 326 million kWh (2000)

Electricity - imports 12.206 billion kWh (2000)

Agriculture - products barley, wheat, sugar beets, potatoes; dairy cattle; fish

Exports $40.1 billion (f.o.b., 2001)

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

Exports - partners Germany 12.5%, Sweden 9.3%, UK 9.1%, US 7.4%, France 5.2%, Italy 4.4% (2000)

Imports $31.2 billion (f.o.b., 2001)

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

Imports - partners Germany 14.2%, Sweden 10.3%, Russia 9.4%, US 7.1%, UK 6.4%, Japan 5.3% (2000)

Debt - external $30 billion (December 1993)

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

Currency markka (FIM); euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Currency code FIM; EUR

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); markkaa per US dollar - 5.3441 (1998), 5.1914 (1997)

Fiscal year calendar year

NOTE: The information regarding Finland on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 2002 information contained here. All suggestions for corrections of any errors about Finland Economy 2002 should be addressed to the CIA.