OECD Economic Surveys: Finland 2018

Abstract

This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of Finland were reviewed by the Committee on 25 January 2018. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 6 February 2018.

The Secretariat’s draft report was prepared for the Committee by Christophe André, Jon Kristian Pareliussen and Hyunjeong Hwang, with contributions from Heikki Viitamäki, under the supervision of Vincent Koen. Secretarial assistance was provided by Sisse Nielsen and Mercedes Burgos.

The previous Survey of Finland was issued in January 2016.

BASIC STATISTICS OF FINLAND

(Data refer to 2016 or latest available. Numbers in parentheses refer to the OECD average)

LAND AND PEOPLE
Population (millions)	5.5		Population density per km2	18.1	(37.2)
Under 15 (%)	16.4	(17.9)	Life expectancy (years)	81.4	(80.5)
Over 65 (%)	20.8	(16.6)	Men	78.8	(77.9)
Foreign-born (%)	6.2	(12.7)	Women	84.1	(83.1)
Latest 5-year average growth (%)	0.4	(0.6)	Latest general election	19 April 2015
ECONOMY
Gross domestic product			Value added shares (%)
In current prices (billion USD)	232.4		Primary	2.5	(2.5)
Latest 5-year average growth (%)	-0.2	(1.8)	Industry including construction	26.9	(26.7)
Per capita (thousand USD PPP)	43.1	(42.1)	Services	70.6	(70.8)
GENERAL GOVERNMENT
Expenditure (% of GDP)	55.8	(40.8)	General government gross debt (% of GDP)	75.4	(112.5)
Revenue (% of GDP)	54.0	(37.9)	General government net debt (% of GDP)	53.4	(73.6)
EXTERNAL ACCOUNTS
Exchange rate (EUR per USD)	0.90		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	0.90		Machinery and transport equipment	30.0
In per cent of GDP			Manufactured goods	28.0
Exports of goods and services	35.2	(28.1)	Crude materials (ex food/fuel)	8.9
Imports of goods and services	36.5	(27.7)	Main imports (% of total merchandise imports)
Current account balance	-1.4	(0.22)	Machinery and transport equipment	32.7
Balance of income	0.8		Mineral fuels, lubricants and related materials	12.1
Net transfers	-1.0		Chemicals and related products, n.e.s.	11.1
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate for 15-64 year-olds (%)	69.1	(67.0)	Unemployment rate, Labour Force Survey (15-64 year-olds, %)	8.9	(6.3)
Men	70.5	(74.7)	Youth (age 15-24, %)	19.1	(13.0)
Women	67.6	(59.3)	Long-term unemployed (1 year and over, % of unemployed)	26.6	(30.5)
Participation rate for 15-64 year-olds (%)	76.0	(71.3)	Tertiary educational attainment 25-64 year-olds (%)	43.6	(35.5)
Average hours worked per year	1 653.0	(1 766)	Gross domestic expenditure on R&D (% of GDP)	2.9	(2.4)
ENVIRONMENT
Total primary energy supply per capita (toe)	6.2	(4.1)	CO2 emissions from fuel combustion per capita (tonnes)	9.0	(9.4)
Renewables (% of TPES)	31.2	(9.6)	Municipal waste per capita (tonnes)	0.5	(0.5)
Fine particulate matter concentration (PM2.5, μg/m3)	6.9	(15.2)
SOCIETY
Income inequality (Gini coefficient)	0.26	(0.31)	Education outcomes (PISA score)
Relative poverty rate	6.3	(11.3)	Reading	526.0	(493)
Public and private spending (% of GDP)			Mathematics	511	(490)
Health care, current expenditure	8.6	(9.0)	Science	531.0	(493)
Education (primary, secondary, post sec. non tert.)	3.9	(3.7)	Share of women in parliament	42.5	(28.7)
Pensions	11.7	(9.1)	Net official development aid (% of GNI)	0.4	(0.39)

Source: Calculations based on data extracted from the databases of the following organisations: OECD, International Energy Agency, World Bank and World Health Organisation.