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Finland - Economy
How is the economy of Finland? Based on the information we have, Finland has a <p>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</p>. Key agricultural products in this country include: milk, barley, oats, wheat, potatoes, sugar beets, pork, chicken, peas, rye (2023).
More about the economy of Finland
| Labor force | 2.898 million (2024 est.) |
|---|---|
| Industrial production growth rate | -2.2% (2024 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 | 25.4% (of GDP) (2023 est.) |
| Fiscal year | N/A |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $17.993 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $16.929 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $16.036 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $930.393 million (2024 est.) |
| Current account balance 2023 | -$1.58 billion (2023 est.) |
| Current account balance 2022 | -$7.026 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 61.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $126.337 billion (2023 est.) |
| Expenditures | $131.978 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | N/A |
| Remittances | |
| Remittances 2024 | 0.2% of GDP (2024 est.) |
| Remittances 2023 | 0.3% of GDP (2023 est.) |
| Remittances 2022 | 0.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 3.8% (2022 est.) |
| Highest 10% | 23.1% (2022 est.) |
| Average household expenditures | |
| On food | 12.3% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4.4% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $122.644 billion (2024 est.) |
| Imports 2023 | $126.175 billion (2023 est.) |
| Imports 2022 | $135.119 billion (2022 est.) |
| Imports (partners) | Germany 14%, Sweden 12%, China 9%, Norway 8%, Netherlands 5% (2023) |
| Comodities Imports force | crude petroleum, cars, refined petroleum, packaged medicine, broadcasting equipment (2023) |
| Exports | |
| Exports 2024 | $124.531 billion (2024 est.) |
| Exports 2023 | $127.098 billion (2023 est.) |
| Exports 2022 | $129.389 billion (2022 est.) |
| Exports (partners) | USA 11%, Germany 11%, Sweden 10%, Netherlands 7%, China 5% (2023) |
| Comodities Exports force | paper, refined petroleum, steel, wood pulp, ships (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $313.591 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $314.075 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $317.078 billion (2022 est.) |
| GDP (official exchange rate) | $299.836 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $55,600 (2024 est.) |
| Real GDP per capita 2023 | $56,200 (2023 est.) |
| Real GDP per capita 2022 | $57,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.5% (2024 est.) |
| Industry | 22.1% (2024 est.) |
| Services | 62.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 53.4% (2023 est.) |
| Government consumption | 25.6% (2023 est.) |
| Investment in fixed capital | 23.4% (2023 est.) |
| Investment in inventories | -0.4% (2023 est.) |
| Exports of goods and services | 43.1% (2023 est.) |
| Imports of goods and services | -42.8% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 8.3% (2024 est.) |
| Unemployment rate 2023 | 7.2% (2023 est.) |
| Unemployment rate 2022 | 6.8% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19.2% (2024 est.) |
| Male | 20% (2024 est.) |
| Female | 18.3% (2024 est.) |
All Important Facts about Finland
Want to know more about Finland? Check all different factbooks for Finland below.
