Overview: Finland has a highly industrialized, largely free-market economy. Its main economic force is the manufacturing sector--principally the wood, metals, and engineering industries. Trade is important, with the export of goods contributing about 25% to GNP. Except for timber and several minerals, Finland depends on imported raw materials, energy, and some components of manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic commodities. During the 1980s the economic growth rate exceeded the average of all European OECD countries for every year except 1986.

GNP: $87.7 billion, per capita $17,780; real growth rate 3.6% (1987)

Inflation rate (consumer prices): 4.1% (1987)

Unemployment rate: 5.1% (1987)

Budget: revenues $26.9 billion; expenditures $28.1 billion, including capital expenditures of NA (1988)

Exports: $20.0 billion (f.o.b., 1987); @m5commodities--timber, paper and pulp, ships, machinery, clothing and footwear; @m5partners--EC 37.7% (UK 10.3%, FRG 9.5%), USSR 20.2%, Sweden 14.7%, US 5.4%

Imports: $19.8 billion (c.i.f., 1987); @m5commodities--foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, fodder grains; @m5partners--EC 42.9% (FRG 16.9%, UK 6.5%), USSR 15.2%, Sweden 13.4%, US 4.8%

External debt: $NA

Industrial production: growth rate 4.2% (1987)

Electricity: 13,119,000 kW capacity; 47,894 million kWh produced, 9,700 kWh per capita (1988)

Industries: metal manufacturing and shipbuilding, forestry and wood processing (pulp, paper), copper refining, foodstuffs, textiles, clothing

Agriculture: animal husbandry, especially dairying, predominates; forestry important as a secondary occupation for the rural population; main crops--cereals, sugar beets, potatoes; 85% self-sufficient, but short of food and fodder grains

Aid: donor--ODA and OOF commitments (1970-86), $1.5 billion

Currency: markka (plural--markkaa); 1 markka (FMk) or Finmark = 100 pennia

Exchange rates: markkaa (FMk) per US$1--4.2390 (January 1989), 4.1828 (1988), 4.3956 (1987), 5.0695 (1986), 6.1979 (1985)

Fiscal year: calendar year

NOTE: The information regarding Finland on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Finland Economy 1989 information contained here. All suggestions for corrections of any errors about Finland Economy 1989 should be addressed to the CIA.