Gross Domestic Product (GDP): US$70.5 billion in
(US$14,388 per capita). Economy grew faster than other
industrialized countries throughout 1980s, averaging about
percent per year from 1980 to 1986.
Agriculture and Forestry: Below 8 percent of GDP
about 10 percent of employment in 1986, but sufficient to
country self-sufficient in staple foods and provide raw
to crucial wood-processing industries.
Industry: Major growth sector, contributing
percent of GDP and 32 percent of employment in 1986. Main
of postwar structural change, industry faced increasing
competition in 1980s causing restructuring and a shift to
Services: Largest sector, providing nearly 58
of GDP and about 57 percent of employment in 1986.
labor-intensive and uncompetitive, but banking,
consulting showed promise.
Imports: Raw materials, especially fuels,
chemicals, but growing share of foods and consumer goods.
Exports: Primarily industrial goods, especially
forestry products and metal products; growing
Major Trade Partners: Soviet Union largest
partner, but West European countries together accounted
nearly two-thirds of trade.
Balance of Payments: Despite positive trade
Finnish tourist expenditures abroad and debt service
continuing current account deficits in 1980s.
General Economic Conditions: Standard of living
despite difficult environment. Inflation traditionally
that of other industrialized countries, but fell below 4
in 1986; unemployment, at about 6 percent in 1987, was
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