Economy

**GDP:** $238.4 billion (EUR 170.9 billion). Finland has a highly industrialized, free-market economy with a per capita output equal to that of other western economies such as France, Germany, Sweden, or the U.K. The largest sector of the economy is services (65.5%), followed by manufacturing and refining (31.6%). Primary production is at 2.9%.
 * Economy** (2009)
 * GDP growth rate:** -7.8%.
 * Per capita income:** $44,668 (EUR 32,025).
 * Inflation rate:** 0.0% (2009); 0.1% (February 2010).
 * Natural resources:** Forests, minerals (copper, zinc, iron), farmland.
 * Agriculture, forestry, fishing and hunting (2.9% of GDP):** Products--meat (pork and beef), grain (wheat, rye, barley, oats), dairy products, potatoes, rapeseed.
 * Industry (31.6% of GDP):** //Types//--metal (including electronics and electrical equipment) and engineering, forest products, chemicals, shipbuilding, foodstuffs, textiles.
 * Trade:** //Exports//--$62.6 billion. //Major markets//--EU 55.6%, Russia 9%, U.S. 7.8%, China 4.1%. //Imports//--$60.3 billion. //Major suppliers//--EU 56.4%, Russia 16.2%, China 7.9%, U.S. 3.4%.
 * Exchange rate (2009):** 1.3948 euros (EUR) = U.S. $0.7169.
 * ECONOMY **

The Finnish economy had made enormous strides since the severe recession of the early 1990s. Finland successfully joined the euro zone and outperformed euro-area partners in terms of economic growth and public finance. Following a period of sustained and robust growth, the Finnish economy has suddenly slowed in the wake of the international financial crisis. GDP growth shrank from 1% in 2008 to -7.8% in 2009 (the sharpest contraction since Finland gained independence from Russia in 1917). Exports declined 32%, and unemployment climbed to 8.2%. Inflation is expected to rise from 0% in 2009 to 0.1% in 2010. The government responded with a series of stimulus packages with an estimated impact of over 6 billion euros. The government foresees weak growth in 2010, which has been jeopardized by a costly dockworkers strike. It also forecasts difficult years ahead as it struggles to balance finances as the baby boom generation retires.