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Finland

Finland Economy Stats

Overview:

Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. 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 in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, 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. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. Despite good growth prospects, general government finances will remain in deficit during the next few years. The great challenge of economic policy will be to implement a post-recession exit strategy in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $133.40 billion 2013 26th out of 223
Budget surplus > + or deficit > - -2.3% of GDP 2012 77th out of 182
Debt > Government debt > Public debt, share of GDP 53.5 CIA 2014 54th out of 153
Exports $76.46 billion 2012 46th out of 189
GDP $250.02 billion 2012 40th out of 177
GDP > Composition by sector > Industry 27.1% 2012 105th out of 217
GDP > Composition, by sector of origin > Services 71.2% 2012 42nd out of 189
GDP > Per capita $35,964.77 per capita 2007 20th out of 183
GDP > Per capita > PPP $35,800.00 2012 23th out of 188
GDP > Purchasing power parity per capita $34,978.13 2010 22nd out of 181
GDP per capita $46,178.59 2012 13th out of 177
Gross National Income $123.00 billion 2001 27th out of 158
Inflation rate > Consumer prices 3.2% 2012 115th out of 199
Public debt 53.1% of GDP 2012 54th out of 149
Unemployment rate 7.8% 2012 54th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.

Citation

"Finland Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Finland/Economy

NationMaster

Finland Economy Profiles (Subcategories)

Adjusted savings 3 Innovation 37
Aid 6 Intellectual property 8
Balance of payments 28 Interest payments 3
Budget 10 International tourism 14
Business 3 Investment 3
Changes in net 4 Market capitalization of listed companies 4
Commercial service 4 Merchandise 4
Commercial service imports 4 Merchandise imports 4
Commitment to Development Index 4 Micro 4
Companies 30 National accounts 104
Consumption 12 Natural gas 8
Currency 20 Net capital account 4
Current account balance 5 Net current transfers 4
Current transfers 4 Net current transfers from abroad 6
Debt 51 Net errors and omissions 4
Economic aid 3 Net income 4
Economic growth 8 Net income from abroad 6
Economic structure 4 Net incurrence of liabilities 3
Electricity 8 Net trade in goods 4
Entrepreneurship 12 Net trade in goods and services 4
Exports 3 Oil 10
External balance on goods and services 7 Portfolio investment 4
Final 20 Poverty 3
Financial sector 25 Poverty and inequality 8
Foreign direct investment 14 Productivity 7
GDP 42 Public expenditure 4
GDP growth 4 Purchasing power parity 11
GDP per capita 4 Reserves 6
GNI 12 Retail 3
Gold 4 Royalty and license fees 8
Goods 4 Savings 44
Goods imports 4 Service 4
Government 7 Service imports 4
Government debt 8 Services 10
Government deficits and debt 4 Spending 73
Government spending 5 Stock of direct foreign investment 6
Gross capital formation 10 Stocks traded 5
Gross domestic savings 6 Support and aid 4
Gross fixed capital formation 10 Tax 77
Gross national expenditure 9 Taxes 3
Gross savings 6 Total 9
Gross value added at factor cost 9 Tourism 21
High-technology 4 Tourism expenditures 5
Household final 23 Tourism receipts 5
Income 24 Tourist arrivals by region of origin 8
Income distribution 4 Trade 1618
Income payments 4 Trademark applications 4
Income receipts 4 Transnational corporations 4
Inequality 13 Welfare 5
Inflation 11
  • Finland ranked first for technology index amongst European Union in 2005.
  • Finland ranked third for GDP per capita amongst Eurozone in 2012.
  • Finland ranked 11 places from the bottom for GDP amongst High income OECD countries in 2012.
  • Finland ranked #15 for budget > revenues amongst Christian countries in 2013.
  • Finland ranked 15 places from the bottom for GDP > real growth rate amongst Europe in 2012.