Country Summary: Finland (Republic of Finland)
Country Name: Finland (Republic of Finland)
Capital: Helsinki
Government Type: parliamentary republic
Background: Finland was a province and then a grand duchy under Sweden from the 12th to the 19th centuries and an autonomous grand duchy of Russia after 1809. It gained complete independence in 1917. During World War II, Finland successfully defended its independence through cooperation with Germany and resisted subsequent invasions by the Soviet Union - albeit with some loss of territory. In the subsequent half century, Finland transformed from a farm/forest economy to a diversified modern industrial economy; per capita income is among the highest in Western Europe. A member of the EU since 1995, Finland was the only Nordic state to join the euro single currency at its initiation in January 1999. In the 21st century, the key features of Finland's modern welfare state are high quality education, promotion of equality, and a national social welfare system - currently challenged by an aging population and the fluctuations of an export-driven economy. Following Russia's invasion of Ukraine in 2022, Finland opted to join NATO; it became the organization's 31st member in April 2023.
Continent: Europe
Population: 5,614,571 (2023 est.)
Ethnic Groups: Finnish, Swedish, Russian, Estonian, Romani, Sami
Languages: Finnish (official) 85.9%, Swedish (official) 5.2%, Russian 1.7%, other 7.2% (2022 est.)
Religions: Lutheran 66.6%, Greek Orthodox 1.1%, other 1.7%, none 30.6% (2022 est.)
Economic Overview: highly industrialized, export-based EU economy and euro user; high per capita GDP; major timber, metals, engineering, telecommunications, and electronics industries; manageable public debts; rigid labor laws impose higher regulatory burdens
Currency: European Euro (EUR)
Reserves of Foreign Exchange & Gold: $16.036 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $274.576 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 1.6% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $49,400 (2022 est.) note: data in 2017 dollars
Exports:
$127.83 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 42
Export Commodities: refined petroleum, kaolin-coated paper, cars, lumber, stainless steel, wood pulp (2021)
Export Partners: Germany 13%, Sweden 9%, United States 8%, Netherlands 6%, China 6% (2021)
Imports:
$134.721 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 41
Import Commodities: cars and vehicle parts, crude petroleum, refined petroleum, broadcasting equipment, packaged medicines (2021)
Import Partners: Germany 16%, Sweden 15%, Russia 11%, China 7%, Netherlands 7% (2021)
Natural Resources: timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, limestone
Agricultural Products: milk, barley, oats, wheat, potatoes, sugar beets, rye, pork, poultry, beef
Industries: metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
Industrial Production Growth Rate:
0.04% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 160
Labor Force: 2.846 million (2022 est.)
Unemployment Rate: 6.72% (2022 est.) note: % of labor force seeking employment
Natural Hazards: severe winters in the north
Geography:
Total: 338,145 sq km
Land: 303,815 sq km
Water: 34,330 sq km
(Country Summary, The World Factbook, CIA.gov)
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