Overview website for Finland
Finland (Finnish name Suomi) is a republic which became a member of the European Union in 1995. Its population is 5.4 million. The capital Helsinki has 590 …
Oct 22, 2012 – Provides an overview of Finland, including key events and facts about this northern European country.
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Jun 6, 2012 – Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the Austria, Belgium, the Netherlands, …
www.indexmundi.com › Factbook › Countries › Finland › Economy
Facts and statistics about the Economy – overview of Finland. Updated as of 2013.
The main objective of Finnish education policy is to offer all citizens equal opportunities to receive education, regardless of age, domicile, financial situation, sex …
Economy – overview: Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing – principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland has taken action to ensure it will meet EU deficit targets by 2013 and retains its triple-A credit rating. Finland’s main challenge in 2013 will be to stimulate growth in the face of weak demand in EU export markets and government austerity measures meant to reduce its budget deficit. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.
Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
Finland is a country in the far north of Europe, bordered by Norway, Sweden and Russia. Unlike their fellow-Scandinavian neighbours to the west, the Finns are not a Germanic people but rather speak a language related to Estonian, some languages of Siberia and, more distantly, Hungarian.
Despite its substantial size, Finland is relatively thinly-populated. Around two-thirds of its territory is covered by forest and about a tenth by lakes.
Hundreds of years of Swedish rule were followed by a further century of Russian control before independence in 1917. This failed to stem the demands of Finland’s giant Soviet neighbour, and World War II saw fierce fighting along Finland’s eastern border.
Helsinki Cathedral Helsinki Cathedral is one of the city’s best known landmarks
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At a glance
Politics: PM Jyrki Katainen’s conservative National Coalition Party is the largest single group in parliament. Conservative President Sauli Niinisto is head of state
Economy: A eurozone member since 2002, Finland has an export-driven economy. Phone maker Nokia is its biggest company
International: Finland is one of four EU countries not in Nato. Its military is active in peacekeeping operations
Country profiles compiled by BBC Monitoring
Finnish troops mounted a vigorous response to Soviet forces and stalled their advance, but the country was eventually forced to cede 10% of its territory and pay extensive war reparations to Moscow.
Throughout the Cold War Finland’s neutrality depended on a de-facto Soviet veto on its foreign and defence policy, a status dubbed “Finlandisation”.
The collapse of the Soviet Union in the early 1990s allowed Finland to step out of the Cold War shadow. It applied for membership of the EU soon after its friendship treaty with the Soviet Union became void in 1991, becoming a full member in 1995.
Finland is the only Nordic EU member to use the euro as the national currency.
The country spends heavily on education, training and research – investment which pays dividends by delivering one of the best-qualified workforces in the world.
This has been a key factor in the development of a modern, competitive economy in which an advanced telecommunications sector has been added to the traditional timber and metals industries.
In terms of culture, Finland has made a particular mark in the fields of architecture and music, with the buildings of Alvar Aalto and the symphonies and tone poems of Jean Sibelius enjoying worldwide reknown.