Economy of Finland -Overview
The country celebrated its first century of independence in 2017 and enjoys a strong reputation as one of the safest and stable countries in the world and is a leading light in many fields, despite having a relatively small population.
Finland is currently ranked as the 38th largest export economy in the world and has annual exports worth $55.1 billion and imports of $58.3 billion, producing a negative trade balance of $3.13 billion.
Finland has suffered a fall in the value of its annual exports over the last five years, declining at an annualized rate of -3.95% from $83.1 billion to $55.1 billion during that time.
The GDP of Finland is $236.8 billion and its GDP per capita is $43,090.25.
Finland’s Top 5 Commodity Exports
|Refined Petroleum||$4.15 billion|
|Large Flat-Rolled Stainless Steel||$2.12 billion|
|Raw Zinc||$536 million|
|Raw Nickel||$382 million|
Finland’s Other Notable Exports
- Kaolin Coated Paper – $4.14 billion
- Sawn Wood – $1.81 billion
- Sulfate Chemical Woodpulp – $1.72 billion
- Cars – $1.25 billion
- Electrical Transformers – $925 million
Top export destinations of Finland are Germany ($7.36 billion), Sweden ($6.08 billion), the United States ($4.15 billion), the Netherlands ($3.73 billion) and Russia ($3.23 billion).
Finland’s Top 5 Commodity Imports
|Crude Petroleum||$3.79 billion|
|Refined Petroleum||$2.19 billion|
|Copper Ore||$516 million|
|Zinc Ore||$396 million|
Finland’s Other Notable Imports
- Cars – $2.69 billion
- Packaged Medicaments – $1.68 billion
- Computers – $1.35 billion
- Telephones – $614 million
- Integrated Circuits – $543 million
More Information on Finland’s Imports/Exports
Shipments of refined petroleum account for 7.5% of the country’s total annual exports and Finland has a 1% share of a global export market that is worth $412 billion each year.
Sweden is the most significant destination for Finland’s refined petroleum exports and receives 27% of its annual shipments, followed by the Netherlands (14%) and the United States (12%).
Large Flat-Rolled Stainless Steel
Annual exports totaling $2.12 billion of large flat-rolled stainless steel are worth 3.8% of Finland’s yearly export total.
Finland is the third largest exporter of large flat-rolled steel in the world with a 10% share of a global export market that is worth $20.8 billion annually, behind China (15%) and Belgium (14%).
The Netherlands receives 53% of Finland’s total annual exports of this commodity.
The global export market for plywood is worth $14 billion annually and Finland is the fifth largest exporter with a 4.1% share of this market.
Finland exports $477 million of its $569 million annual total of plywood shipments to European destinations with Germany (23%) being the largest importer.
Annual exports of raw zinc account for 0.97% of the country’s total shipments and Finland is the eighth largest exporter with a 5.4% share of a global market that is worth $9.93 billion each year.
The Netherlands (49%) and Germany (29%) are key destinations for Finland’s raw zinc exports.
The largest known deposit of zinc in Finland is situated in Taivaljärvi.
The worldwide export market for raw nickel is worth $8.12 billion annually and Finland has a 4.7% share of this global market with exports of $382 million.
Finland ships its raw nickel exports to numerous destinations around the world, with the United States (22%) the Netherlands (16%), China (12%) and Germany (10%) being the main recipients.
Some Interesting Facts About Finland
- There are 179,584 islands in and around Finland, which is more than any other country in the world.
- There are more individual lakes in Finland (187,888) than in any other country in the world.
- Finland is an egalitarian society and uses gender-neutral words in its language.
- Business meetings in Finland can often include an informal discussion while taking a sauna.
All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.
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