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Economy of Finland

Finland is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Finland is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Finland exports around $75.7 billion and imports roughly $70.67 billion. 8.5% of population in the country are unemployed. The total number of unemployed people in Finland is 471,114. In Finland, 5.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Finland is low, indicating that it has a stable economy. Investors should consider Finland to be a safe location for investments and other financial ventures. Government expenditure on education is 5.9% of GDP. The Gini Index of the country is 26.8. Finland is experiencing high equality. Differences in income among citizens are only mildly significant. Finland has a Human Development Index (HDI) of 0.879. Finland has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Finland is 1.277. Due to strong law enforcement presence and high social responsibility, Finland is very safe by international standards. The strength of legal rights index for Finland is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Finland is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

The depth of credit information index for Finland is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Finland has a credit rating score of AA+, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Finland has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Finland has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

In Finland, the institution that manages the state's currency, money supply, and interest rates is called Bank of Finland. Locally, the central bank of Finland is called Suomen Pankki. The average deposit interest rate offered by local banks in Finland is 1.07%.

Public debt

Finland has a government debt of 18.1% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Finland is set at 20%. Personal income tax ranges from 6.5% to 30%, depending on your specific situation and income level. VAT in Finland is 24%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Finland is $221653 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Finland was last recorded at $40 million. PPP in Finland is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Finland is 267,329 billion. Based on this statistic, Finland is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Finland. The Gross Domestic Product (GDP) per capita in Finland was last recorded at $48 million. The average citizen in Finland has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Finland averaged -0.2% in 2014. According to this percentage, Finland is currently experiencing modest decline. Countries that are experiencing modest decline may see a small reduction in personal consumption, employment rate, or personal income. A modest decline in GDP can signal a risky location for investments; however, some strong economic nations occasionally experience modest decline and are still safe investment locations. To read more about financial information click on finances of Finland.

Industry

Major industries in the country are metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing. The total labor force of Finland is 2,684,500 people, wherein 8.5% of population in the country are unemployed. The total number of unemployed people in Finland is 471,114. The Industrial Production growth rate of Finland is 6%.To read more about industrial information within Finland click on industry of Finland.

Agriculture

There are 19913 km2 of arable land in Finland, and it comprises 6% of the country's total territory. There are 19974 km2 of cultivated land in Finland. The country's major agricultural crops and products are barley, wheat, sugar beets, potatoes, dairy cattle, fish.To read more about agriculture click on agriculture of Finland.