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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.

Location

Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, and Gulf of Finland, between Sweden and Russia

Natural Resources

timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, limestone

Population - distribution

the vast majority of people are found in the south; the northern interior areas remain sparsely populated

5244000
Finnish (official) 88.3%, Swedish (official) 5.3%, Russian 1.4%, other 5% (2016 est.)
HELSINKI (capital) 1.18 million (2015)
Conventional long form
Republic of Finland
Conventional short form
Finland
Local long form
Suomen tasavalta/Republiken Finland
Local short form
Suomi/Finland
parliamentary republic
Name
Helsinki
Geographic coordinates
60 10 N, 24 56 E
Time difference
UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
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. The government is open to, and actively takes steps to attract, foreign direct investment.
Inflation
0.355%
Total tax rate (% of commercial profits)
38.1%
Real Interest Rate
3.712%
Manufacturing, value added (% of GDP)
16.567%
Current Account Balance
US$ -2,551,060,853
Labor Force, Total
2,676,527
Employment in Agriculture
4.21%
Employment in Industry
21.63%
Employment in Services
73.81%
Unemployment Rate
9.00%
Imports of goods and services
US$ 86,569,644,896
Exports of goods and services
US$ 83,710,242,733
Total Merchandise Trade
49.87%
FDI, net inflows
US$ -9,537,496,212
Commercial Service Exports
US$ 25,411,483,457
barley, wheat, sugar beets, potatoes; dairy cattle; fish
metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing
Commodities
electrical and optical equipment, machinery, transport equipment, paper and pulp, chemicals, basic metals; timber
Partners
Germany 13.9%, Sweden 10.1%, US 7%, Netherlands 6.6%, Russia 5.9%, UK 5.2%, China 4.7% (2015)
Commodities
foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, computers, electronic industry products, textile yarn and fabrics, grains
Partners
Germany 17%, Sweden 16.1%, Russia 10.9%, Netherlands 9%, Denmark 4.1% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Prudent economic policies
  • Skilled workforce and favorable business climate
  • Cutting-edge industries
  • High standard of living
  • Highly vulnerability to the international situation
  • Industrial crisis and loss of competitiveness
  • Dependence of the Finnish banking sector on the Swedish and Danish financial sectors
  • Aging population

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