Finland - Economy
How is the economy of Finland? Based on the information we have, Finland has a
high-income, export-based EU and eurozone economy; major timber, metals, engineering, telecom, and electronics industries; emerging from recession triggered by inflation, weak consumer and export demand, and lower private investment; labor market reform plan to address structural rigidities
. Key agricultural products in this country include: milk, barley, oats, wheat, potatoes, sugar beets, pork, chicken, peas, beef (2022).More about the economy of Finland
| Labor force | 2.88 million (2023 est.) |
|---|---|
| Industrial production growth rate | -2.72% (2023 est.) |
| Industries | metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing |
| Population below poverty line | 12.2% (2022 est.) |
| Taxes and other revenues | 21.08% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $16.929 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $16.036 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $16.744 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$4.364 billion (2023 est.) |
| Current account balance 2022 | -$7.074 billion (2022 est.) |
| Current account balance 2021 | $1.222 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 61.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $105.182 billion (2022 est.) |
| Expenditures | $106.991 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.23% of GDP (2023 est.) |
| Remittances 2022 | 0.23% of GDP (2022 est.) |
| Remittances 2021 | 0.23% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.8% (2021 est.) |
| Highest 10% | 22.9% (2021 est.) |
| Average household expenditures | |
| On food | 11.9% of household expenditures (2022 est.) |
| On alcohol and tobacco | 5.1% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $124.221 billion (2023 est.) |
| Imports 2022 | $134.575 billion (2022 est.) |
| Imports 2021 | $116.72 billion (2021 est.) |
| Imports (partners) | Sweden 15%, Germany 14%, China 8%, Norway 7%, Netherlands 6% (2022) |
| Comodities Imports force | crude petroleum, refined petroleum, cars, garments, electricity (2022) |
| Exports | |
| Imports 2023 | $124.221 billion (2023 est.) |
| Imports 2022 | $134.575 billion (2022 est.) |
| Imports 2021 | $116.72 billion (2021 est.) |
| Exports (partners) | Germany 11%, US 10%, Sweden 10%, Netherlands 7%, China 5% (2022) |
| Comodities Exports force | paper, refined petroleum, steel, wood pulp, wood (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $321.126 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $324.486 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $320.209 billion (2021 est.) |
| GDP (official exchange rate) | $300.187 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $57,500 (2023 est.) |
| Real GDP per capita 2022 | $58,400 (2022 est.) |
| Real GDP per capita 2021 | $57,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.5% (2023 est.) |
| Industry | 24.5% (2023 est.) |
| Services | 60.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 52.5% (2023 est.) |
| Government consumption | 25.2% (2023 est.) |
| Investment in fixed capital | 23.4% (2023 est.) |
| Investment in inventories | -0.7% (2023 est.) |
| Exports of goods and services | 41% (2023 est.) |
| Imports of goods and services | -41.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 7.16% (2023 est.) |
| Unemployment rate 2022 | 6.72% (2022 est.) |
| Unemployment rate 2021 | 7.61% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.9% (2023 est.) |
| Male | 16.4% (2023 est.) |
| Female | 15.5% (2023 est.) |
All Important Facts about Finland
Want to know more about Finland? Check all different factbooks for Finland below.
