OECD Economic Surveys: Finland 2020

Abstract

This Survey is published on the responsibility of the Economic and Development Review Committee 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 19 October 2020. 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 25 November 2020.

The Secretariat’s draft report was prepared for the Committee by David Carey and Naomitsu Yashiro, with contributions from Hyunjeong Hwang, under the supervision of Vincent Koen. Statistical research assistance was provided by Hyunjeong Hwang and Natia Mosiashvili and editorial assistance by Michelle Ortiz and Sisse Nielsen.

The previous Survey of Finland was issued in February 2018.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys.

Basic statistics of Finland, 2019

(Numbers in parentheses refer to the OECD average)

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million)	5.5		Population density per km² (2018)	18.1	(38.0)
Under 15 (%)	16.0	(17.9)	Life expectancy at birth (years, 2018)	81.7	(80.1)
Over 65 (%)	22.1	(17.1)	Men (2018)	79.1	(77.5)
Foreign born (%)	7.0		Women (2018)	84.5	(82.8)
Latest 5-year average growth (%)	0.2	(0.6)	Latest general election	April - 2019
ECONOMY
Gross domestic product (GDP)			Value added shares (%)
In current prices (billion USD)	269.3		Agriculture, forestry and fishing	2.6	(2.6)
In current prices (billion EUR)	240.6		Industry including construction	27.7	(26.8)
Latest 5-year average real growth (%)	1.9	(2.2)	Services	69.7	(70.5)
Per capita (1000 USD PPP)	51.4	(48.4)
GENERAL GOVERNMENT
Per cent of GDP
Expenditure	53.3	(41.6)	Gross financial debt (OECD: 2018)	72.7	(95.8)
Revenue	52.3	(38.5)	Net financial debt (OECD: 2017)	-63.2	(68.7)
EXTERNAL ACCOUNTS
Exchange rate (EUR per USD)	0.89		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	0.85		Machinery and transport equipment	33.2
In per cent of GDP			Manufactured goods	25.9
Exports of goods and services	40.2	(54.2)	Crude materials, inedible, except fuels	9.3
Imports of goods and services	39.9	(50.6)	Main imports (% of total merchandise imports)
Current account balance	-0.2	(0.3)	Machinery and transport equipment	33.1
Net international investment position	1.5		Mineral fuels, lubricants and related materials	13.9
			Manufactured goods	11.0
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate (aged 15 and over, %)	55.5	(57.6)	Unemployment rate, Labour Force Survey (aged 15 and over, %)	6.7	(5.4)
Men	58.7	(65.6)	Youth (aged 15-24, %)	16.9	(11.7)
Women	52.3	(50.0)	Long-term unemployed (1 year and over, %)	1.2	(1.4)
Participation rate (aged 15 and over, %)	67.1	(61.1)	Tertiary educational attainment (aged 25-64, %)	45.9	(38.0)
Average hours worked per year	1,540	(1,726)	Gross domestic expenditure on R&D (% of GDP, 2018)	2.8	(2.6)
ENVIRONMENT
Total primary energy supply per capita (toe, 2018)	6.2	(4.0)	CO2 emissions from fuel combustion per capita (tonnes, 2018)	7.9	( 8.6)
Renewables (%, 2018)	33.8	(10.5)	Municipal waste per capita (tonnes, 2018)	0.6	(0.5)
Exposure to air pollution (mean population exposure to PM 2.5, 2017)	5.9	(12.5)
SOCIETY
Income inequality (Gini coefficient, 2017)	0.27	(0.32)	Education outcomes (PISA score, 2018)
Relative poverty rate (2017)	6.3	(11.6)	Reading	520	(487)
Public and private spending (% of GDP)			Mathematics	507	(489)
Health care (2018)	9.1	(8.8)	Science	522	(489)
Education (% of GNI, 2018)	6.3	(4.5)	Share of women in parliament (%)	47.0	(30.7)
Pensions (2015)	13.0	(8.5)	Net official development assistance (% of GNI, 2017)	0.4	(0.4)

1. The year is indicated in parenthesis if it deviates from the year in the main title of this table.

2. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 80% of member countries.

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