Finland


Finland Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Finland; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Bank of Finland
Finland is part of the Eurosystem and the European Central Bank
International Reserves US$ 10.276 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 257.782 billion (2011 estimate)
GDP (Purchasing Power Parity) 199.386 billion of International dollars (2011 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
2.3% 1.8% 2% 4.1% 2.9% 4.4% 5.3% 0.3%
2009 2010 2011 2012*
-8.4% 3.7% 2.9% 0.6%

*Estimate

GDP per capita - current prices US$ 47,496 (2010 estimate)
GDP per capita - PPP $36,736 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.36% 0.36% 0.3% 0.25% 0.23%

**Forecast

GDP - composition by sector
  • agriculture: 2.8% 
  • industry: 29.2% 
  • services: 68% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) 3.87% (2010)

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
1.6%(2008) 1.7% 3.3% 2.9%

*Estimate

Unemployment rate
2009 2010 2011 2012*
8.2% 8.4% 7.8%(2009) 7.7%

*Estimate

Household saving rates 0.9% (Net saving; 2012 forecast)

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
33.9% 43.5% 48.4% 48.6% 51.6%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
4.2% -2.7% -2.8% -0.8% -1.4%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: AAA

Moody's rating: Aaa

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$91.02 billion US$118.2 billion US$143.1 billion
Largest companies in Finland Nokian Tyres (Auto & Truck Parts), Nokia (Communications Equipment), Kone (Construction Service), Sampo (Diversified Insurance), Fortum (Electric Utilities), Kesko (Food Retail), Wärtsilä (Heavy Equipment), Neste Oil (Oil & Gas Operations), Metso (Other Industrial Equipment),UPM-Kymmene (Paper & Paper Products), Stora Enso (Paper & Paper Products), Pohjola Bank (Regional Banks) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ -2.5 billion (2011 estimate)(After 2008)
Current account balance by percentage of GDP -1% of GDP (2011 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

40.4% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.43%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.66% (2011)(2007)

(Data were released in 2012)

Total exports US$72.7 billion (2012 estimate) 
Export commodities electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Total imports US$72.23 billion (2012 estimate) 
Import commodities foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Exports - major partners Sweden 12.1%, Germany 10.2%, Russia 9.5%, Netherlands 6.9%, UK 5.3%, US 5.1%, China 4.8% (2011)
Imports - major partners Russia 18%, Sweden 14.1%, Germany 13.9%, Netherlands 7.8%, China 4.3% (2011)
FDI inflows
2009 2010 2011
US$398 million US$6,733 million(2009) US$54 million(2009)
FDI outflows
2009 2010 2011
US$4,917 million US$10,471 million US$5,417 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$13,179 million US$653 million(2009) US$391 million(2009) US$3,303 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 11 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 49 out of 185 countries(2009)

Enforcing Contracts: 9 out of 185 countries

Registering Property: 24 out of 185 countries

Getting credit: 40 out of 185 countries

Protecting investors: 70 out of 185 countries

Trading across border: 6 out of 185 countries

Paying Taxes: 23 out of 185 countries

Dealing with Construction Permits: 34 out of 185 countries

Getting Electricity: 21 out of 185 countries

Resolving Insolvency: 5 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
3

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 17 Score: 72.3 (Mostly Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+2
Total area 338,145 km2 (2006)
Capital Helsinki (2009)
Currency euros (EUR) (2009)
Government type republic (2009)
Languages Finnish 91.2% (official), Swedish 5.5% (official), other 3.3% (small Sami- and Russian-speaking minorities) (2007)
Religions Lutheran Church of Finland 82.5%, Orthodox Church 1.1%, other Christian 1.1%, other 0.1%, none 15.1% (2006)
Total population
1980 1990 2000 2012* 2017**
4.79 million 5 million 5.18 million 5.43 million 5.56 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
38.1% 59.8% 61.1% 83.7%
Population median age 42 years (2010)
Population growth rate 0.4% (2011)
Life expectancy 80 years (2010)
Adult literacy N/A
% of population living on less than $2 a day N/A
Inequality of wealth distribution (Gini index)

26.88 (2000)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:1 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

186.08% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 89.37% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Helsinki: 42nd (2011)

CO2 emissions
(Metric tons of CO2 per capita)

10.0286 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TREASURY & CASH MANAGEMENT BANKS & PROVIDERS

2013:
  • Best Treasury Management Systems & Services Providers/Electronic Invoice Presentment and Payment Services Basware (Global, 2013)
2012:
  • Best Treasury Management Systems & Services Providers / Electronic Invoice Presentment and Payment Services Basware (Global, 2012)
2011:
  • Best Treasury Management Systems & Services Providers / Electronic Invoice Presentment and Payment Services Basware (Global, 2011)
2010:
  • Best Treasury Management Systems & Services Providers / Electronic Invoice Presentment and Payment Services Basware (National, 2010)

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS Nordea (National, 2013)
2012:
  • COUNTRY WINNERS Nordea (Global, 2012)
2011:
  • COUNTRY WINNERS Nordea (Europe, 2011)
2010:
  • COUNTRY WINNERS Nordea (National, 2010)
2009:
  • COUNTRY WINNERS Nordea (2009)

WORLD'S BEST DEVELOPED MARKET BANKS

(ranking of the 50 safest banks in the world; the first is the safest)
2012:
  • Nordea (Global, 2012)
2011:
  • Nordea (Jean-Claude Trichet, 2011)
2010:
  • Nordea (Global, 2010)
2009:
  • Pohjola Bank (2009)

WORLD'S BEST SUPPLY CHAIN FINANCE PROVIDERS

2012:
  • GLOBAL WINNERS / Best Supplier Support and Enrollment Basware (Global, 2012)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2012)
2010:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2009)

WORLD'S SAFEST BANKS

2013:
  • OVERALL SAFEST Pohjola Bank (Global, 2013)
2012:
  • OVERALL SAFEST Pohjola Bank (Global, 2012)
2011:
  • OVERALL SAFEST Pohjola Bank (National, 2011)
2010:
  • OVERALL SAFEST Pohjola Bank (Europe, 2010)
2009:
  • OVERALL SAFEST Pohjola Bank (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS Nordea (Europe, 2012)
2011:
  • COUNTRY WINNERS Nordea (National, 2011)
2010:
  • COUNTRY WINNERS Nordea (Europe, 2010)
2009:
  • COUNTRY WINNERS SEB (Global, 2009)

CENTRAL BANKER REPORT CARD

2010:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Nordea (Global, 2013)
2012:
  • COUNTRY WINNERS Nordea (Global, 2012)
2011:
  • COUNTRY WINNERS Nordea (Western Europe, 2011)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE