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Finland

 
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Finland

ECONOMY

Gross Domestic Product (GDP): US$70.5 billion in 1986 (US$14,388 per capita). Economy grew faster than other Western industrialized countries throughout 1980s, averaging about 3.3 percent per year from 1980 to 1986.

Agriculture and Forestry: Below 8 percent of GDP and about 10 percent of employment in 1986, but sufficient to make country self-sufficient in staple foods and provide raw material to crucial wood-processing industries.

Industry: Major growth sector, contributing nearly 35 percent of GDP and 32 percent of employment in 1986. Main engine of postwar structural change, industry faced increasing competition in 1980s causing restructuring and a shift to hightechnology products.

Services: Largest sector, providing nearly 58 percent of GDP and about 57 percent of employment in 1986. Generally labor-intensive and uncompetitive, but banking, engineering, and consulting showed promise.

Imports: Raw materials, especially fuels, minerals, and chemicals, but growing share of foods and consumer goods.

Exports: Primarily industrial goods, especially forestry products and metal products; growing high-technology exports.

Major Trade Partners: Soviet Union largest single trade partner, but West European countries together accounted for nearly two-thirds of trade.

Balance of Payments: Despite positive trade balance, Finnish tourist expenditures abroad and debt service caused continuing current account deficits in 1980s.

General Economic Conditions: Standard of living high despite difficult environment. Inflation traditionally exceeded that of other industrialized countries, but fell below 4 percent in 1986; unemployment, at about 6 percent in 1987, was considered Finland's most serious economic problem.

Exchange Rate: In March 1988, Finnish mark (Fmk) 4.08=US$1. Fully convertible, but some capital controls maintained by Bank of Finland.

Data as of December 1988

Finland - TABLE OF CONTENTS

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