FINLAND - COUNTRY PROFILE

The GDP per capita (purchasing power parity) is 33,500 USD. From the point of view of economical performance, Finland belongs to the most successful countries of the European Union. A fast GDP growth, which has still continued in 2006, slowed down in 2007 and according to the newest information of the Finnish Ministry of Finance and the data of the Statistics Agency has reached 4,4 % in 2007.

The main export goods are currently machinery and equipment, chemicals, metals, timber, paper and pulp. The main export partners are Germany (11, 3%), Sweden (10,5%), Russia (10,1%), UK (6,5%), USA (6,5%) and Netherlands (5,1%).

Mains import goods are currently foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile, yarn and fabrics and grains. The main import partners are Germany (15,6%), Russia (14%), Sweden (13,7%), Netherlands (6,6%), the People’s Republic of China (5,4%), UK (4,7%) and Denmark (4,5%).

Employment

The unemployment rate fell December 2007 by 0,4 percentage points compared to the year before and was 6,0%. The employment rate increased during last year at average to 69,9%. There were 158,000 unemployed by the end of last year. The employment rate has improved especially in the private sector, i.e. in food and building industries.

Inflation

Inflation was 2,9 % in December 2007 and was averagely at 2,5% during the whole of year 2007. The inflation increase at the end of the year was mainly influenced by living costs, i.e. the prices of real property. Even though inflation increases now on average faster than before, according to the united index of consumer prices Finland still remains lower than the EU average.

Basic macroeconomic indicators

Indicator 2003 2004 2005 2006 2007
GDP in market prices in mil. EUR 145.938 152.345 157.162 167.911 178.800
GDP per capita in EUR 27.995 29.144 29.997 31.719 33.803
GDP change in % 1,8 3,7 2,8 4,9 4,4
Consumer price index – change in % 0,9 0,2 0,9 1,6 2,5
Unemployment rate (in%) 9,0 8,8 8,4 7,7 6,9
Employment rate (in %) 67,3 67,2 68,0 68,8 69,9


Top Companies

Nokia, Kone, UPM, Stora Enso, M-Real, Suunto, Nautor’s Swan, Tunturi Oy Ltd, Polar , Electro, Fazer Group, Marimekko, Iittala

Nokia’s head office in Keilaniemi
 
Nokia’s head office in Keilaniemi- source