The economy of Finland is a highly industrialised, mixed economy with a per capita output similar to that of other western European economies such as France, Germany and the United Kingdom. The largest sector of Finland’s economy is services at 72.7 percent, followed by manufacturing and refining at 31.4 percent .
What is Finland’s biggest export?
The European Union makes up more than 60 percent of Finland’s total trade. The largest trade flows are with Germany and Sweden. Finland’s key export sectors are transportation, electronics, forestry, machinery, and chemicals .
Does Finland have a good economy?
Finland’s economic freedom score is 76.1, making its economy the 17th freest in the 2021 Index. ... Finland is ranked 10th among 45 countries in the Europe region, and its overall score is above the regional and world averages. The Finnish economy continues to benefit from high levels of economic freedom.
What is Finland income?
In 2020, the average monthly earnings in Finland amounted to 3,594 euros . The average earnings in the central government sector reached 4,036 euros per month, while the corresponding figure in the private sector was 3,681 euros per month.
Does Finland have a high GDP?
Economy – overview:
Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years.
Why Finland is so rich?
With respect to foreign trade, the key economic sector is manufacturing . The largest industries are electronics (21.6 percent), machinery, vehicles and other engineered metal products (21.1 percent), forest industry (13.1 percent), and chemicals (10.9 percent).
Why is Finland so happy?
However, all my interviewees largely agreed that the Finnish welfare system, free high-quality education, free healthcare, gender equality, clean nature , a high degree of personal freedom and a well-functioning society are the key factors that lead to Finnish happiness.
Is Finland expensive to live in?
Family of four estimated monthly costs are 3,400$ (2,937€) without rent. A single person estimated monthly costs are 934$ (806€) without rent. Cost of living in Finland is, on average, 5.82% higher than in United States . Rent in Finland is, on average, 36.01% lower than in United States.
Does Finland have free healthcare?
Public healthcare in Finland is not free , though charges are very reasonable. Public healthcare is the responsibility of municipalities, and is primarily funded by taxation. It is also funded by patient fees.
Is Finland a good place to live?
Finland is regarded as one of the safest countries in the world. In 2017 the World Economic Forum report rated living in Finland as the number one safest place to be globally .
What is the average rent in Finland?
This statistic shows the average rent price of residential property in Finland from the third quarter 2016 to the third quarter 2019 (in euros per square meter). In the third quarter of 2019, the average rent in Finland was approximately 13.73 euros per square meter .
Is Finland a poor country?
Many know Finland as one of the happiest countries around the world. Not only do people know Finland for the iconic Northern Lights, but they also consider it to be one of the least poverty-stricken countries in all of Europe. Finland has the fourth-lowest poverty rate in OCED countries and a Gini coefficient of .
Are Finland taxes high?
In 2020, Finland had the 13th highest tax wedge among the 37 OECD member countries, compared with the 11th in 2019.
Why is Finland’s unemployment so high?
The high unemployment rate is not only the result of the economic recession ; the large number of students searching for part-time employment in Finland contributes to this relatively high youth unemployment rate, as in other Nordic countries.
What Finland is famous for?
Finland is famous for being the Happiest Country in the World , as well as having the world’s best education system and cleanest air. Finland is known for its saunas, reindeers, Nokia, and the Santa Claus village. This Nordic utopia is sometimes called the Country of a Thousand Lakes, and it’s got 187,888 of them.
Is Finland an open economy?
As a small open economy , Finland is very dependent on exports. Weaker-than-expected global growth and especially low global investment would hinder the recovery, while a pick-up would boost the economy.
