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Economy - overview:
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Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; exports equal nearly two-fifths of GDP. Finland excels in high-tech exports, e.g., mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. High unemployment remains a persistent problem. In 2007 Russia announced plans to impose high tariffs on raw timber exported to Finland. The Finnish pulp and paper industry will be threatened if these duties are put into place in 2008 and 2009, and the matter is now being handled by the European Union.
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GDP (purchasing power parity):
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$188.4 billion (2007 est.)
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GDP (official exchange rate):
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$245 billion (2007 est.)
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GDP - real growth rate:
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4.5% (2007 est.)
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GDP - per capita (PPP):
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$36,000 (2007 est.)
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GDP - composition by sector:
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agriculture: 3.1%
industry: 32.6%
services: 64.3% (2007 est.)
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Labor force:
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2.675 million (2007 est.)
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Labor force - by occupation:
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agriculture and forestry 4.4%, industry 18.6%, construction 6%, commerce 16.3%, finance, insurance, and business services 13.9%, transport and communications 7.6%, public services 33.2% (2004)
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Unemployment rate:
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6.9% (2007 est.)
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Household income or consumption by percentage share:
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lowest 10%: 4%
highest 10%: 22.6% (2000)
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Distribution of family income - Gini index:
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26 (2005)
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Investment (gross fixed):
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20.3% of GDP (2007 est.)
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Budget:
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revenues: $62.02 billion
expenditures: $58.16 billion (2007)
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Public debt:
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35.9% of GDP (2007 est.)
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Inflation rate (consumer prices):
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2.5% (2007 est.)
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Commercial bank prime lending rate:
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5.62% (31 December 2007)
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Stock of money:
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NA
note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 15 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
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Stock of quasi money:
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NA
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Stock of domestic credit:
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$240.7 billion (31 December 2007)
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Agriculture - products:
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barley, wheat, sugar beets, potatoes; dairy cattle; fish
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Industries:
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metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
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Industrial production growth rate:
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8.1% (2007 est.)
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Electricity - production:
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77.02 billion kWh (2007 est.)
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Electricity - consumption:
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86.04 billion kWh (2006 est.)
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Electricity - exports:
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2.86 billion kWh (2007 est.)
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Electricity - imports:
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15.42 billion kWh (2007 est.)
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Oil - production:
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8,951 bbl/day (2007 est.)
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Oil - consumption:
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228,200 bbl/day (2007 est.)
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Oil - exports:
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126,300 bbl/day (January-September 2007 est.)
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Oil - imports:
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281,300 bbl/day (January-September 2007 est.)
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Oil - proved reserves:
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NA bbl
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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4.581 billion cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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4.576 billion cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006)
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Current account balance:
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$11.4 billion (2007 est.)
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Exports:
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$89.91 billion f.o.b. (2007 est.)
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Exports - commodities:
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machinery and equipment, chemicals, metals; timber, paper, pulp
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Exports - partners:
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Germany 10.9%, Sweden 10.7%, Russia 10.3%, US 6.4%, UK 5.8%, Netherlands 5.6% (2007)
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Imports:
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$78.05 billion f.o.b. (2007 est.)
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Imports - commodities:
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foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains
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Imports - partners:
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Germany 15.8%, Russia 14%, Sweden 13.7%, Netherlands 6.8%, China 5.5%, UK 4.9% (2007)
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Reserves of foreign exchange and gold:
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$8.385 billion (2007)
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Debt - external:
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$271.2 billion (30 June 2007)
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Stock of direct foreign investment - at home:
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$85.24 billion (2007 est.)
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Stock of direct foreign investment - abroad:
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$113 billion (2007 est.)
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Market value of publicly traded shares:
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$1.095 trillion (January 2008)
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Currency (code):
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euro (EUR)
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Exchange rates:
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euros (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
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