- published: 04 Nov 2012
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Finland has a highly industrialised, mixed economy with a per capita output equal to that of other western economies such as France, Germany, Sweden or the United Kingdom. The largest sector of the economy is services at 65.7 percent, followed by manufacturing and refining at 31.4 percent. Primary production is 2.9 percent. 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). Finland has timber and several mineral and freshwater resources. Forestry, paper factories, and the agricultural sector (on which taxpayers spend around 2 billion euro annually) are politically sensitive to rural residents. The Greater Helsinki area generates around a third of GDP.[citation needed] In a 2004 OECD comparison, high-technology manufacturing in Finland ranked second largest after Ireland. Knowledge-intensive services have also ranked the smallest and slow-growth sectors – especially agriculture and low-technology manufacturing – second largest after Ireland. Investment was below expected. Overall short-term outlook was good and GDP growth has been above many EU peers. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark and the UK.
Coordinates: 65°N 27°E / 65°N 027°E / 65; 027
Finland i/ˈfɪnlənd/ ( Finnish: Suomi; Swedish: Finland (help·info)), officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.
Around 5.4 million people reside in Finland, with the majority concentrated in the southern region. It is the eighth largest country in Europe in terms of area and the most sparsely populated country in the European Union. Finland is a parliamentary republic with a central government based in Helsinki and local governments in 336 municipalities, and an autonomous region of the Åland Islands. About one million residents live in the Greater Helsinki area, which consists of Helsinki, Espoo, Kauniainen and Vantaa, and a third of the country's GDP is produced there. Other larger cities include Tampere, Turku, Oulu, Jyväskylä, Lahti and Kuopio.