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
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):
0.7% (2004 est.)
Investment (gross fixed):
18.3% of GDP (2004 est.)
Budget:
revenues: $96.43 billion
expenditures: $91.95 billion, including capital expenditures of NA
(2004 est.)
Public debt:
46.8% of GDP (2004 est.)
Agriculture - products:
barley, wheat, sugar beets, potatoes; dairy cattle; fish
Industries:
metals and metal products, electronics, machinery and scientific
instruments, shipbuilding, pulp and paper, foodstuffs, chemicals,
textiles, clothing
Industrial production growth rate:
2% (2004 est.)
Electricity - production:
71.59 billion kWh (2002)
Electricity - production by source: fossil fuel: 39% hydro: 18.7% nuclear: 30.4% other: 11.8% (2001)
Electricity - consumption:
78.58 billion kWh (2002)
Electricity - exports:
1.5 billion kWh (2002)
Electricity - imports:
13.5 billion kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
211,400 bbl/day (2001 est.)
Oil - exports:
101,000 bbl/day (2001)
Oil - imports:
318,300 bbl/day (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
4.557 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
4.567 billion cu m (2001 est.)
Current account balance:
$11.39 billion (2004 est.)
Exports:
$61.04 billion f.o.b. (2004 est.)
Exports - commodities:
machinery and equipment, chemicals, metals; timber, paper, pulp
(1999)
Exports - partners:
Sweden 11.1%, Germany 10.7%, Russia 8.9%, UK 7%, US 6.4%,
Netherlands 5.1% (2004)
Imports:
$45.17 billion f.o.b. (2004 est.)
Imports - commodities:
foodstuffs, petroleum and petroleum products, chemicals, transport
equipment, iron and steel, machinery, textile yarn and fabrics,
grains (1999)
Imports - partners:
Germany 16.2%, Sweden 14.3%, Russia 12.8%, Netherlands 6.3%,
Denmark 5.2%, UK 4.6%, France 4.3% (2004)
Reserves of foreign exchange and gold:
$11.17 billion (2003)
Debt - external:
$30 billion (December 1993)
Economic aid - donor:
ODA, $379 million (2001)
Currency (code):
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:
EUR
Exchange rates:
euros per US dollar - 0.81 (2004), 0.89 (2003), 1.06 (2002), 1.12
(2001), 1.09 (2000)
Fiscal year:
calendar year
Communications Finland
Telephones - main lines in use:
2.548 million (2003)
Telephones - mobile cellular:
4.7 million (2003)
Telephone system:
general assessment: modern system with excellent service
domestic: digital fiber-optic fixed-line network and an extensive
cellular network provide domestic needs
international: country code - 358; 1 submarine cable (Finland
Estonia Connection); satellite earth stations - access to Intelsat
transmission service via a Swedish satellite earth station, 1
Inmarsat (Atlantic and Indian Ocean regions); note - Finland shares