Finland Economy

Finland is located in Northern Europe and is bordered by Sweden, Norway, Russia and Estonia. The country is home to 5,250,275 people and has a surface area of 338,145 square km. The terrain is mostly low, with flat to rolling plains interspersed with lakes and low hills. Finland’s economy gets a boost from its natural resources, such as timber, iron ore, copper, lead, zinc, chromite, gold, silver, nickel and limestone.[br]

Finland is located in Northern Europe and is bordered by Sweden, Norway, Russia and Estonia. The country is home to 5,250,275 people and has a surface area of 338,145 square km. The terrain is mostly low, with flat to rolling plains interspersed with lakes and low hills. Finland’s economy gets a boost from its natural resources, such as timber, iron ore, copper, lead, zinc, chromite, gold, silver, nickel and limestone.[br]

 

The Finnish economy is a free open market and has a per capita GDP equivalent to that of France, the UK, Germany and Belgium. The manufacturing sector of the economy contributes the maximum to trade.

 

Finland’s economy was ranked Number 1 in the ‘2009 Legatum Prosperity’ ratings. This rating is based on quality of life and economical performance.

Finland Economy: Sectors

Being a free open market, Finland has a well developed manufacturing sector. According to the 2009 estimates, the country’s GDP was $181.4 billion, lower than the 2008 figures. The following graph shows (in billions) the GDP during 2007-2009:

 

 

 

With a GDP worth $181.4 billion in 2009, Finland economy ranked 55^th in the world. As far as sector-wise contributions are concerned, services contributed the maximum, accounting for 65.8% of the GDP in 2009. The following graph maps the performance of the different sectors of the Finnish economy:

 

 

 

According to the 2009 estimates, Finland had a workforce of 2.68 million. The unemployment rate was rather high at 8.5% in 2009, as compared to 6.4% in 2008.[br]

 

As far as employment is concerned, the following figures indicate the employment contribution of the various sectors:

 

• Agriculture and forestry- 4.5%

• Industry-18.2%

• Construction- 7.3%

• Commerce-15.9%

• Finance, insurance, and business services- 14.5%

• Transport and communications- 6.9%

• Public services- 32.7%

 

The real highlight of employment in Finland is that the nation has the least number of part-time workers.