Finland Economy

Finland Economy  | read this item

In July, 2008 Finland economy stated a 0.7 per cent growth in the volume of its GDP. The inflation rate in September 2008 was 4.7 per cent. The most significant industries for the country are technology, engineering, manufacturing and timber. And, of course, export plays an important role in the country’s income.

Finland economy has gone its way from an agricultural country to industrial one. The leading industries here are engineering, timber, manufacturing, and technology.
Nowadays, the country doesn’t have to import main resources, as it happened before.
Agriculture remained the major part of Finland economy up to 1930. As the result of Great Depression in 1991 the unemployment level increased. The increase of unemployment level and the GDP fall to 13 per cent were determined by the Great Depression of 1991.

In 1995 Finland entered the European Union. Thanks to this fact, the country’s economy grew in comparison with other OESD countries. The year of 1994 became the period when unemployment level reduced a lot.

In 2006-2007 Finland had the following indicators: unemployment rate was 6.9 per cent and GDP-3.7 percent. The inflation rate in Finland was lower than average among OESD countries.
Finland economy has risen the part of corporate investments from 57 per cent in 1991 to 69 per cent in 2004. It happened thanks to such branches of industry as electronics and electro-technics.
The biggest part of country’s income comes from export of services and goods. In fact, it constitutes 38 per cent of Finland GDP. Among the exported goods one can mention fabric, steel, iron, chemicals, grains, and textiles.

Finland has developed trade relations with many countries, both European and American: Germany, USA, Denmark and Sweden. Euro was adopted in the country in 1999, but in actual usage it came in 2002.this was the exact year when it became a national currency. The global financial crisis has reached Finland, too. Here we can speak about obvious effects on the financial sector, export market and job market.

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