Finland
Description of Finland
As a country known for its stunning natural landscapes, innovative design, and high quality of life, Finland stands out as a unique player on the global stage. With a strong emphasis on education, technology, and sustainability, Finland has positioned itself as a leader in various sectors, making significant contributions to the global economy. By delving into the macroeconomic statistics and geopolitical dynamics that shape Finland's development and its relations with other nations, we can gain a deeper understanding of the forces driving this Nordic country forward.
Population And Age Structure
1. Population, total: Finland's population of 5,529,543 is below the average population of 40,097,746 for 194 countries, ranking 115th.
2. Population ages 0-14 (% of total population): Finland's percentage of population ages 0-14 at 15.66% is below the average of 27.34%, with a rank of 166 out of 194 countries.
3. Population ages 0-14, total: Finland's total population aged 0-14 at 866,000 is significantly below the average of 10,327,380 for 194 countries, ranking 128th.
4. Population ages 15-64 (% of total population): Finland's percentage of population ages 15-64 at 61.85% is slightly below the average of 63.44%, ranking 133rd out of 194 countries.
5. Population ages 15-64, total: Finland's total population aged 15-64 at 3,419,944 is below the average of 26,003,407 for 194 countries, ranking 117th.
6. Population ages 65 and above (% of total population): Finland's percentage of population ages 65 and above at 22.49% is well above the average of 9.22%, with a rank of 4 out of 194 countries.
7. Population ages 65 and above, total: Finland's total population aged 65 and above at 1,243,599 is below the average of 3,766,959 for 194 countries, ranking 64th.
Summary
Finland's population distribution skews towards older demographics, with a high percentage of individuals aged 65 and above compared to the global average. This could have significant implications for the country's healthcare system, retirement policies, and economic productivity, as an older population may require more healthcare services and social support while potentially impacting workforce participation rates.
Population Miscellaneous
- Finland's rural population is 800,844, significantly below the average of 18,044,041. Finland ranks 136th out of 190 countries in this attribute.
- The percentage of rural population in Finland is 14.483%, well below the average of 41.158%. Finland ranks 163rd out of 190 countries in this category.
- Finland's urban population stands at 4,728,699, notably lower than the average of 22,425,747. Finland ranks 95th out of 194 countries for urban population.
- With urban population accounting for 85.517% of the total population, Finland exceeds the average of 59.691%. It secures the 32nd rank out of 194 countries in this aspect.
- Finland's age dependency ratio is 61.69%, slightly above the average of 59.22%. The country holds the 62nd rank out of 194 countries in this measure.
- Finland's crude birth rate is 8.4 births per 1,000 people, significantly below the average of 19.38. Finland holds the 183rd rank out of 192 countries in this metric.
- The crude death rate in Finland is 10 per 1,000 people, marginally above the average of 8.21. Finland ranks 42nd out of 192 countries for this statistic.
- Finland's total fertility rate is 1.37 births per woman, notably lower than the average of 2.60. Finland ranks 174th out of 190 countries in this category.
Summary
Finland exhibits a unique demographic profile compared to global averages, with a significantly lower rural population and total fertility rate. This is reflected in its urban population comprising a larger proportion of the total population, indicating a more urbanized society. The country also has a lower crude birth rate and total fertility rate, suggesting potential challenges in sustaining population growth and ensuring a balanced age distribution in the future. These indicators are crucial for policymakers to address in order to plan for future workforce needs, social welfare programs, and economic development strategies to mitigate potential demographic imbalances.
Military
1. Military expenditure (current USD): Finland's military expenditure is $3,868,802,020.06, which is below the average expenditure of $12,904,993,617.17. Finland ranks 43rd out of 149 countries in this dataset.
2. Military expenditure (% of GDP): Finland's military expenditure is 1.43% of its GDP, lower than the average of 1.90%. Finland is ranked 82nd out of 148 countries in this category.
3. Arms imports (SIPRI trend indicator values): Finland's arms imports amount to $53,000,000, significantly lower than the average of $205,522,123.89. Finland is ranked 54th out of 113 countries for arms imports.
4. Arms exports (SIPRI trend indicator values): Finland's arms exports stand at $12,000,000, much lower than the average of $705,705,882.35. Finland ranks 30th out of 34 countries for arms exports.
5. Armed forces personnel, total: Finland has a total of 22,000 armed forces personnel, below the average of 165,908.54 personnel. Finland is ranked 100th out of 164 countries in total armed forces personnel.
6. Armed forces personnel (% of total labor force): Finland's armed forces personnel as a percentage of the total labor force is 0.80%, lower than the average of 1.28%. Finland ranks 86th out of 164 countries in this aspect.
Summary
Finland maintains a relatively modest military expenditure compared to global averages, ranking 43rd in total expenditure and 82nd in expenditure as a percentage of GDP. Despite lower arms imports and exports, Finland's armed forces personnel numbers are notably less than the worldwide average, placing 100th in total personnel and 86th in personnel as a percentage of the total labor force. These indicators are crucial as they reflect Finland's strategic choices in defense spending and military manpower allocation within the context of international norms and security challenges.
Natural Resources
Finland's forest area measures 224,090 sq. km, slightly above the average of 211,606. Finland ranks 25th out of 191 countries in this attribute.
With a land area of 303,940 sq. km, Finland falls below the average of 665,166. It holds the 70th position out of 194 countries.
Finland's surface area of 338,460 sq. km is also below the average of 689,779. It ranks 65th out of 194 countries in this aspect.
The arable land in Finland spans 2,243,000 hectares, well below the average of 7,329,543. Finland ranks 79th out of 190 countries in arable land.
With 951,600 hectares of land under cereal production, Finland is below the average of 4,206,011. It ranks 81st out of 174 countries in this category.
Finland receives an average precipitation of 536 mm per year, less than the average of 1,157. Finland ranks 137th out of 178 countries in this attribute.
Finland's renewable internal freshwater resources total 107 billion cubic meters, below the average of 240. Finland holds the 55th position out of 178 countries in this attribute.
Summary
Finland demonstrates below-average metrics in various key macroeconomic indicators such as forest area, land area, arable land, cereal production, precipitation, and renewable internal freshwater resources compared to global averages. Despite its rankings falling below average in most aspects, Finland's unique environmental characteristics play a significant role in shaping its economic activities and resource management strategies.
Resource Rents
Finland's total natural resources rents account for 0.29% of its GDP, significantly below the attribute average of 4.63%. This places Finland at a rank of 134 out of 175 countries in the dataset.
Forest rents in Finland contribute 0.25% to its GDP, lower than the average of 1.53%. Finland ranks 87 out of 174 countries in this attribute.
With oil rents making up 0.02% of its GDP, Finland falls well below the average of 2.51%. The country ranks 84 out of 117 nations in this category.
Mineral rents in Finland amount to 0.01% of its GDP, which is also lower than the average of 1.23%. Finland ranks 73 out of 86 countries with available data on mineral rents.
Summary
In summary, Finland's natural resources rents, including forest, oil, and mineral rents, contribute minimally to its GDP compared to global averages, resulting in relatively low rankings among other countries. This indicates a limited dependency on natural resource extraction as a source of economic growth. It suggests that Finland's economy is more diversified, potentially relying more on other sectors for GDP generation and economic development.
Commodities
Finland's cereal production is 13,834,395.93 metric tons below the average of 17,249,945.93 metric tons, ranking 75th out of 174 countries. Aquaculture production in Finland is significantly below average, with 664,590.02 metric tons less than the average of 679,642.92 metric tons, ranking 69th out of 180 countries. The country's capture fisheries production of 140,055 metric tons is below the average of 467,453.06 metric tons, ranking 68th out of 190 countries. Finland's total fisheries production of 155,107.9 metric tons is notably lower than the average of 1,153,914.85 metric tons, ranking 69th out of 182 countries. Additionally, Finland's fertilizer consumption of 92.79 kilograms per hectare of arable land is below the average of 159.04 kilograms per hectare, ranking 95th out of 187 countries.
Summary
Finland's agricultural and fisheries sectors are underperforming compared to global averages, with cereal, aquaculture, capture fisheries, and total fisheries production all falling significantly below average levels. Furthermore, the country's low fertilizer consumption per hectare of arable land indicates potential inefficiencies in agricultural practices. These findings are crucial as they highlight areas where Finland may need to improve its production capabilities and optimize its resource utilization to enhance food security, economic growth, and competitiveness in the global market.
Intellectual Property
1. For Industrial design applications by nonresident, Finland's value of 98 is significantly below the average of 1415.83. This places Finland at rank 72 out of 112 countries.
2. In terms of Patent applications by residents, Finland's value of 141 falls well below the average of 9799.57. Finland is ranked 66 out of 113 countries.
3. Finland's value of 97 for Patent applications by nonresidents is notably lower than the average of 6538.40, placing Finland at rank 71 out of 129 countries.
4. With a value of 1588 for Patent applications by residents, Finland is below the average of 19037.56. Finland ranks 23 out of 117 countries for this attribute.
5. The number of Trademark applications by nonresidents in Finland is 3016, considerably lower than the average of 15878.93. Finland ranks 91 out of 130 countries for this metric.
6. Finland's value of 6237 for Trademark applications by residents is well below the average of 111055.78. Finland is ranked 57 out of 129 countries in this category.
7. Concerning Scientific and technical journal articles, Finland's value of 11328.41 is below the average of 15103.76. Finland ranks 39 out of 192 countries for this attribute.
8. Charges for the use of intellectual property in Finland amount to $1209456424.27, significantly lower than the average of $3218843494.39. Finland is ranked 35 out of 143 countries in this regard.
9. Finland's receipts from Charges for the use of intellectual property total $2980688861.64, slightly below the average of $3191687117.58. Finland ranks 17 out of 122 countries for this attribute.
10. With 7548.50 Researchers in R&D per million people, Finland surpasses the average of 2556.45. Finland is ranked 4 out of 72 countries for this indicator.
Summary
Finland performs below average in various key macroeconomic indicators such as industrial design applications, patent applications, trademark applications, and charges for the use of intellectual property. However, the country excels in the number of researchers in research and development, surpassing the global average. These indicators are crucial as they reflect Finland's innovation capacity, research and development capabilities, and intellectual property utilization, all of which are vital for long-term economic growth and competitiveness in the global market.
Broad Economy Attributes
Finland's GDP (current US$) is $271,886,077,382.10, which is below the average GDP of $442,870,224,838.68, ranking 41st out of 189 countries.
In terms of GDP, PPP (current international $), Finland's value of $296,764,042,926.68 is significantly below the average of $734,141,122,350.78, placing Finland at 56th out of 181 countries.
Finland's GDP per capita (current US$) is $49,169.72, much higher than the average of $15,462.11, ranking 16th out of 190 countries.
For GDP per capita, PPP (current international $), Finland's value of $53,668.82 is above the average of $21,251.89, ranking 19th out of 181 countries.
Finland's GNI (current US$) is $276,322,367,069.26, lower than the average of $452,040,815,370.70, ranking 41st out of 185 countries.
In terms of GNI, PPP (current international $), Finland's value of $301,606,259,474.99 is notably lower than the average of $730,698,223,823.47, placing Finland at 54th out of 181 countries.
Finland's GNI per capita, PPP (current international $) is $54,540, above the average of $20,615.75, and ranks 16th out of 181 countries included in the data.
Summary
Finland's economic indicators position it as a country with a solid GDP per capita and GNI per capita compared to global averages, ranking relatively high in both categories. However, its total GDP and GNI figures are below average, indicating potential for growth and development in the overall economy. These numbers are crucial for policymakers and investors to assess Finland's economic strength, potential for prosperity, and areas that may require improvement to enhance competitiveness on the global stage.
Broad Value Added
Finland's Gross value added at basic prices (GVA) is $235,472,865,428.79, ranking 38 out of 176 countries. This value is below the attribute average of $360,070,943,595.12.
Regarding Agriculture, forestry, and fishing value added (% of GDP), Finland's value is 2.45%, ranking 140 out of 182 countries. This is below the attribute average of 10.86%.
Finland's Agriculture, forestry, and fishing value added in current US dollars is $6,666,998,687.94, ranking 59 out of 182 countries. The value is below the attribute average of $19,924,732,828.07.
In terms of Services value added (% of GDP), Finland scores 60.12%, ranking 66 out of 183 countries. This is above the attribute average of 56.72%.
Finland's Services value added in current US dollars amounts to $163,453,974,171.21, ranking 39 out of 183 countries. This value is below the attribute average of $295,837,711,130.69.
For Industry (including construction) value added in current US dollars, Finland's figure is $65,351,892,569.65, ranking 46 out of 183 countries. This value falls below the attribute average of $118,421,095,413.50.
Summary
Finland lags behind in Gross value added at basic prices, Agriculture, forestry, and fishing value added, Agriculture, forestry, and fishing value added in current US dollars, Services value added in current US dollars, and Industry value added in current US dollars compared to the global averages. This indicates that Finland's economy may be facing challenges in these sectors, potentially impacting overall economic growth and competitiveness in the global market.
Manufacturing Value Added
1. Manufacturing, value added (current US$): Finland's value of $38,779,842,291.05 is below the average of $76,207,179,589.66. Finland ranks 41 out of 173 countries in this attribute.
2. Manufacturing, value added (% of GDP): Finland's value of 14.26% is above the average of 11.90%. Finland ranks 58 out of 173 countries in this attribute.
3. Medium and high-tech manufacturing value added (% manufacturing value added): Finland's value of 42.27% is significantly above the average of 24.49%. Finland ranks 25 out of 149 countries in this attribute.
4. Chemicals (% of value added in manufacturing): Finland's value of 11.33% is slightly below the average of 11.56%. Finland ranks 34 out of 89 countries in this attribute.
5. Food, beverages and tobacco (% of value added in manufacturing): Finland's value of 9.83% is substantially below the average of 24.51%. Finland ranks 81 out of 92 countries in this attribute.
6. Machinery and transport equipment (% of value added in manufacturing): Finland's value of 22.04% is above the average of 16.85%. Finland ranks 29 out of 93 countries in this attribute.
7. Textiles and clothing (% of value added in manufacturing): Finland's value of 1.35% is well below the average of 6.33%. Finland ranks 79 out of 93 countries in this attribute.
8. Other manufacturing (% of value added in manufacturing): Finland's value of 55.46% is significantly above the average of 42.13%. Finland ranks 15 out of 94 countries in this attribute.
Summary
Finland shows strengths in high-tech manufacturing and other manufacturing sectors, with values above average and ranking relatively well globally. However, the country lags behind in the food, beverages, and tobacco sector, ranking significantly below average. These indicators are important as they showcase Finland's specialization in high-tech industries and the need for potential diversification and growth in other manufacturing areas to enhance overall economic resilience and competitiveness.
Money
For Inflation, consumer prices (annual %), Finland has a relatively low inflation rate of 0.29%, which is significantly below the average inflation rate of 8.26% among 165 countries. This places Finland at rank 128 out of 165 countries for this attribute.
As for Inflation, GDP deflator (annual %), Finland's rate stands at 1.63%, below the average of 6.90% among 188 countries. This places Finland at rank 105 out of 188 countries in terms of GDP deflator inflation.
Summary
Finland demonstrates a commendable performance in keeping inflation rates low for both consumer prices and GDP deflator compared to global averages. With inflation rates below the worldwide norms, Finland places moderately but respectably in the rankings for these indicators. Maintaining such low inflation rates is crucial for promoting economic stability, ensuring price predictability for consumers, and fostering a healthy environment for sustainable economic growth and investments.
Consumption Expenditure
Final consumption expenditure (current US$): Finland's expenditure is $205 billion, below the average of $381.6 billion. Finland ranks 38th out of 159 countries in this attribute.
Final consumption expenditure (% of GDP): Finland's expenditure is 75.4% of GDP, below the average of 82.37%. Finland ranks 107th out of 159 countries in this attribute.
General government final consumption expenditure (current US$): Finland's expenditure is $65.9 billion, below the average of $93.7 billion. Finland ranks 30th out of 158 countries in this attribute.
General government final consumption expenditure (% of GDP): Finland's expenditure is 24.25% of GDP, above the average of 18.71%. Finland ranks 26th out of 158 countries in this attribute.
Household and NPISHs Final consumption expenditure (current US$): Finland's expenditure is $139 billion, below the average of $290.1 billion. Finland ranks 42nd out of 158 countries in this attribute.
Households and NPISHs final consumption expenditure (% of GDP): Finland's expenditure is 51.15% of GDP, below the average of 63.68%. Finland ranks 123rd out of 158 countries in this attribute.
Summary
Finland's final consumption expenditure in both absolute terms and as a percentage of GDP is below the global average, positioning it in the lower ranks among countries assessed. However, the country's general government final consumption expenditure as a percentage of GDP exceeds the global average, indicating a relatively higher level of government spending compared to the overall economy.
These indicators are crucial as they reflect the overall economic activity, government involvement in the economy, and the consumption behavior of households and non-profit institutions serving households. Understanding these figures helps policymakers, investors, and analysts gauge Finland's economic performance, fiscal priorities, and potential areas for growth or improvement.
Equities
Finland's S&P Global Equity Indices had an impressive annual % change of 18.16, significantly higher than the attribute average of 2.06. This ranked Finland 12th out of 79 countries included in the data.
Summary
Finland's S&P Global Equity Indices displayed a remarkable annual % change of 18.16, surpassing the average of 2.06 by a significant margin. This performance positioned Finland as the 12th highest performer out of 79 countries analyzed. Such a strong showing indicates a robust and healthy equity market in Finland, attracting investors and potentially signaling overall economic stability and growth within the country.
Investment
Finland's Foreign direct investment, net (BoP, current US$) stands at 7,447,437,563.99, notably above the average of -1,615,235,980.51. This places Finland at rank 13 out of 169 countries in the dataset.
Foreign direct investment, net inflows (BoP, current US$) for Finland is -2,487,590,239.30, below the average of 5,749,271,080.15. Finland ranks at 172 out of 182 countries for this attribute.
For Foreign direct investment, net inflows (% of GDP), Finland shows a value of -0.91%, lower than the average of 2.61%. Finland ranks at 161 out of 178 countries based on this metric.
Finland's Foreign direct investment, net outflows (BoP, current US$) amount to 4,960,949,985.62, slightly below the average of 5,707,991,116.07, positioning Finland at rank 25 out of 156 countries.
With regard to Foreign direct investment, net outflows (% of GDP), Finland's value of 1.82% surpasses the average of 1.00%. The country holds the 22nd rank out of 155 nations in the dataset for this category.
Finland's Portfolio Investment, net (BoP, current US$) shows -139,211,524.54, which is below the average of 679,559,169.57. Finland ranks 106 out of 159 countries in this aspect.
Regarding Portfolio equity, net inflows (BoP, current US$), Finland's value of 7,646,341,481.10 is below the average of 9,197,145,994.70, placing the country at rank 10 out of 125 countries.
Summary
Finland excels in attracting Foreign Direct Investment (FDI) with a high net FDI inflow and ranking relatively well globally, but it demonstrates lower FDI outflows compared to the average. Additionally, Finland shows a deficit in Portfolio Investment, indicating room for improvement in attracting investment in this category. These indicators are crucial as they reflect Finland's attractiveness to foreign investors, its investment activities abroad, and its ability to grow its economy through global financial integration.
Broad Trade Attributes
Trade (% of GDP): Finland's trade as a percentage of GDP is 71.50%, below the average of 82.34%. Finland ranks 76 out of 163 countries in this attribute.
Merchandise trade (% of GDP): Finland's merchandise trade as a percentage of GDP is 49.46%, also below the average of 60.01%. Finland ranks 98 out of 186 countries in this attribute.
Trade in services (% of GDP): Finland's trade in services as a percentage of GDP is 23.12%, slightly below the average of 24.62%. Finland ranks 52 out of 171 countries in this attribute.
External balance on goods and services (current US$): Finland's external balance on goods and services is $207,879,691.83, significantly below the average of $3,405,509,011.13. Finland ranks 61 out of 163 countries in this attribute.
External balance on goods and services (% of GDP): Finland's external balance on goods and services as a percentage of GDP is 0.076%, above the average of -5.97%. Finland ranks 65 out of 163 countries in this attribute.
Summary
Finland's trade as a percentage of GDP, merchandise trade, and trade in services are all below the global averages, indicating potential opportunities for expansion in international trade. However, Finland's external balance on goods and services is significantly below the average, suggesting a trade deficit that may warrant attention to boost exports and attract foreign investments. The country's positive external balance as a percentage of GDP is a strength, signaling relative stability in its international trade position despite the trade deficit in absolute terms.
Net Trade
1. Current account balance (BoP, current US$): Finland's current account balance is $1.73 billion, which is higher than the average of $1.44 billion. This ranks Finland 39th out of 170 countries in the dataset.
2. Current account balance (% of GDP): Finland's current account balance as a percentage of GDP is 0.64%, significantly above the average of -2.36%. This places Finland 60th out of 170 countries in the dataset.
3. Net trade in goods and services (BoP, current US$): Finland's net trade in goods and services is $379.81 million, below the average of $2.60 billion. Finland ranks 61st out of 171 countries in this metric.
4. Net primary income (BoP, current US$): Finland's net primary income is $4.55 billion, far exceeding the average of -$903.81 million. This ranks Finland 14th out of 170 countries.
5. Net secondary income (BoP, current US$): Finland's net secondary income is -$3.20 billion, below the average of -$269.23 million. Finland is ranked 147th out of 170 countries in this aspect.
6. Net trade in goods (BoP, current US$): Finland's net trade in goods is $3.23 billion, higher than the average of $1.30 billion, placing Finland 38th out of 171 countries.
7. Net capital account (BoP, current US$): Finland's net capital account is $228.29 million, slightly above the average of $136.54 million. Finland ranks 42nd out of 159 countries in this measure.
8. Net financial account (BoP, current US$): Finland's net financial account is -$394.64 million, better than the average of -$469.84 million. Finland is ranked 101st out of 170 countries for this statistic.
Summary
Finland's macroeconomic indicators show a positive current account balance, strong net primary income, and favorable net trade in goods. These statistics indicate Finland's ability to generate income and maintain a surplus in trade, positioning the country relatively well compared to the global average. This economic stability is crucial for Finland's overall financial health, showcasing its competitiveness and resilience in the international market.
Broad Export Attributes
- Exports of goods, services and primary income (BoP, current US$): Finland's value of $119.28 billion is
below the average of $146.24 billion, ranking 36th out of 170 countries.
- Exports of goods and services (BoP, current US$): Finland's value of $97.42 billion is below the average
of $122.94 billion, ranking 36th out of 170 countries.
- Exports of goods and services (current US$): Finland's value of $97.30 billion is below the average of
$129.60 billion, ranking 37th out of 163 countries.
- Exports of goods and services (% of GDP): Finland's value of 35.79% is below the average of 38.19%,
ranking 64th out of 163 countries.
- Goods exports (BoP, current US$): Finland's value of $67.42 billion is below the average of $93.31
billion, ranking 37th out of 171 countries.
- International tourism, receipts (% of total exports): Finland's value of 1.80% is below the average of
9.74%, ranking 91st out of 120 countries.
- ICT goods exports (% of total goods exports): Finland's value of 2.50% is below the average of 3.81%,
ranking 38th out of 142 countries.
Summary
Finland's exports of goods, services, and primary income, as well as goods and services, are below the global average, ranking around the middle among countries. Additionally, the country's exports as a percentage of GDP are lower than the average, indicating potential room for growth in international trade. Finland's reliance on international tourism receipts is lower than the global average, and its export of ICT goods as a proportion of total goods exports is also below average, signaling potential areas for diversification and expansion in trade.
Merchandise Exports
Finland's Merchandise exports amount to $66.22 billion, ranking 39th out of 187 countries. This value is below the attribute average of $89.54 billion.
Finland's Agricultural raw materials exports account for 6.66% of its total merchandise exports. This places Finland at the 15th rank out of 151 countries, with a value significantly higher than the attribute average of 2.97%.
Food exports make up 2.97% of Finland's total merchandise exports, ranking 137th out of 152 countries. This value is considerably lower than the attribute average of 24.06%.
Finland's Fuel exports constitute 7.01% of its merchandise exports, placing Finland at the 54th rank out of 147 countries. This value is below the attribute average of 13.70%.
Ores and metals exports represent 6.87% of Finland's merchandise exports, ranking 41st out of 152 countries. Finland's value is lower than the attribute average of 9.10%.
Finland's Merchandise exports by the reporting economy residual make up 0.31% of its total merchandise exports, ranking 87th out of 166 countries. This value is below the attribute average of 3.20%.
Summary
Finland demonstrates strength in agricultural raw materials exports, ranking 15th globally with 6.66% of total merchandise exports attributed to this sector, well above the average of 2.97%. However, its food exports ranking at 137th at 2.97% and fuel exports at 54th with 7.01% are areas for potential growth. Finland's lower-than-average merchandise exports by the reporting economy residual at 0.31% indicate room for improvement in optimizing its trade processes and efficiencies.
These findings are crucial as they highlight Finland's comparative advantage in agricultural raw materials exports, suggesting opportunities for further specialization and economic growth in this sector. Moreover, addressing the underperformance in food and fuel exports could enhance Finland's overall export diversification and resilience in the global market.
Technology Exports
Finland's manufactures exports account for 67.48% of its merchandise exports, surpassing the attribute average of 42.62%. This places Finland at rank 45 out of 152 countries in the dataset.
High-technology exports in Finland amount to $4,419,533,476, falling below the attribute average of $16,655,934,078.80. Finland holds the 35th position out of 151 countries.
Finland's high-technology exports as a percentage of manufactured exports stand at 9.98%, slightly lower than the average of 10.15%. Finland ranks 50th out of 150 countries.
For medium and high-tech exports as a percentage of manufactured exports, Finland achieves 52.59%, significantly exceeding the attribute average of 34.29%. Finland is ranked 42nd out of 149 countries in this aspect.
Summary
Finland demonstrates a strong focus on manufacturing, with a high proportion of manufactured exports and a notable contribution from high-technology exports. Although falling below the global average in high-technology export value, Finland excels in the percentage of medium and high-tech exports in its total manufactured exports, showcasing its strength in advanced technology sectors. These indicators are crucial as they highlight Finland's industrial specialization, competitiveness in high-tech sectors, and potential for innovation-driven economic growth in the global market.
Service Exports
Finland's Service exports (BoP, current US$) amount to $30,002,226,43.29, which is above the average of $28,917,292,503.82. Finland is ranked 29th out of 171 countries in this attribute.
Finland's ICT service exports (BoP, current US$) stand at $12,997,373,951.92, significantly higher than the average of $4,578,501,153.77. Finland ranks 15th out of 166 countries for this attribute.
For ICT service exports (% of service exports, BoP), Finland's value of 43.32% is well above the average of 11.75%. Finland ranks 7th out of 166 countries in this category.
Communications, computer, etc. (% of service exports, BoP) is another strong suit for Finland, with a value of 84.33%, far exceeding the average of 45.85%. Finland ranks 10th out of 169 countries in this attribute.
On the other hand, Finland's Transport services (% of service exports, BoP) at 10.09% fall below the average of 21.80%. Finland ranks 122nd out of 169 countries in this aspect.
Similarly, Finland's Travel services (% of service exports, BoP) constitute 4.15%, lower than the average of 26.40%. Finland is ranked 151st out of 167 countries for this attribute.
In Insurance and financial services (% of service exports, BoP), Finland's value of 1.42% is below the average of 6.46%. Finland ranks 126th out of 161 countries in this category.
Summary
Finland excels in ICT service exports, with values well above average and high rankings globally. However, there are areas of concern such as low contributions from Transport and Travel services, impacting its global rankings in these categories. Diversifying its service export portfolio to strengthen weaker sectors could further boost Finland's overall competitiveness in the global market.
Commercial Service Exports
Finland's commercial service exports amount to $29.87 billion, ranking 29th out of 171 countries. This value is above the attribute average by $1.36 billion.
Regarding travel services as a percentage of commercial service exports, Finland's value is 4.17%, below the average of 27.89%. Finland ranks 154th out of 167 countries in this category.
Computer, communications, and other services contribute significantly to Finland's commercial service exports, accounting for 84.27% which is notably higher than the average of 42.44%. This places Finland in the 8th rank among 169 countries.
Insurance and financial services form a smaller portion of Finland's commercial service exports at 1.43%, below the average of 6.97%. Finland ranks 126th out of 161 countries in this aspect.
Transport services represent 10.13% of Finland's commercial service exports, which is below the average of 23.37%. Finland holds the 123rd rank out of 169 countries in this category.
Summary
Finland stands out in commercial service exports, ranking 29th globally, with a total value of $29.87 billion, surpassing the average by $1.36 billion. The composition of its exports is noteworthy, with a high reliance on computer, communications, and other services, comprising 84.27% of the total. However, Finland lags behind in travel services and insurance/financial services, indicating potential areas for diversification and growth in its service export portfolio. Understanding these dynamics is crucial for policymakers to leverage Finland's strengths and address its weaknesses to enhance overall economic competitiveness and sustainability.
Broad Import Attributes
1. Imports of goods and services (current US$): Finland's imports amount to $97.09 billion, ranking 38th out of 163 countries. This value is significantly below the average import value of $126.19 billion.
2. Imports of goods and services (% of GDP): Finland's imports represent 35.71% of its GDP, ranking 91st out of 163 countries. This percentage is below the average import percentage of 44.15%.
3. International tourism, expenditures (% of total imports): Finland's tourism expenditures relative to total imports are 1.99%. This places Finland 98th out of 131 countries, below the average of 3.98%.
4. ICT goods imports (% total goods imports): Finland's ICT goods imports account for 7.09% of its total goods imports, placing it 46th out of 143 countries. This value is slightly above the average of 6.85%.
5. Goods imports (BoP, current US$): Finland's goods imports amount to $64.19 billion, ranking 40th out of 171 countries. This value is notably below the average goods import value of $92.01 billion.
6. Imports of goods and services (BoP, current US$): Finland's total imports of goods and services stand at $97.04 billion, ranking 37th out of 170 countries. This is lower than the average import value of $120.32 billion.
7. Imports of goods, services, and primary income (BoP, current US$): Finland's imports of goods, services, and primary income amount to $114.35 billion, placing it 36th out of 170 countries. This value falls below the average import value of $144.51 billion.
Summary
Finland has a moderate level of imports both in terms of absolute value and relative to its GDP, with a focus on ICT goods. The country's international tourism expenditures as a percentage of total imports are below average, indicating potential for growth in the tourism sector. These indicators are important as they provide insights into Finland's economic openness, trade relationships, and potential areas for development and diversification.
Merchandise Imports
Finland's merchandise imports amount to $68.27 billion, ranking 41st out of 190 countries. This value is below the average of $89.39 billion.
Manufactures imports account for 64.62% of Finland's merchandise imports. This places Finland at the 95th rank out of 152 countries, below the average of 66.76%.
Finland's agricultural raw materials imports represent 1.93% of its merchandise imports. With a ranking of 22 out of 152 countries, Finland exceeds the average of 1.27%.
Food imports constitute 8.46% of Finland's merchandise imports, placing it at the 131st rank out of 152 countries. Finland's value is lower than the average of 15.89%.
9.75% of Finland's merchandise imports are fuel imports. Finland ranks 87th out of 152 countries, falling below the average of 11.38%.
Finland's ores and metals imports contribute to 6.23% of its merchandise imports, ranking 13th out of 152 countries. This value is notably higher than the average of 2.57%.
The residual category of merchandise imports by Finland amounts to 0.13% of total merchandise imports. This places Finland at the 124th rank out of 180 countries, significantly below the average of 2.51%.
Summary
Finland's key macroeconomic indicators for merchandise imports reveal strengths and weaknesses in its trade composition. While the country surpasses the global averages in agricultural raw materials and ores and metals imports, it falls short in food imports and fuel imports. The dominance of manufactured goods in Finland's import portfolio signifies a well-developed industrial sector, but the reliance on fuel imports highlights a vulnerability to external energy sources, necessitating diversification strategies to enhance import resilience and reduce dependency risks.
Service Imports
Analysis of key service import attributes in Finland:
1. Service imports (BoP, current US$): Finland's value of $32.85 billion is above the average of $27.62 billion, ranking 31st out of 171 countries.
2. Communications, computer, etc. (% of service imports, BoP): Finland's percentage of 71.88% is higher than the average of 44.40%, placing it 10th out of 169 countries.
3. Transport services (% of service imports, BoP): Finland's percentage of 17.60% is below the average of 32.90%, ranking 140th out of 169 countries.
4. Travel services (% of service imports, BoP): Finland's percentage of 5.01% is lower than the average of 14.14%, positioning it at 138th out of 169 countries.
5. Insurance and financial services (% of service imports, BoP): Finland's percentage of 5.52% falls under the average of 8.53%, placing it at 96th out of 169 countries.
Summary
In analyzing key service import attributes in Finland, it is evident that Finland has a significant value of service imports ($32.85 billion), which surpasses the global average. Particularly, Finland excels in communication, computer, etc. services, ranking 10th globally. However, there is room for improvement in transport services and travel services, where Finland ranks lower than average.
These findings are crucial as they highlight Finland's strengths and weaknesses in its service import sector. By excelling in high-tech services but lagging in transport and travel services, Finland can strategize on leveraging its competitive advantage in certain areas while working on enhancing its competitiveness in others to boost overall economic growth and trade efficiency.
Commercial Service Imports
Finland's commercial service imports amount to $32,807,520,996.27, ranking 31st out of 171 countries. This value is $5,704,774,867.67 above the average import value.
For Computer, communications, and other services (% of commercial service imports), Finland scores 71.84%, which is notably higher than the average of 41.71%. This places Finland in the 10th position out of 169 countries.
Finland's percentage of Insurance and financial services in commercial imports is 5.52%, lower than the average of 8.85%. This places Finland at the 100th rank out of 169 countries.
Transport services represent 17.62% of Finland's commercial service imports, ranking Finland 146th out of 169 countries. This value is significantly below the average of 34.71%.
Travel services account for 5.02% of Finland's commercial service imports, below the average of 14.73%. Finland ranks 139th out of 169 countries for this attribute.
Summary
Finland's commercial service imports amount to $32,807,520,996.27, ranking 31st out of 171 countries, with a notable emphasis on Computer, communications, and other services at 71.84%. However, Finland falls short in the percentage of Insurance and financial services, Transport services, and Travel services compared to the global average, ranking lower in these categories.
These findings are crucial for understanding Finland's economic structure and trade preferences. The high emphasis on Computer, communications, and other services indicates a strength in technology and innovation-driven services. However, the lower percentages in Insurance and financial services, Transport services, and Travel services may highlight areas for potential growth and improvement to enhance diversification and competitiveness in the global market.
Infrastructure
1. Railways, passengers carried (million passenger-km): Finland's value of 2820 million passenger-km is significantly below the average of 32281.9 million passenger-km, ranking 26th out of 64 countries in the dataset.
2. Railways, goods transported (million ton-km): Finland's value of 10138 million ton-km is well below the average of 119231.2 million ton-km, ranking 26th out of 62 countries.
3. Air transport, freight (million ton-km): Finland's value of 480.38 million ton-km is notably lower than the average of 1384.4 million ton-km, placing the country at the 35th position out of 126 countries.
4. Air transport, registered carrier departures worldwide: Finland's 47394 departures are lower than the average of 134365.6 departures, ranking 45th out of 149 countries.
5. Air transport, passengers carried: Finland's 3500299 passengers carried is significantly below the average of 11848242.7 passengers, placing the country at the 46th position out of 149 countries.
6. Container port traffic (TEU: 20 foot equivalent units): Finland's 1496192 TEU is below the average of 6907110.3 TEU, ranking 54th out of 110 countries.
7. Rail lines (total route-km): Finland's total route-km of 5918 is below the average of 12204.7 route-km, ranking 21st out of 66 countries.
Summary
Finland's transportation sector, as indicated by key macroeconomic indicators, displays lower than average performance in railways, air transport, and container port traffic. These metrics reveal that Finland's connectivity and trade volume through transportation infrastructure are below global averages. This could hinder the country's competitiveness in international trade and economic growth, highlighting the importance of investing in and improving transportation networks to boost connectivity and enhance trade efficiency.
Information Technology Infrastructure
Finland has 451,490 secure internet servers, which is slightly below the global average of 458,294. Finland is ranked 24th out of 193 countries in this attribute.
For secure internet servers per 1 million people, Finland has 81,650.51, significantly higher than the average of 14,067.17. This places Finland at the 11th rank out of 193 countries.
92.17% of the Finnish population use the internet, which is above the average of 64.77%. Finland is ranked 24th out of 180 countries in this aspect.
Finland has 1,846,000 fixed broadband subscriptions, below the global average of 6,591,956.35, positioning Finland at the 57th rank out of 185 countries.
With 7,120,000 mobile cellular subscriptions, Finland falls below the average of 42,526,463.87. Finland ranks 103rd out of 193 countries for mobile cellular subscriptions.
Summary
Finland performs above average in terms of secure internet servers per capita and internet usage rate but falls below average in fixed broadband and mobile cellular subscriptions. This indicates a strong infrastructure for internet connectivity and digital access among the population but suggests room for improvement in mobile network penetration. These indicators are vital as they reflect Finland's readiness for the digital economy, innovation potential, and overall competitiveness in the global market.
Energy Consumption
Regarding Renewable energy consumption (% of total final energy consumption), Finland consumes 47.49% of its total final energy from renewable sources, surpassing the average consumption of 32.18%. Finland is ranked 54th out of 191 countries in this indicator.
As for CO2 emissions (kt), Finland's emissions stand at 36,329.9 kt, significantly lower than the average of 171,895.94 kt. Finland is ranked 60th out of 188 countries in CO2 emissions, indicating a relatively lower level of emissions compared to other nations in the dataset.
Summary
In summary, Finland stands out for its high consumption of renewable energy, exceeding the global average. Additionally, the country's relatively low CO2 emissions compared to the dataset average highlight its efforts towards environmental sustainability. These indicators are crucial as they reflect Finland's commitment to reducing carbon footprint and transitioning towards cleaner energy sources, aligning with global efforts to mitigate climate change.
Government Balance Sheet
Analysis of key economic attributes for Finland:
1. Reserves and related items (BoP, current US$): Finland's value is $991,179,509.39, ranking 42 out of 171 countries. This is significantly below the average value of $1,924,407,186.58.
2. Total reserves minus gold (current US$): Finland's value is $10,492,037,77.39, ranking 67 out of 161 countries. It is notably below the average value of $74,221,5881.61.
3. Total reserves (includes gold, current US$): Finland's value is $13,479,975,77.39, placing it at rank 66 out of 161 countries. The value is considerably below the average of $85,708,019,773.47.
4. Total reserves in months of imports: Finland's value is 1.41, ranking 137 out of 151 countries. This is substantially below the average of 7.10 months.
Summary
Finland's reserves and related items as well as total reserves indicate a relatively lower financial cushion compared to the global average. The country ranks below average in both total reserves minus gold and total reserves including gold. Additionally, Finland's total reserves in months of imports are significantly lower than the global average, suggesting a potential vulnerability in terms of meeting import demands. These findings underscore the importance for Finland to continuously monitor and potentially bolster its reserve levels to enhance its economic resilience and safeguard against external shocks.
Government Revenue
Finland's Revenue, excluding grants (% of GDP) stands at 35.21, 8.19 points above the average of 27.02. This places Finland at 26th out of 122 countries in the dataset.
For Grants and other revenue (% of revenue), Finland's value is 12.24, notably below the average of 23.54. This places Finland at the 76th rank out of 108 countries.
Social contributions (% of revenue) in Finland are at 32.31, higher than the average of 22.29. Finland is ranked 26th out of 81 countries in this aspect.
Finland's Taxes on goods and services (% of revenue) is at 39.99, 8.16 points above the average of 31.82. The country is ranked 33rd out of 122 countries in this category.
Regarding Other taxes (% of revenue), Finland's value is 0.93, lower than the average of 2.12. Finland ranks 55th out of 106 countries in this attribute.
Finally, Taxes on income, profits and capital gains (% of revenue) in Finland stand at 14.53, below the average of 24.66. This places Finland at the 97th rank out of 119 countries.
Summary
Finland performs above average in terms of Revenue excluding grants, Social contributions, and Taxes on goods and services, ranking quite well globally in these areas. However, it falls behind in Grants and other revenue, Other taxes, and notably in Taxes on income, profits, and capital gains. These statistics are crucial as they indicate Finland's reliance on various revenue sources and its tax structure in comparison to other countries. They provide insights into the country's fiscal policies, economic health, and its attractiveness for business and investment.
Taxes
Finland's tax revenue as a percentage of GDP stands at 19.87%, which is above the average of 16.72%. The country ranks 41st out of 123 countries in this metric.
For taxes on income, profits, and capital gains as a percentage of total taxes, Finland's value of 26.20% is below the average of 38.40%. This places Finland at a rank of 98 out of 120 countries.
In terms of the weighted mean tariff rate on all products, Finland has a rate of 1.48%, significantly lower than the average of 5.21%. This places Finland at a rank of 119 out of 153 countries.
Summary
Finland has a relatively high tax revenue as a percentage of GDP, ranking 41st globally, but its taxes on income, profits, and capital gains are lower than average, placing it at 98th position. Additionally, Finland maintains a low weighted mean tariff rate on products, ranking 119th worldwide.
These statistics are important as they showcase Finland's balanced approach to taxation, with a higher focus on overall tax revenue as a percentage of GDP rather than individual income taxes. The low weighted mean tariff rate also indicates Finland's commitment to open trade policies, fostering international relationships and economic growth.
Government Expenses
1. Expense (% of GDP): Finland's expense as a percentage of GDP is 41.25%, which is above the average of 31.69%. Finland ranks 28th out of 123 countries in this attribute.
2. Compensation of employees (% of expense): Finland's compensation of employees as a percentage of expense is 7.52%, below the average of 24.70%. Finland ranks 115th out of 123 countries in this attribute.
3. Goods and services expense (% of expense): Finland's goods and services expense as a percentage of total expense is 7.93%, below the average of 14.77%. Finland ranks 93rd out of 122 countries in this attribute.
4. Interest payments (% of expense): Finland's interest payments as a percentage of total expense is 1.60%, below the average of 6.85%. Finland ranks 104th out of 121 countries in this attribute.
5. Other expense (% of expense): Finland's other expenses as a percentage of total expense is 4.14%, below the average of 8.29%. Finland ranks 86th out of 120 countries in this attribute.
6. Subsidies and other transfers (% of expense): Finland's subsidies and other transfers as a percentage of total expense is 53.40%, above the average of 43.29%. Finland ranks 35th out of 121 countries in this attribute.
Summary
Finland's expense as a percentage of GDP is relatively high at 41.25%, ranking 28th out of 123 countries. However, its compensation of employees, goods and services expense, interest payments, and other expenses are all below global averages, indicating potential areas for optimization. Notably, Finland allocates a significant portion (53.40%) of its expense towards subsidies and other transfers, surpassing the global average of 43.29%, highlighting a focus on social welfare and support programs.
These findings are crucial as they provide insights into Finland's fiscal policies and priorities. Understanding how the country allocates its resources can reveal its economic stability, social welfare commitment, and potential areas for improvement in efficiency and effectiveness of government spending.
Top Stats
Ranks in Top Decile For:
| Attribute | Rank/Total |
|---|---|
| Population ages 65 and above (% of total population) | 4/194 |
| Researchers in R&D (per million people) | 4/72 |
| GDP per capita (current US$) | 16/190 |
| GNI per capita, PPP (current international $) | 16/181 |
| Foreign direct investment, net (BoP, current US$) | 13/169 |
| Portfolio equity, net inflows (BoP, current US$) | 10/125 |
| Net primary income (BoP, current US$) | 14/170 |
| Agricultural raw materials exports (% of merchandise exports) | 15/151 |
| ICT service exports (BoP, current US$) | 15/166 |
| ICT service exports (% of service exports, BoP) | 7/166 |
| Communications, computer, etc. (% of service exports, BoP) | 10/169 |
| Computer, communications and other services (% of commercial service exports) | 8/169 |
| Ores and metals imports (% of merchandise imports) | 13/152 |
| Communications, computer, etc. (% of service imports, BoP) | 10/169 |
| Computer, communications and other services (% of commercial service imports) | 10/169 |
| Secure Internet servers (per 1 million people) | 11/193 |
Ranks in Bottom Decile For:
| Attribute | Rank/Total |
|---|---|
| Birth rate, crude (per 1,000 people) | 183/192 |
| Fertility rate, total (births per woman) | 174/190 |
| Foreign direct investment, net inflows (BoP, current US$) | 172/182 |
| Foreign direct investment, net inflows (% of GDP) | 161/178 |
| Food exports (% of merchandise exports) | 137/152 |
| Travel services (% of service exports, BoP) | 151/167 |
| Travel services (% of commercial service exports) | 154/167 |
| Total reserves in months of imports | 137/151 |
| Compensation of employees (% of expense) | 115/123 |