Finland - Economic Indicators

Global Outlook: Passing the Peak

Sep 05, 2018

View the Moody's Analytics Global Forecast. The global economic environment remains upbeat, but has likely passed its peak for this cycle. Escalating trade tensions have stressed the economic relationship between the U.S. and China; there are rising adverse implications for the global economy and heightened downside risks to the outlook. Risks stemming from Brexit, emerging markets contagion fears, and oil price swings also remain in the spotlight. Despite...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q2 31,264 30,990 Mil. EUR, WDASA Quarterly
Real Private Consumption 2018 Q2 27,549 27,366 Mil. Ch. 2010 EUR, WDASA Quarterly
Real Government Consumption 2018 Q2 11,755 11,698 Mil. Ch. 2010 EUR, WDASA Quarterly
Real Gross Domestic Product 2018 Q2 50,344 50,174 Mil. Ch. 2010 EUR, WDASA Quarterly
Nominal Gross Domestic Product 2018 Q2 57,939 57,632 Mil. EUR, WDASA Quarterly
Government Consumption 2017 51,522,000,000 51,705,000,000 NCU Annual
Investment 2017 50,974,000,000 47,249,000,000 NCU Annual
Real Investment 2017 44,297,000,000 42,480,000,000 NCU Annual
Nominal Fixed Investment (gross fixed capital formation) 2017 50,503,000,000 46,549,000,000 NCU Annual
Real Fixed Investment (gross fixed capital formation) 2017 44,513,000,000 41,868,000,000 NCU Annual
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Jul 2018 106.7 106.3 Index 2015=100, NSA Monthly
Wholesale Price Index Jul 2018 107.6 107.1 Index 2015=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Primary Industries Employment Jul 2018 116 107 Ths., NSA Monthly
Total Employment Jul 2018 2,631 2,672 Thousands, NSA Monthly
Labor Force Jul 2018 2,747 2,743 Ths. #, Trend Monthly
Unemployment Jul 2018 200 201 Ths. #, Trend Monthly
Unemployment Rate Jul 2018 7.3 7.3 %, Trend Monthly
Labor Force Employment Jul 2018 2,549 2,545 Ths. #, Trend Monthly
Wage & Salaries 2018 Q2 137.14 135.85 Index 2005=100, NSA Quarterly
Agriculture Employment 2017 104,160 103,860 # Annual
Trade Reference Last Previous Units Frequency
Current Account Balance Jul 2018 48 -175 Mil. EUR, NSA Monthly
Real Exports of Goods and Services 2018 Q2 21,250 20,834 Mil. Ch. 2010 EUR, WDASA Quarterly
Exports of Goods and Services 2018 Q2 22,662 22,605 Mil. EUR, WDASA Quarterly
Imports of Goods and Services 2017 85,226,000,000 79,350,000,000 NCU Annual
Real Imports of Goods and Services 2017 84,525,000,000 81,650,000,000 NCU Annual
Imports of Goods Aug 2017 4,874 4,980 Mil. EUR, NSA Monthly
Exports of Goods Aug 2017 4,725 4,700 Mil. EUR, NSA Monthly
Balance of Goods Aug 2017 -150 -280 Mil. EUR, NSA Monthly
Government Reference Last Previous Units Frequency
Outstanding Public Debt - Domestic Aug 2018 105,412 105,412 Mil. EUR, NSA Monthly
Outstanding Public Debt Aug 2018 105,412 105,412 Mil. EUR, NSA Monthly
Outstanding Public Debt - Foreign Aug 2018 0 0 Mil. EUR, NSA Monthly
Gross External Debt 2018 Q1 0 0 USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Average Long-term Government Bond 18 Sep 2018 0.68 0.68 %, NSA Business Daily
Stock Market Index 18 Sep 2018 10,125 10,091 Index Dec 28 1990=1000, NSA Business Daily
Lending Rate Jul 2018 2.78 2.54 %, NSA Monthly
Money Market Rate Apr 2018 -0.33 -0.33 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
Building Permits Jun 2018 6,191 4,128 #, NSA Monthly
Residential Building Permits Jun 2018 6,142 4,105 #, NSA Monthly
House Price Index 2018 Q1 101.69 101.56 Index 2015=100, NSA Quarterly
House Price Index for Existing Homes 2018 Q1 100.69 100.64 Index 2015=100, NSA Quarterly
House Price Index for New Homes 2018 Q1 103.6 103.31 Index 2015=100, NSA Quarterly
Consumer Reference Last Previous Units Frequency
Consumer Confidence Aug 2018 21.5 22 Balance of Opinion, NSA Monthly
Business Reference Last Previous Units Frequency
Business Confidence Aug 2018 14.5 17.7 SA Monthly
Industrial Production Jul 2018 5,560,000,000 6,600,000,000 2010 USD, NSA Monthly
Change in Inventories 2017 471,000,000 700,000,000 NCU Annual
Capacity Utilization Dec 2017 81.1 83 %, NSA Monthly
Real Change in Inventories 1970 314,121,900 NCU Annual
Demographics Reference Last Previous Units Frequency
Birth Rate 2016 9.6 10.1 # per Ths. pop. Annual
Death Rate 2016 9.8 9.6 # per Ths. pop. Annual
Net Migration 2012 81,416 # Annual

Factbook

Background

Background:
Finland was a province and then a grand duchy under Sweden from the 12th to the 19th centuries, and an autonomous grand duchy of Russia after 1809. It gained complete independence in 1917. During World War II, Finland successfully defended its independence through cooperation with Germany and resisted subsequent invasions by the Soviet Union - albeit with some loss of territory. In the subsequent half century, Finland transformed from a farm/forest economy to a diversified modern industrial economy; per capita income is among the highest in Western Europe. A member of the EU since 1995, Finland was the only Nordic state to join the euro single currency at its initiation in January 1999. In the 21st century, the key features of Finland's modern welfare state are high quality education, promotion of equality, and a national social welfare system - currently challenged by an aging population and the fluctuations of an export-driven economy.

Geography

Location:
Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, and Gulf of Finland, between Sweden and Russia
Geographic coordinates:
64 00 N, 26 00 E
Map references:
Europe
Area:
total: 338,145 sq km
land: 303,815 sq km
water: 34,330 sq km
country comparison to the world: 66
Area - comparative:
slightly more than two times the size of Georgia; slightly smaller than Montana
Area comparison map:
Land boundaries:
total: 2,563 km
border countries (3): Norway 709 km, Sweden 545 km, Russia 1,309 km
Coastline:
1,250 km
Maritime claims:
territorial sea: 12 nm (in the Gulf of Finland - 3 nm)
contiguous zone: 24 nm
exclusive fishing zone: 12 nm; extends to continental shelf boundary with Sweden, Estonia, and Russia
continental shelf: 200 m depth or to the depth of exploitation
Climate:
cold temperate; potentially subarctic but comparatively mild because of moderating influence of the North Atlantic Current, Baltic Sea, and more than 60,000 lakes
Terrain:
mostly low, flat to rolling plains interspersed with lakes and low hills
Elevation:
mean elevation: 164 m
elevation extremes: lowest point: Baltic Sea 0 m
highest point: Halti (alternatively Haltia, Haltitunturi, Haltiatunturi) 1,328 m
Natural resources:
timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, limestone
Land use:
agricultural land: 7.5%
arable land 7.4%; permanent crops 0%; permanent pasture 0.1%
forest: 72.9%
other: 19.6% (2011 est.)
Irrigated land:
690 sq km (2012)
Population - distribution:
the vast majority of people are found in the south; the northern interior areas remain sparsely populated
Natural hazards:
severe winters in the north
Environment - current issues:
limited air pollution in urban centers; some water pollution from industrial wastes, agricultural chemicals; habitat loss threatens wildlife populations
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
long boundary with Russia; Helsinki is northernmost national capital on European continent; population concentrated on small southwestern coastal plain

People & Society

Population:
5,518,371 (July 2017 est.)
country comparison to the world: 117
Nationality:
noun: Finn(s)
adjective: Finnish
Ethnic groups:
Finn 93.4%, Swede 5.6%, Russian 0.5%, Estonian 0.3%, Romani 0.1%, Sami 0.1% (2006)
Languages:
Finnish (official) 87.9%, Swedish (official) 5.2%, Russian 1.4%, other 5.5% (2017 est.)
Religions:
Lutheran 70.9%, Greek Orthodox 1.1%, other 1.7%, unspecified 26.3% (2017 est.)
Age structure:
0-14 years: 16.43% (male 463,432/female 443,384)
15-24 years: 11.4% (male 321,609/female 307,458)
25-54 years: 37.78% (male 1,064,427/female 1,020,285)
55-64 years: 13.29% (male 360,821/female 372,794)
65 years and over: 21.1% (male 506,342/female 657,819) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 57.9
youth dependency ratio: 25.9
elderly dependency ratio: 32
potential support ratio: 3.1 (2015 est.)
Median age:
total: 42.5 years
male: 40.9 years
female: 44.3 years (2017 est.)
country comparison to the world: 26
Population growth rate:
0.36% (2017 est.)
country comparison to the world: 165
Birth rate:
10.7 births/1,000 population (2017 est.)
country comparison to the world: 185
Death rate:
10 deaths/1,000 population (2017 est.)
country comparison to the world: 40
Net migration rate:
2.9 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 35
Population distribution:
the vast majority of people are found in the south; the northern interior areas remain sparsely poplulated
Urbanization:
urban population: 84.5% of total population (2017)
rate of urbanization: 0.46% annual rate of change (2015-20 est.)
Major urban areas - population:
HELSINKI (capital) 1.18 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1.04 male(s)/female
55-64 years: 0.97 male(s)/female
65 years and over: 0.76 male(s)/female
total population: 0.97 male(s)/female (2017 est.)
Mother's mean age at first birth:
28.8 years (2015 est.)
Maternal mortality ratio:
3 deaths/100,000 live births (2015 est.)
country comparison to the world: 181
Infant mortality rate:
total: 2.5 deaths/1,000 live births
male: 2.7 deaths/1,000 live births
female: 2.4 deaths/1,000 live births (2017 est.)
country comparison to the world: 220
Life expectancy at birth:
total population: 81 years
male: 78 years
female: 84.1 years (2017 est.)
country comparison to the world: 31
Total fertility rate:
1.75 children born/woman (2017 est.)
country comparison to the world: 162
Health expenditures:
9.7% of GDP (2014)
country comparison to the world: 29
Physicians density:
3.2 physicians/1,000 population (2014)
Hospital bed density:
4.4 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.4% of population
rural: 88% of population
total: 97.6% of population
unimproved:
urban: 0.6% of population
rural: 12% of population
total: 2.4% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
22.2% (2016)
country comparison to the world: 80
Education expenditures:
7.2% of GDP (2014)
country comparison to the world: 27
School life expectancy (primary to tertiary education):
total: 19 years
male: 19 years
female: 20 years (2015)
Unemployment, youth ages 15-24:
total: 22.5%
male: 25.4%
female: 19.7% (2015 est.)
country comparison to the world: 55

Government

Country name:
conventional long form: Republic of Finland
conventional short form: Finland
local long form: Suomen tasavalta/Republiken Finland
local short form: Suomi/Finland
etymology: name may derive from the ancient Fenni peoples who are first described as living in northeastern Europe in the first centuries A.D.
Government type:
parliamentary republic
Capital:
name: Helsinki
geographic coordinates: 60 10 N, 24 56 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
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]
Independence:
6 December 1917 (from Russia)
National holiday:
Independence Day, 6 December (1917)
Constitution:
history: previous 1906, 1919; latest drafted 17 June 1997, approved by Parliament 11 June 1999, entered into force 1 March 2000
amendments: proposed by Parliament; passage normally requires simple majority vote in two readings in the first parliamentary session and at least two-thirds majority vote in a single reading by the newly elected Parliament; proposals declared “urgent” by five-sixths of Parliament members can be passed by at least two-thirds majority vote in the first parliamentary session only; amended several times, last in 2012 (2016)
Legal system:
civil law system based on the Swedish model
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Finland
dual citizenship recognized: yes
residency requirement for naturalization: 6 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Sauli NIINISTO (since 1 March 2012)
head of government: Prime Minister Juha SIPILA (since 28 May 2015)
cabinet: Council of State or Valtioneuvosto appointed by the president, responsible to Parliament
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 6-year term (eligible for a second term); election last held on 28 January 2018 (next to be held in January 2024); prime minister appointed by Parliament in 2015
election results: Sauli NIINISTO reelected president; percent of vote Sauli NIINISTO (independent) 62.7%, Pekka HAAVISTO (Vihr) 12.4%, Laura HUHTASAARI (PS) 6.9%, Paavo VAYRYNEN (independent) 6.2%, Matti VANHANEN (Kesk) 4.1%, other 7.7%
Legislative branch:
description: unicameral Parliament or Eduskunta (200 seats; 199 members directly elected in single- and multi-seat constituencies by proportional representation vote and 1 member in the province of Aland directly elected by simple majority vote; members serve 4-year terms)
elections: last held on 19 April 2015 (next to be held by April 2019)
election results: percent of vote by party/coalition - Kesk 21.1%, PS 17.6%, Kok 18.2%, SDP 16.5%, Vihr 8.5%, Vas 7.1%, SFP 4.9%, KD 3.5%, other 2.6%; seats by party/coalition - Kesk 49, PS 38, Kok 37, SDP 34, Vihr 15, Vas 12, SFP 9, KD 5, Aland Coalition 1
Judicial branch:
highest court(s): Supreme Court or Korkein Oikeus (consists of the court president and 18 judges); Supreme Administrative Court (consists of 21 judges including the court president and organized into 3 chambers); note - Finland has a dual judicial system - courts with civil and criminal jurisdiction and administrative courts with jurisdiction for litigation between individuals and administrative organs of the state and communities
judge selection and term of office: Supreme Court and Supreme Administrative Court judges appointed by the president of the republic; judges serve until mandatory retirement at age 65
subordinate courts: 6 Courts of Appeal; 8 regional administrative courts; 27 district courts; special courts for issues relating to markets, labor, insurance, impeachment, land, tenancy, and water rights
Political parties and leaders:
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]
International organization participation:
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
Diplomatic representation in the US:
chief of mission: bassador Kirsti KAUPPI (since 17 September 2015)
chancery: 3301 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 298-5800
FAX: [1] (202) 298-6030
consulate(s) general: Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Donna Ann WELTON (since 20 January 2017)
embassy: Itainen Puistotie 14B, 00140 Helsinki
mailing address: APO AE 09723
telephone: [358] (9) 616250
FAX: [358] (9) 6162 5800
Flag description:
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
National symbol(s):
lion; national colors: blue, white
National anthem:
name: "Maamme" (Our Land)
lyrics/music: Johan Ludvig RUNEBERG/Fredrik PACIUS
note: in use since 1848; although never officially adopted by law, the anthem has been popular since it was first sung by a student group in 1848; Estonia's anthem uses the same melody as that of Finland

Economy

Economy - overview:
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.
GDP (purchasing power parity):
$242.4 billion (2017 est.)
$235.9 billion (2016 est.)
$231.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 63
GDP (official exchange rate):
$251.5 billion (2017 est.)
GDP - real growth rate:
2.8% (2017 est.)
1.9% (2016 est.)
0% (2015 est.)
country comparison to the world: 122
GDP - per capita (PPP):
$44,000 (2017 est.)
$43,000 (2016 est.)
$42,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 37
Gross national saving:
22.7% of GDP (2017 est.)
20.8% of GDP (2016 est.)
20.3% of GDP (2015 est.)
country comparison to the world: 67
GDP - composition, by end use:
household consumption: 54.8%
government consumption: 22.8%
investment in fixed capital: 22.1%
investment in inventories: 0.2%
exports of goods and services: 36.7%
imports of goods and services: -36.7% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.6%
industry: 27.2%
services: 70.2% (2017 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:
2.2% (2017 est.)
country comparison to the world: 125
Labor force:
2.695 million (2017 est.)
country comparison to the world: 112
Labor force - by occupation:
agriculture: 4.5%
industry: 24%
services: 71.5% (2014 est.)
Unemployment rate:
8.7% (2017 est.)
8.8% (2016 est.)
country comparison to the world: 119
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 4.2%
highest 10%: 21.5% (2015 est.)
Distribution of family income - Gini index:
21.5 (2015 est.)
26.8 (2008 est.)
country comparison to the world: 156
Budget:
revenues: $136.8 billion
expenditures: $140.7 billion
note: Central Government Budget (2017 est.)
Taxes and other revenues:
54.4% of GDP (2017 est.)
country comparison to the world: 10
Budget surplus (+) or deficit (-):
-1.6% of GDP (2017 est.)
country comparison to the world: 72
Public debt:
63.8% of GDP (2017 est.)
63.6% of GDP (2016 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 66
Fiscal year:
calendar year
Inflation rate (consumer prices):
0.8% (2017 est.)
0.4% (2016 est.)
country comparison to the world: 27
Central bank discount rate:
0.25% (31 December 2017 est.)
0.3% (31 December 2010 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 137
Commercial bank prime lending rate:
1.6% (31 December 2017 est.)
1.79% (31 December 2016 est.)
country comparison to the world: 181
Stock of narrow money:
$145.7 billion (31 December 2017 est.)
$124 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 29
Stock of broad money:
$176.4 billion (31 December 2017 est.)
$152.9 billion (31 December 2016 est.)
country comparison to the world: 45
Stock of domestic credit:
$346.6 billion (31 December 2017 est.)
$351.6 billion (31 December 2016 est.)
country comparison to the world: 34
Market value of publicly traded shares:
$133.7 billion (31 December 2016 est.)
$NA $143 billion (31 December 2015 est.)
$154.4 billion (31 December 2014 est.)
country comparison to the world: 38
Current account balance:
$922 million (2017 est.)
$-2.534 billion (2016 est.)
country comparison to the world: 40
Exports:
$65.5 billion (2017 est.)
$58.32 billion (2016 est.)
country comparison to the world: 42
Exports - commodities:
electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Exports - partners:
Germany 13.1%, Sweden 10.6%, US 7.6%, Netherlands 6.7%, Russia 5.7%, China 5.2%, UK 4.8% (2016)
Imports:
$62.82 billion (2017 est.)
$57.66 billion (2016 est.)
country comparison to the world: 45
Imports - commodities:
foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Imports - partners:
Germany 16.9%, Sweden 16.1%, Russia 11.1%, Netherlands 8.6% (2016)
Reserves of foreign exchange and gold:
$10.8 billion (31 December 2017 est.)
$10.48 billion (31 December 2016 est.)
country comparison to the world: 72
Debt - external:
$544.7 billion (31 March 2016 est.)
$524.7 billion (31 March 2015 est.)
country comparison to the world: 21
Stock of direct foreign investment - at home:
$110 billion (31 December 2017 est.)
$114.6 billion (31 December 2016 est.)
country comparison to the world: 45
Stock of direct foreign investment - abroad:
$169.1 billion (31 December 2017 est.)
$153.7 billion (31 December 2016 est.)
country comparison to the world: 29
Exchange rates:
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.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
65.17 billion kWh (2015 est.)
country comparison to the world: 42
Electricity - consumption:
79.07 billion kWh (2015 est.)
country comparison to the world: 37
Electricity - exports:
3.159 billion kWh (2016 est.)
country comparison to the world: 42
Electricity - imports:
22.11 billion kWh (2016 est.)
country comparison to the world: 9
Electricity - installed generating capacity:
15.88 million kW (2015 est.)
country comparison to the world: 51
Electricity - from fossil fuels:
44.5% of total installed capacity (2015 est.)
country comparison to the world: 162
Electricity - from nuclear fuels:
17.3% of total installed capacity (2015 est.)
country comparison to the world: 10
Electricity - from hydroelectric plants:
20.5% of total installed capacity (2015 est.)
country comparison to the world: 87
Electricity - from other renewable sources:
23.5% of total installed capacity (2015 est.)
country comparison to the world: 25
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 134
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 121
Crude oil - imports:
220,400 bbl/day (2016 est.)
country comparison to the world: 28
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 133
Refined petroleum products - production:
303,600 bbl/day (2016 est.)
country comparison to the world: 41
Refined petroleum products - consumption:
200,700 bbl/day (2016 est.)
country comparison to the world: 55
Refined petroleum products - exports:
167,200 bbl/day (2016 est.)
country comparison to the world: 36
Refined petroleum products - imports:
147,600 bbl/day (2016 est.)
country comparison to the world: 47
Natural gas - production:
8 million cu m (2015 est.)
country comparison to the world: 97
Natural gas - consumption:
3.243 billion cu m (2015 est.)
country comparison to the world: 75
Natural gas - exports:
0 cu m (2016 est.)
country comparison to the world: 102
Natural gas - imports:
2.713 billion cu m (2015 est.)
country comparison to the world: 49
Natural gas - proved reserves:
NA cu m (1 January 2016 est.)
Carbon dioxide emissions from consumption of energy:
43 million Mt (2016 est.)
country comparison to the world: 66

Communications

Telephones - fixed lines:
total subscriptions: 457,300
subscriptions per 100 inhabitants: 8 (July 2016 est.)
country comparison to the world: 98
Telephones - mobile cellular:
total: 7,366,100
subscriptions per 100 inhabitants: 133 (July 2016 est.)
country comparison to the world: 104
Telephone system:
general assessment: modern system with excellent service
domestic: digital fiber-optic, fixed-line network and an extensive mobile-cellular network provide domestic needs
international: country code - 358; submarine cables provide links to Estonia and Sweden; satellite earth stations - access to Intelsat transmission service via a Swedish satellite earth station, 1 Inmarsat (Atlantic and Indian Ocean regions); note - Finland shares the Inmarsat earth station with the other Nordic countries (Denmark, Iceland, Norway, and Sweden) (2015)
Broadcast media:
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)
Internet country code:
.fi; note - Aland Islands assigned .ax
Internet users:
total: 4,822,132
percent of population: 87.7% (July 2016 est.)
country comparison to the world: 78

Transportation

National air transport system:
number of registered air carriers: 3
inventory of registered aircraft operated by air carriers: 73
annual passenger traffic on registered air carriers: 9,972,333
annual freight traffic on registered air carriers: 713.484 million mt-km (2015)
Civil aircraft registration country code prefix:
OH (2016)
Airports:
148 (2013)
country comparison to the world: 39
Airports - with paved runways:
total: 74
over 3,047 m: 3
2,438 to 3,047 m: 26
1,524 to 2,437 m: 10
914 to 1,523 m: 21
under 914 m: 14 (2017)
Airports - with unpaved runways:
total: 74
914 to 1,523 m: 3
under 914 m: 71 (2013)
Pipelines:
gas transmission pipes 1,288 km; distribution pipes 1,976 km (2016)
Railways:
total: 5,926 km
broad gauge: 5,926 km 1.524-m gauge (3,270 km electrified) (2016)
country comparison to the world: 32
Roadways:
total: 454,000 km
highways: 78,000 km (50,000 paved, including 700 km of expressways; 28,000 unpaved)
urban roads: 26,000 km
private and forest roads: 350,000 km (2012)
country comparison to the world: 16
Waterways:
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)
country comparison to the world: 17
Merchant marine:
total: 267
by type: bulk carrier 7, container ship 1, general cargo 92, oil tanker 5, other 162 (2017)
country comparison to the world: 58
Ports and terminals:
major seaport(s): Helsinki, Kotka, Naantali, Porvoo, Raahe, Rauma

Military & Security

Military expenditures:
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)
country comparison to the world: 87
Military branches:
Finnish Defense Forces (FDF): Army (Puolustusvoimat), Navy (Merivoimat, includes Coastal Defense Forces), Air Force (Ilmavoimat) (2016)
Military service age and obligation:
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)

Transnational Issues

Disputes - international:
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
Refugees and internally displaced persons:
refugees (country of origin): 6,781 (Iraq) (2016)
stateless persons: 2,671 (2016)

Economic Indicators for Finland including actual values, historical data, and latest data updates for the Finland economy.