Economy Finland
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 two-fifths of
GDP. Finland excels in high-tech exports, e.g., 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. Rapidly increasing integration with Western Europe
- Finland was one of the 12 countries joining the European Economic
and Monetary Union (EMU) - will dominate the economic picture over
the next several years. Growth in 2003 was held back by the global
slowdown but picked up in 2004. High unemployment remains a
persistent problem.
GDP (purchasing power parity):
$151.2 billion (2004 est.)
GDP - real growth rate:
3% (2004 est.)
GDP - per capita:
purchasing power parity - $29,000 (2004 est.)
GDP - composition by sector: agriculture: 3.3% industry: 30.2% services: 66.5% (2004 est.)
Labor force: 2.66 million (2004 est.)
Labor force - by occupation: agriculture and forestry 8%, industry 22%, construction 6%, commerce 14%, finance, insurance, and business services 10%, transport and communications 8%, public services 32%
Unemployment rate:
8.9% (2004 est.)
Population below poverty line:
NA