Browse a full set of economic indicators

Finland

Includes Finland real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Finland economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Finland best banks and safest banks are also available.

Basic Information

Government Type: Parliamentary republic

Capital City: Helsinki

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Finland

Currency Euros (EUR)

International Reserves USD 16.75 billion (2021)
International Monetary Fund (IMF), data retrieved January 2022
Gross Domestic Product – GDP USD 296.02 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) USD 293.59 billion (2021 estimate)
IMF – World Economic Outlook, October 2021

GDP Data

Real GDP growth 2017 3.2%
2018 1.1%
2019 1.3%
2020* –2.9%
2021* 3.0%

*Estimate
GDP per capita – current prices USD 53,522.57 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 53,083.92 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 0.20% (2021 estimate)
GDP – composition by sector agriculture: 2.5%
industry: 24.0%
services: 60.0%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP) 2.8% (2019)
OECD, retrieved January 2022

Inflation 2017 0.8%
2018 1.2%
2019 1.1%
2020* 0.4%
2021* 1.9%

*Estimate

Inflation & Debt

Inflation 2017 0.8%
2018 1.2%
2019 1.1%
2020* 0.4%
2021* 1.9%

*Estimate
Government Bond Ratings Standard & Poor’s: AA+

Moody’s: Aa1

Standard & Poor’s / Moody’s (January 2022)
Unemployment rate 2017 8.8%
2018 7.4%
2019 6.7%
2020* 7.8%
2021* 7.8%

*Estimate
Household saving rates 4.8% (2020)
OECD, retrieved January 2022
Public debt (General government gross debt as a % of GDP) 2017 61.2%
2018 59.8%
2019 59.5%
2020* 69.5%
2021* 72.2%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2017 -0.4%
2018 -0.7%
2019 -0.8%
2020* -5.4%
2021* -4.6%

*Estimate

Market value of publicly traded shares N/A
Largest Companies Nordea Bank, Fortum, Nokia, Kone, Neste, Sampo, Stora Enso, UPM-Kymmene, Kesko

Forbes Global 2000 (2021)

Import/Export

Exports as percent of GDP (Exports of goods and services) 39.2% (2018)

Shares in world total merchandising export 0.39% (2018)

Shares in world total commercial services export 0.56% (2018)

Total exports USD 107.3 billion (2018 estimate)

Export commodities Electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber

Total imports USD 108.8 billion (2018 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 Germany 14.2%, Sweden 10.1%, US 7%, Netherlands 6.8%, China 5.7%, Russia 5.7%, UK 4.5% (2017)

Imports – major partners Germany 17.7%, Sweden 15.8%, Russia 13.1%, Netherlands 8.7% (2017)

Competitiveness & Trade

Current account balance USD -4.4 billion (2018 estimate)

Current account balance by percentage of GDP -1.6 % (2018 estimate)

FDI inflows 2016 USD 9,250 million
2017 USD -610 million
2018 USD 1,225 million
FDI Outflows 2016 USD 26,080 million
2017 USD -320 million
2018 USD 10,961 million
Value of cross-border M&A, by country of purchaser 2015 USD -7,764 million
2015 USD 15,127 million
2107 USD 1,488 million
2018 USD 6,498 million
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

20 out of 190 countries

​Subcategories:
Starting a Business: 31 out of 190 countries
Dealing with Construction Permits: 42 out of 190 countries
Getting Electricity: 24 out of 190 countries
Registering Property: 34 out of 190 countries
Getting Credit: 80 out of 190 countries
Protecting Minority Investors: 61 out of 190 countries
Paying Taxes: 10 out of 190 countries
Trading across Borders: 37 out of 190 countries
Enforcing Contracts: 45 out of 190 countries
Resolving Insolvency: 1 out of 190 countries
Global competitiveness ranking
11 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 20 / Score: 74.9 (Mostly free) (2019)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC+2

Total Area 338,145 sq km

Total Population 1990 4.97 Million
2000 5.17 Million
2010 5.35 Million
2015 5.47 Million
2020 5.53 Million
Urban population as % of total population 1960 55.3%
1980 71.7%
2000 82.2%
2018 85.4%
Population median age 42.6 years
Population growth rate 0.33% (2018 estimate)

Life expectancy 81.1 years (2018 estimate)

% of population living on less than $3.10 a day 0% (last available estimate, 2015)

Inequality of wealth distribution (Gini index) 27.1 (last available estimate, 2015)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Free
Political Rights: 1
Civil Liberties: 1 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 5.8%

Mobile: 132.2%

(2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 88.89 % (2018)

Language & Religon

Languages Finnish (official) 87.6%, Swedish (official) 5.2%, Russian 1.4%, other 5.8% (2018 est.)

Literacy N/A
Religions Lutheran 69.8%, Greek Orthodox 1.1%, other 1.7%, unspecified 27.4% (2018 est.)

World Rankings

Population 5.53 M
Mercer Cost of living index Helsinki: 65th (2019)

C02 Emissions per capita 8.66 metric tons per capita (2014)

Global Finance Rankings & Awards: Finland

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


CIA Factbook

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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