Finland - Economic Indicators

Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, and Gulf of Finland, between Sweden and Russia

64 00 N, 26 00 E

Europe

slightly more than two times the size of Georgia; slightly smaller than Montana

1,250 km

cold temperate; potentially subarctic but comparatively mild because of moderating influence of the North Atlantic Current, Baltic Sea, and more than 60,000 lakes

mostly low, flat to rolling plains interspersed with lakes and low hills

highest point: Halti (alternatively Haltia, Haltitunturi, Haltiatunturi) 1,328 m

timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, limestone

arable land 7.4%; permanent crops 0%; permanent pasture 0.1%

690 sq km (2012)

the vast majority of people are found in the south; the northern interior areas remain sparsely populated

severe winters in the north

limited air pollution in urban centers; some water pollution from industrial wastes, agricultural chemicals; habitat loss threatens wildlife populations

long boundary with Russia; Helsinki is northernmost national capital on European continent; population concentrated on small southwestern coastal plain

5,518,371 (July 2017 est.)

Finn 93.4%, Swede 5.6%, Russian 0.5%, Estonian 0.3%, Romani 0.1%, Sami 0.1% (2006)

Finnish (official) 87.9%, Swedish (official) 5.2%, Russian 1.4%, other 5.5% (2017 est.)

Lutheran 70.9%, Greek Orthodox 1.1%, other 1.7%, unspecified 26.3% (2017 est.)

0.36% (2017 est.)

10.7 births/1,000 population (2017 est.)

10 deaths/1,000 population (2017 est.)

2.9 migrant(s)/1,000 population (2017 est.)

the vast majority of people are found in the south; the northern interior areas remain sparsely poplulated

HELSINKI (capital) 1.18 million (2015)

28.8 years (2015 est.)

3 deaths/100,000 live births (2015 est.)

1.75 children born/woman (2017 est.)

9.7% of GDP (2014)

3.2 physicians/1,000 population (2014)

4.4 beds/1,000 population (2015)

urban: 100% of population

rural: 100% of population

total: 100% of population

urban: 0% of population

rural: 0% of population

total: 0% of population (2015 est.)

urban: 99.4% of population

rural: 88% of population

total: 97.6% of population

urban: 0.6% of population

rural: 12% of population

total: 2.4% of population (2015 est.)

NA

NA

NA

22.2% (2016)

7.2% of GDP (2014)

parliamentary republic

19 regions (maakunnat, singular - maakunta (Finnish); landskapen, singular - landskapet (Swedish)); Aland (Swedish), Ahvenanmaa (Finnish); Etela-Karjala (Finnish), Sodra Karelen (Swedish) [South Karelia]; Etela-Pohjanmaa (Finnish), Sodra Osterbotten (Swedish) [South Ostrobothnia]; Etela-Savo (Finnish), Sodra Savolax (Swedish) [South Savo]; Kanta-Hame (Finnish), Egentliga Tavastland (Swedish); Kainuu (Finnish), Kajanaland (Swedish); Keski-Pohjanmaa (Finnish), Mellersta Osterbotten (Swedish) [Central Ostrobothnia]; Keski-Suomi (Finnish), Mellersta Finland (Swedish) [Central Finland]; Kymenlaakso (Finnish), Kymmenedalen (Swedish); Lappi (Finnish), Lappland (Swedish); Paijat-Hame (Finnish), Paijanne-Tavastland (Swedish); Pirkanmaa (Finnish), Birkaland (Swedish) [Tampere]; Pohjanmaa (Finnish), Osterbotten (Swedish) [Ostrobothnia]; Pohjois-Karjala (Finnish), Norra Karelen (Swedish) [North Karelia]; Pohjois-Pohjanmaa (Finnish), Norra Osterbotten (Swedish) [North Ostrobothnia]; Pohjois-Savo (Finnish), Norra Savolax (Swedish) [North Savo]; Satakunta (Finnish and Swedish); Uusimaa (Finnish), Nyland (Swedish) [Newland]; Varsinais-Suomi (Finnish), Egentliga Finland (Swedish) [Southwest Finland]

6 December 1917 (from Russia)

Independence Day, 6 December (1917)

civil law system based on the Swedish model

accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction

18 years of age; universal

Aland Coalition (a coalition of several political parties on the Aland Islands)

Center Party or Kesk [Juha SIPILA]

Christian Democrats or KD [Sari ESSAYAH]

Finns Party or PS [Jussi HALLA-AHO]

Green League or Vihr [Ville NIINISTO]

Left Alliance or Vas [Li ANDERSSON]]

National Coalition Party or Kok [Petteri ORPO]

Social Democratic Party or SDP [Antti RINNE]

Swedish People's Party or SFP [Anna-Maja HENRIKSSON]

ADB (nonregional member), AfDB (nonregional member), Arctic Council, Australia Group, BIS, CBSS, CD, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), EMU, ESA, EU, FAO, FATF, G-9, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, PFP, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMIL, UNMOGIP, UNRWA, UNTSO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

white with a blue cross extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the blue represents the thousands of lakes scattered across the country, while the white is for the snow that covers the land in winter

lion; national colors: blue, white

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment.

Finland is historically competitive in manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology as well as promotion of startups in the information and communications technology, 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 cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, 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, causing Finland’s economy to contract from 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2016, posting a 1.9% GDP increase before growing an estimated 3.3% in 2017, supported by a strong increase in investment, private consumption, and net exports. GDP is expected to grow a rate of 2-3% in the next few years.

Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. As a result, wage growth was nearly flat in 2017. The Government was also seeking to reform the health care system and social services. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.

$242.4 billion (2017 est.)

$235.9 billion (2016 est.)

$231.5 billion (2015 est.)

$251.5 billion (2017 est.)

2.8% (2017 est.)

1.9% (2016 est.)

0% (2015 est.)

$44,000 (2017 est.)

$43,000 (2016 est.)

$42,300 (2015 est.)

22.7% of GDP (2017 est.)

20.8% of GDP (2016 est.)

20.3% of GDP (2015 est.)

barley, wheat, sugar beets, potatoes; dairy cattle; fish

metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing

2.2% (2017 est.)

2.695 million (2017 est.)

8.7% (2017 est.)

8.8% (2016 est.)

NA%

21.5 (2015 est.)

26.8 (2008 est.)

54.4% of GDP (2017 est.)

-1.6% of GDP (2017 est.)

63.8% of GDP (2017 est.)

63.6% of GDP (2016 est.)

calendar year

0.8% (2017 est.)

0.4% (2016 est.)

0.25% (31 December 2017 est.)

0.3% (31 December 2010 est.)

1.6% (31 December 2017 est.)

1.79% (31 December 2016 est.)

$145.7 billion (31 December 2017 est.)

$124 billion (31 December 2016 est.)

$176.4 billion (31 December 2017 est.)

$152.9 billion (31 December 2016 est.)

$346.6 billion (31 December 2017 est.)

$351.6 billion (31 December 2016 est.)

$133.7 billion (31 December 2016 est.)

$NA $143 billion (31 December 2015 est.)

$154.4 billion (31 December 2014 est.)

$922 million (2017 est.)

$-2.534 billion (2016 est.)

$65.5 billion (2017 est.)

$58.32 billion (2016 est.)

electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber

Germany 13.1%, Sweden 10.6%, US 7.6%, Netherlands 6.7%, Russia 5.7%, China 5.2%, UK 4.8% (2016)

$62.82 billion (2017 est.)

$57.66 billion (2016 est.)

foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains

Germany 16.9%, Sweden 16.1%, Russia 11.1%, Netherlands 8.6% (2016)

$10.8 billion (31 December 2017 est.)

$10.48 billion (31 December 2016 est.)

$544.7 billion (31 March 2016 est.)

$524.7 billion (31 March 2015 est.)

$110 billion (31 December 2017 est.)

$114.6 billion (31 December 2016 est.)

$169.1 billion (31 December 2017 est.)

$153.7 billion (31 December 2016 est.)

euros (EUR) per US dollar -

0.89 (2017 est.)

0.9 (2016 est.)

0.92 (2015 est.)

0.89 (2014 est.)

0.76 (2013 est.)

65.17 billion kWh (2015 est.)

79.07 billion kWh (2015 est.)

3.159 billion kWh (2016 est.)

22.11 billion kWh (2016 est.)

15.88 million kW (2015 est.)

44.5% of total installed capacity (2015 est.)

17.3% of total installed capacity (2015 est.)

20.5% of total installed capacity (2015 est.)

23.5% of total installed capacity (2015 est.)

0 bbl/day (2016 est.)

0 bbl/day (2016 est.)

220,400 bbl/day (2016 est.)

0 bbl (1 January 2017 est.)

303,600 bbl/day (2016 est.)

200,700 bbl/day (2016 est.)

167,200 bbl/day (2016 est.)

147,600 bbl/day (2016 est.)

8 million cu m (2015 est.)

3.243 billion cu m (2015 est.)

0 cu m (2016 est.)

2.713 billion cu m (2015 est.)

NA cu m (1 January 2016 est.)

43 million Mt (2016 est.)

a mix of 3 publicly operated TV stations and numerous privately owned TV stations; several free and special-interest pay-TV channels; cable and satellite multi-channel subscription services are available; all TV signals are broadcast digitally; Internet television, such as Netflix and others, is available; public broadcasting maintains a network of 13 national and 25 regional radio stations; a large number of private radio broadcasters and access to Internet radio (2017)

.fi; note - Aland Islands assigned .ax

OH (2016)

148 (2013)

gas transmission pipes 1,288 km; distribution pipes 1,976 km (2016)

8,000 km (includes Saimaa Canal system of 3,577 km; southern part leased from Russia; water transport used frequently in the summer and widely replaced with sledges on the ice in winter; there are 187,888 lakes in Finland that cover 31,500 km); Finland also maintains 8,200 km of coastal fairways (2013)

1.23% of GDP (2018 est.)

1.26% of GDP (2017)

1.37% of GDP (2016)

1.29% of GDP (2015)

1.3% of GDP (2014)

1.41% of GDP (2013)

Finnish Defense Forces (FDF): Army (Puolustusvoimat), Navy (Merivoimat, includes Coastal Defense Forces), Air Force (Ilmavoimat) (2016)

all Finnish men are called-up for military service the year they turn 18; at 18, women may volunteer for military service; service obligation 6-12 months; individuals enter the reserve upon completing their initial obligation; military obligation to age 60 (2016)

various groups in Finland advocate restoration of Karelia and other areas ceded to the former Soviet Union, but the Finnish Government asserts no territorial demands