Finland Economic Structure
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Finland’s economic structure is based on its manufacturing sector. Electronics and high tech gadgets are the highlight of the economy and each year Finnish trade proves this even further. The per capita income of the country is as much as the other bigger economies of Europe, such as the Netherlands, Sweden, Austria and Belgium.[br]
Finland, as an economy, is well industrialized and has a large free market. The economy depends on imports of energy and raw materials, since a chunk of the economic sector is industrialized. The agriculture sector is self sufficient.
Finland Economic Structure: The Future
Forestry, besides the manufacturing segment, is an important segment for the Finnish economy. It provides secondary employment opportunities for the rural population. Due to such a diverse employment scenario, Finland’s economy has been performing well in the EU and even recession could not affect the financial market there. However, the exports and domestic demand were hurt badly and Finland economic structure was under constricting pressure.
Due to the pressure on the economy, the unemployment rate, which according to the 2009 estimates was around 8.5%, is projected to become slightly weaker. There will be a slowdown in construction as well as in other investments. Recovery is projected to be a little slower, leaving the fiscal policies challenged. Other worrying issues are the aging population and the decreasing fiscal sustainability, competitiveness and economic growth.
In 2009, investments were as low as 19% of the GDP. With this figure, Finland was the 111th country in the world. The budget, however, seemed pretty balanced with a slight imbalance. According to the 2009 records, revenues stood at $115.7 billion and expenditure came in at $122.6 billion.[br]
Public debt also rose from 34.2% of the GDP in 2008 to 41.4% of the GDP in 2009. The industrial segment got the worst beating with a record -20.9% growth rate. The growth rate was ranked 164th in the world.
However, amidst all the negative figures, FDI kept rolling in, growing from $82.32 billion in 2008 to $85.34 billion in 2009.
