Economic overview Finland, in 36 editions.

Finland has a highly industrialized, largely free market economy, with per capita output nearly three-fourths the US figure. Its main economic force is the manufacturing sector--principally the wood, metals, and engineering industries. Trade is important, with the export of goods representing about 25% 30% of GNP. GDP. 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. Economic prospects are generally bright, The economy, which experienced an average of 4.9% annual growth between 1987 and 1989, leveled off in 1990 and is now in a recession facing negative growth in 1991. The clearing account system between Finland and the main shadow being Soviet Union in the increasing pressures postwar period--mainly Soviet oil and gas for Finnish manufactured goods--had kept Finland isolated from world recessions; the system, however, was dismantled on wages 1 January 1991 in favor of hard currency trade. As a result, Finland must increase its competitiveness in certain sectors, for example, textiles, foodstuffs, paper, and prices. metals, and has already begun to shift trade westward. Finland, as a member of EFTA, is negotiating a European Economic Area arrangement with the EC which would allow for free movement of capital, goods, services, and labor within the organization.

Finland has a highly industrialized, largely free market economy, with per
capita output nearly three-fourths the US figure. Its main economic force is
the manufacturing sector--principally sector - principally the wood, metals, and engineering
industries. Trade is important, with the export of goods representing about
30% of GDP. 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. The economy, which experienced an
average of 4.9% annual growth between 1987 and 1989, leveled off in 1990 and is now in sank into a deep
recession facing negative growth in 1991. 1991 as growth contracted by 6.2%. The clearing account recession - which is
expected to bottom out in late 1992 - has been caused by economic
overheating, depressed foreign markets, and the dismantling of the barter
system between Finland and the former Soviet Union in the postwar period--mainly which Soviet oil and
gas had been exchanged for Finnish manufactured goods--had kept Finland isolated from world recessions; the system, however, was dismantled on 1 January 1991 in favor of hard currency trade. As a result, Finland must goods. The Finnish
Government has proposed efforts to increase its industrial competitiveness and
efficiency by an increase in certain sectors, for example, textiles, foodstuffs, paper, exports to Western markets, cuts in public
expenditures, partial privatization of state enterprises, and metals, foreign
investment and has already begun exchange liberalization. Helsinki tied the markkaa to shift trade westward. the
EC's European Currency Unit to promote stability but was forced to devalue
the markkaa by about 12% in November 1991. The devaluation should improve
industrial competitiveness and business confidence in 1992. Finland, as a
member of EFTA, is negotiating negotiated a European Economic Area arrangement with the EC which would allow
that allows for free movement of capital, goods, services, and labor within
the organization. organization as of January 1993. Finland applied for full EC membership
in March 1992.

Finland has a highly industrialized, largely free market economy, with per
capita output nearly three-fourths two-thirds of the US figure. Its main key economic force sector is
the manufacturing sector - principally the wood, metals, and engineering
industries.
Trade is important, with the export of goods representing about
30% of GDP.
Except for timber and several minerals, Finland depends on
imported imports of raw
materials, energy, and some components of for manufactured goods.
Because of
the climate, agricultural development is limited to maintaining
self-sufficiency in basic commodities. products. The economy, which experienced an
average of 4.9% annual growth between 1987 and 1989, sank into a deep
recession in 1991 as growth contracted by 6.2%. 6.5%. The recession - which is
expected to bottom out continued in late 1992 with growth contracting by 3.5% - has been caused by economic
economic overheating, depressed foreign markets, and the dismantling of the barter
barter system between Finland and the former Soviet Union in under which Soviet
oil and
gas had been exchanged for Finnish manufactured goods. The Finnish
Government has proposed efforts to increase industrial competitiveness and
efficiency by an increase in exports to Western markets, cuts in public
expenditures, partial privatization of state enterprises, and foreign changes in
investment and exchange liberalization. monetary policy. In June 1991 Helsinki had tied the markkaa markka to the
EC's
European Currency Unit (ECU) to promote stability but was stability. Ongoing speculation
resulting from a lack of confidence in the government's policies forced
Helsinki to devalue
the markkaa markka by about 12% in November 1991. The devaluation should improve
industrial competitiveness 1991 and business confidence to
indefinitely break the link in September 1992. Finland, as a By boosting the
member competitiveness of EFTA, negotiated Finnish exports, these measures presumably have kept the
economic downturn from being even more severe. Unemployment probably will
remain a European Economic Area arrangement with serious problem during the EC next few years - monthly figures in
that allows for free movement early 1993 are approaching 20% - with the majority of capital, goods, services, Finnish firms facing a
weak domestic market and labor within the troubled German and Swedish export markets.
Declining revenues, increased transfer payments, and extensive funding to
bail out the organization as of January banking system are expected to push the central government's
budget deficit to nearly 13% in 1993. Finland applied for full Helsinki continues to harmonize its
economic policies with those of the EC membership during Finland's current EC
in March 1992. membership bid.

Finland has a highly industrialized, largely free market economy, with per
per capita output two-thirds of the US figure. Its key economic sector is
is manufacturing - principally the wood, metals, and engineering industries.
industries. Trade is important, with the export of goods representing
about 30% of GDP.
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. The
economy, which experienced an
average of 4.9% annual growth between
1987 and 1989, sank into deep
recession in 1991 as growth contracted
by 6.5%. The recession - which
continued in 1992 with growth
contracting by 3.5% 4.1% - has been caused by
economic overheating,
depressed foreign markets, and the dismantling of the
barter system
between Finland and the former Soviet Union under which Soviet
oil and
gas had been exchanged for Finnish manufactured goods. The Finnish
Government has proposed efforts to increase industrial competitiveness and
and efficiency by an increase in exports to Western markets, cuts in public
public expenditures, partial privatization of state enterprises, and
changes in
monetary policy. In June 1991 Helsinki had tied the markka
to the EC's
European Union's (EU) European Currency Unit (ECU) to promote
stability. Ongoing speculation
resulting from a lack of confidence in
the government's policies forced
Helsinki to devalue the markka by
about 12% in November 1991 and to
indefinitely break the link in
September 1992. By boosting The devaluations have boosted the
competitiveness of
Finnish exports, these measures presumably have kept exports to the extent the recession bottomed out in 1993 with
renewed economic downturn from being even more severe. growth expected in 1994. Unemployment probably will
remain a serious problem during the next few years - monthly figures in
early 1993 are approaching 20% - years, with the majority
of Finnish firms facing a
weak domestic market and the troubled German
and Swedish export markets.
Declining revenues, increased transfer
payments, and extensive funding to
bail out the banking system are expected to push pushed
the central government's
budget deficit to nearly 13% in 1993.
Helsinki continues to harmonize its
economic policies with those of
the EC EU during Finland's current EC
EU membership bid. In early 1995,
Finland is expected to join the European Union (formerly the European
Community), thus broadening European economic unity.

Finland has a highly industrialized, largely free market
economy, with
per capita output two-thirds of the US figure. Its key
economic sector
is manufacturing - principally the wood, metals, and engineering
engineering industries. Trade is important, with the export of goods representing
representing about 30% of GDP. Except for timber and several minerals, Finland
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. The Forestry, an important export earner, provides a
secondary occupation for the rural population. The economy, which
experienced an average of 4.9% annual growth between
1987 and 1989,
sank into deep recession in 1991 as growth GDP contracted
by 6.5%. The
recession - which continued in 1992 with growth
GDP contracting by 4.1% - has
been caused by economic overheating,
depressed foreign markets, and
the dismantling of the barter system
between Finland and the former
Soviet Union under which Soviet oil and
gas had been exchanged for
Finnish manufactured goods. The Finnish
Government has proposed
efforts to increase industrial competitiveness
and efficiency by an
increase in exports to Western markets, cuts in
public expenditures,
partial privatization of state enterprises, and
changes in monetary
policy. In June 1991 Helsinki had tied the markka
to the European
Union's (EU) European Currency Unit (ECU) to promote
stability.
Ongoing speculation resulting from a lack of confidence in
the
government's policies forced Helsinki to devalue the markka by
about
12% in November 1991 and to indefinitely break the link in
September
1992. The devaluations have boosted the competitiveness of
Finnish exports to the extent the
exports. The recession bottomed out in 1993 with 1993, and Finland participated
renewed economic growth expected in the general European upturn of 1994. Unemployment probably will
remain a serious problem during the next few years, with years; the majority
of
Finnish firms facing face a weak domestic market and the troubled German
and
Swedish export markets. Declining revenues, increased transfer
payments, and extensive funding to bail out the banking system pushed
the central government's budget deficit to nearly 13% The Finns voted in 1993. an October 1994 referendum
Helsinki continues to harmonize its economic policies with those of
enter the EU during Finland's current EU membership bid. In early 1995,
EU, and Finland is expected to join officially joined the European Union (formerly on 1 January
1995. Increasing integration with Western Europe will dominate the European
Community), thus broadening European economic unity. picture over the next few years.

Finland has a highly industrialized, largely free market
free-market economy, with per capita output two-thirds equaling that of the US figure. UK,
France and Italy. Its key
economic sector is manufacturing -
principally the wood, metals, and
engineering industries. Trade is
important, with the export of goods
representing about 30% of GDP.
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. The economy, which
experienced an average of 4.9%
annual growth between 1987 and 1989,
sank into deep recession in
1991 as GDP contracted by 6.5%. The
recession - which continued in
1992 with GDP contracting by 4.1% - has
been caused by economic
overheating, depressed foreign markets, and
the dismantling of the
barter system between Finland and the former
Soviet Union under
which Soviet oil and gas had been exchanged for
Finnish manufactured
goods. The Finnish Government has proposed
efforts to increase
industrial competitiveness and efficiency by an
increase in exports
to Western markets, cuts in public expenditures,
partial
privatization of state enterprises, and changes in monetary
policy.
In June 1991 Helsinki had tied the markka to the European
Union's
(EU) European Currency Unit (ECU) to promote stability.
Ongoing
speculation resulting from a lack of confidence in the
government's
policies forced Helsinki to devalue the markka by about
12% in
November 1991 and to indefinitely break the link in September
1992.
The devaluations have boosted the competitiveness of Finnish
exports. The recession bottomed out in 1993, and Finland participated
participated in the general European upturn of 1994. Unemployment
probably will
remain a serious problem during the next few years;
the majority of
Finnish firms face a weak domestic market and the
troubled German and
Swedish export markets. The Finns voted in an
October 1994 referendum
to enter the EU, and Finland officially
joined the Union on 1 January
1995. Increasing integration with
Western Europe will dominate the
economic picture over the next few
years.

Finland has a highly industrialized, largely
free-market economy, with per capita output equaling that of the UK,
France and Italy. Its key economic sector is manufacturing -
principally the wood, metals, and engineering industries. Trade is
important, with the export of goods representing about 30% of GDP.
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. The economy, which experienced an average of 4.9%
annual growth between 1987 and 1989, sank into deep economy has come back from the recession in of 1990-92,
1991 as GDP contracted by 6.5%. The recession - which continued in
1992 with GDP contracting by 4.1% - has had been caused by economic
overheating, depressed foreign
markets, and the dismantling of the
barter system between Finland and
the former Soviet Union under
which Soviet oil and gas had been
exchanged for Finnish manufactured
goods. The Finnish Government has proposed efforts to increase
industrial competitiveness and efficiency by an increase in exports
to Western markets, cuts in public expenditures, partial
privatization of state enterprises, and changes in monetary policy.
In June 1991 Helsinki had tied the markka to the European Union's
(EU) European Currency Unit (ECU) to promote stability. Ongoing
speculation resulting from a lack of confidence in the government's
policies forced Helsinki to devalue the markka by about 12% in
November 1991 and to indefinitely break the link in September 1992.
The devaluations have boosted the competitiveness of Finnish
exports. The recession bottomed out in 1993, and Finland
participated in the general European upturn of 1994. Unemployment
probably will remain a serious problem during the next few years;
the majority of Finnish firms face a weak domestic market and the
troubled German and Swedish export markets. The Finns voted in an
October 1994 referendum to enter the EU, and Finland officially
joined
the Union on 1 January 1995. Increasing Attempts to cut the unacceptably high
rate of unemployment and increasing integration with
Western Europe
will dominate the economic picture over the next few
years.

Finland has a highly industrialized, largely
free-market economy, with per capita output equaling roughly that of the UK,
France France, Germany, and Italy. Its key economic sector is manufacturing -
principally manufacturing-principally the wood, metals, and engineering
industries. Trade is
important, with the export of goods representing
about 30% of GDP.
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. The economy has come back from the recession
of 1990-92,
which had been caused by economic overheating, depressed foreign
foreign markets, and the dismantling of the barter system between
Finland and
the former Soviet Union under which Soviet oil and gas had been
been exchanged for Finnish manufactured goods. The Finns voted in an
October 1994 referendum to enter the EU, and Finland officially joined
the Union on 1 January 1995. Attempts to cut the unacceptably high
rate of unemployment and increasing integration with Western Europe
will dominate the economic picture over the next few years. Despite
high unemployment and moderate GDP growth of 3.9% anticipated for
1998, inflation is forecast to rise to 2.5%

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 manufacturing--principally the wood, metals, and engineering engineering,
telecommunications, and electronics industries. Trade is important,
with the export of goods representing
about 30% of GDP. 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. The economy has come back from the recession
of
1990-92, which had been caused by economic overheating, depressed
foreign markets, and the dismantling of the barter system between
Finland and the former Soviet Union under which Soviet oil and gas had
been exchanged for Finnish manufactured goods. The Finns voted in an Union. Rapidly increasing integration
October 1994 referendum to enter with Western Europe--Finland was one of the EU, and Finland officially joined
11 countries joining the Union
euro monetary system (EMU) on 1 January 1995. Attempts to cut the unacceptably high
rate of unemployment and increasing integration with Western Europe
will 1999--will dominate the
economic picture over the next few several years. Despite
high unemployment and moderate GDP growth of 3.9% anticipated for Growth in 1999
1998, inflation is forecast probably will slow, perhaps to rise 3%, a barrier to 2.5% any substantial drop
in unemployment.

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 manufacturing - principally the wood, metals, engineering,
telecommunications, and electronics industries. Trade is important,
with the export of goods representing about 30% exports equaling more than one-third of GDP. 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. The economy has come back from the recession of
1990-92, which had been caused by economic overheating, depressed
foreign markets, and the dismantling of the barter system between
Finland and the former Soviet Union. Rapidly increasing integration
with Western Europe--Finland Europe - Finland was one of the 11 countries joining the
euro monetary system (EMU) on 1 January 1999--will 1999 - will dominate the
economic picture over the next several years. Growth in 1999
probably 2000 will slow, perhaps to 3%, a barrier probably be at the same level as in 1999, enough to any substantial drop
continue the decline in unemployment. unemployment from its current high level.

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, with exports equaling more than one-third of GDP. 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. The economy has come back from the recession of 1990-92, which had been caused by economic overheating, depressed foreign markets, and the dismantling of the barter system between Finland and the former Soviet Union. Rapidly increasing integration with Western Europe - Finland was one of the 11 countries joining the euro monetary system (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2000 2001 will probably be at the same level as bolstered by strong private consumption, yet may be 1 or 2 points lower than in 1999, enough to continue the decline 2000, largely because of a weakening in unemployment from its current high level. export demand.

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, with exports equaling more than almost one-third of GDP. 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. Rapidly increasing integration with Western Europe - Finland was one of the 11 countries joining the euro monetary system (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2001 will be bolstered 2002 was held back by strong private consumption, yet may be 1 or 2 points lower than in 2000, largely because of a weakening the global slowdown but will pick up in export demand. 2003 provided the world economy suffers no further blows.

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, with exports equaling almost one-third of GDP. 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. Rapidly increasing integration with Western Europe - Finland was one of the 11 countries joining the euro monetary system European Economic and Monetary Union (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2002 2003 was held back by the global slowdown but will pick up in 2003 2004 provided the world economy suffers no further blows.

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, with exports equaling almost one-third of GDP. 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. Rapidly increasing integration with Western Europe - Finland was one of the 11 12 countries joining the European Economic and Monetary Union (EMU) on 1 January 1999 - will dominate the economic picture over the next several years. Growth in 2003 was held back by the global slowdown but will pick up in 2004 provided the world economy suffers no further blows.

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, with exports equaling one-third 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. Rapidly increasing integration with Western Europe - Finland was one of the 12 countries joining the European Economic and Monetary Union (EMU) - will dominate the economic picture over the next several years. Growth in 2003 was held back by the global slowdown but will pick picked up in 2004 provided the world economy suffers no further blows. 2004. High unemployment remains a persistent problem.

Finland has a highly industrialized, largely free-market economy, 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, with important; exports equaling equal 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. Rapidly increasing integration with Western Europe - Finland was one of the 12 countries joining the European Economic and Monetary Union (EMU) - will dominate the economic picture over the next several years. Growth in 2003 was held back by the global slowdown but picked up in 2004. High unemployment remains a persistent problem.

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 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. Rapidly increasing integration with Western Europe - Finland was one of the 12 countries joining the European Economic and Monetary Union (EMU) - will dominate the economic picture over the next several years. High unemployment remains a persistent problem.

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.

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 Finland's ratio of GDP. exports to GDP has risen from a quarter to 37% over the past 15 years. Finland excels in high-tech exports, e.g., exports such as 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 Although Finland has been one of the best performing economies within the EU in recent years and its banks and financial markets have avoided the worst of global financial crisis, the world slowdown has hit export growth and domestic demand and will serve as a persistent problem. In 2007 Russia announced plans to impose high tariffs brake on raw timber exported to Finland. economic growth in 2009 and 2010. The Finnish pulp slowdown of construction, other investment, and paper industry exports will be threatened if these duties are put into place in 2008 and cause unemployment to rise. During 2009, and unemployment will climb to over 8% of the matter is now being handled by labor force. Long-term challenges include the European Union. need to address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the UK, France, Germany, Netherlands, and Italy. Its key economic sector Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; Finland's ratio of exports to GDP has risen from a quarter to 37% over the past 15 years. Finland excels in high-tech exports such as 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. Although Finland has had been one of the best performing economies within the EU in recent years and its banks and financial markets have avoided the worst of global financial crisis, crisis. However, the world slowdown has hit export growth exports and domestic demand and will serve as a brake on hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports stimulated economic growth in 2009 and 2010. The slowdown of construction, other investment, 2010, and exports will cause unemployment to rise. During 2009, unemployment will climb led to over 8% a lowering of unemployment. The recession left a deep mark on general government finances and the labor force. Long-term challenges include debt ratio, turning previously strong budget surpluses into deficits. In the need next few years, the great challenge of economic policy will be to implement a post-recession exit strategy in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as 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. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports exports, domestic trade, and household consumption stimulated economic growth in 2010, and led to a lowering of unemployment. 2010. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In Despite good growth prospects, general government finances will remain in deficit during the next few years, the years. The great challenge of economic policy will be to implement a post-recession exit strategy in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as 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. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010. 2010-11. The recession left a deep mark on affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits. Despite good growth prospects, general government finances deficits, but Finland has taken action to ensure it will remain in meet EU deficit during the next few years. The great targets by 2013 and retains its triple-A credit rating. Finland's main challenge of economic policy in 2013 will be to implement a post-recession exit strategy in which measures supporting stimulate growth will be combined with general in the face of weak demand in EU export markets and government adjustment measures. austerity measures meant to reduce its budget deficit. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output roughly almost as high as that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as 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. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland has taken action to ensure it will meet EU deficit targets by 2013 and retains its triple-A credit rating. Finland's main challenge in 2013 will be to stimulate growth in the face of weak demand in EU export markets and government austerity measures meant to reduce its budget deficit. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, and or Sweden. Trade is important important, with exports accounting for over one third one-third of GDP in recent years. Finland is strongly historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as export of technology for mobile phones. phones as well as promotion of startups in the ICT, gaming, cleantech, and biotechnology sectors. 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. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11. 2010-11, however, continued recession within the EU dampened the economy in 2012-13. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland has taken took action to ensure it will meet that it met the EU deficit targets by in 2013 and retains retained its triple-A credit rating. Finland's main challenge in 2013 will be to stimulate growth in the face of while faced with weak export demand in the EU export markets and its own government austerity measures meant to reduce its budget deficit. measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years. Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, gaming, cleantech, and biotechnology sectors. 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. Finland had been one of the best performing economies within the EU in recent years before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, that year, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11, 2010-12, however, continued recession within the EU dampened the economy in 2012-13. 2012-14. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland took action to ensure it that it met the EU deficit targets in 2013 and retained losing its coveted triple-A credit rating. rating, and on pace to breach EU debt limits in 2015. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth. The depreciating ruble will retard exports to Russia.

Finland has a highly industrialized, largely free-market economy with per capita output GDP almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years.
Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, industry, provides a secondary occupation for the rural population.
Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-12, however, continued recession within the EU dampened the causing Finland’s economy in to contract from 2012-14. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, losing its coveted triple-A credit rating, and on pace to breach EU debt limits in 2015. ratio.
Finland's main challenge challenges will be to stimulate growth while faced with weak export demand in the EU reducing high labor costs and boosting demand for its own government austerity measures. Longer-term, exports. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth. The depreciating ruble and Russia’s general economic slowdown will retard dampen exports to Russia.

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria, Belgium, Austria and the Netherlands, or Sweden. Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment.
Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, provides a secondary occupation for the rural population.
Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012-14. 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2015, posting a 0.3% GDP increase before growing 1.4% in 2016.
Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. The Government was also seeking to reform the health care system and social services. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth. The depreciating ruble and Russia’s general economic slowdown will dampen exports to Russia.

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment.
Finland is historically competitive in manufacturing - principally manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, provides a secondary occupation for the rural population.
Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2015, 2016, posting a 0.3% 1.9% GDP increase before growing 1.4% an estimated 3.3% in 2016.
2017, supported by a strong increase in investment, private consumption, and net exports. Finnish economists expect GDP to grow a rate of 2-3% in the next few years. Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. As a result, wage growth was nearly flat in 2017. The Government was also seeking to reform the health care system and social services. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.

Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment.
Finland is historically competitive in manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, provides a secondary occupation for the rural population.
Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2016, posting a 1.9% GDP increase before growing an estimated 3.3% in 2017, supported by a strong increase in investment, private consumption, and net exports. Finnish economists expect GDP to grow a rate of 2-3% in the next few years.
Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. As a result, wage growth was nearly flat in 2017. The Government was also seeking to reform the health care system and social services. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.