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 |
Finland
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.
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