Nation at a Glance - Finland

History

Finland was a province and then a grand duchy under Sweden from the 12th to the 19th centuries, and an autonomous grand duchy of Russia after 1809. It gained complete independence in 1917. During World War II, Finland successfully defended its independence through cooperation with Germany and resisted subsequent invasions by the Soviet Union - albeit with some loss of territory. In the subsequent half century, Finland transformed from a farm/forest economy to a diversified modern industrial economy; per capita income is among the highest in Western Europe. A member of the EU since 1995, Finland was the only Nordic state to join the euro single currency at its initiation in January 1999. In the 21st century, the key features of Finland's modern welfare state are high quality education, promotion of equality, and a national social welfare system - currently challenged by an aging population and the fluctuations of an export-driven economy.

Location: Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, and Gulf of Finland, between Sweden and Russia

Border Countries: Norway 709 km, Sweden 545 km, Russia 1,309 km

Total Area: 338,145 sq km Land: 303,815 sq km Water: 34,330 sq km

Climate: Cold temperate; potentially subarctic but comparatively mild because of moderating influence of the North Atlantic Current, Baltic Sea, and more than 60,000 lakes

Terrain: Mostly low, flat to rolling plains interspersed with lakes and low hills

Natural resources: Timber, iron ore, copper, lead, zinc, chromite, nickel, gold, silver, limestone

Land use: Agricultural land: 7.5% arable land 7.4%; permanent crops 0%; permanent pasture 0.1% Forest: 72.9% Other: 19.6% (2011 est.)

Ethnic groups: Finn 93.4%, Swede 5.6%, Russian 0.5%, Estonian 0.3%, Roma 0.1%, Sami 0.1% (2006)

Languages: Finnish (official) 89%, Swedish (official) 5.3%, Russian 1.3%, Other 4.4% (2014 est.)

Religions: Lutheran 73.8%, Orthodox 1.1%, Other or none 25.1% (2014 est.)

Population: 5,498,211 (July 2016 est.)

Administrative divisions: 19 regions (maakunnat, singular - maakunta (Finnish); landskapen, singular - landskapet (Swedish)); Aland (Swedish), Ahvenanmaa (Finnish); Etela-Karjala (Finnish), Sodra Karelen (Swedish) [South Karelia]; Etela-Pohjanmaa (Finnish), Sodra Osterbotten (Swedish) [South Ostrobothnia]; Etela-Savo (Finnish), Sodra Savolax (Swedish) [South Savo]; Kanta-Hame (Finnish), Egentliga Tavastland (Swedish); Kainuu (Finnish), Kajanaland (Swedish); Keski-Pohjanmaa (Finnish), Mellersta Osterbotten (Swedish) [Central Ostrobothnia]; Keski-Suomi (Finnish), Mellersta Finland (Swedish) [Central Finland]; Kymenlaakso (Finnish), Kymmenedalen (Swedish); Lappi (Finnish), Lappland (Swedish); Paijat-Hame (Finnish), Paijanne-Tavastland (Swedish); Pirkanmaa (Finnish), Birkaland (Swedish) [Tampere]; Pohjanmaa (Finnish), Osterbotten (Swedish) [Ostrobothnia]; Pohjois-Karjala (Finnish), Norra Karelen (Swedish) [North Karelia]; Pohjois-Pohjanmaa (Finnish), Norra Osterbotten (Swedish) [North Ostrobothnia]; Pohjois-Savo (Finnish), Norra Savolax (Swedish) [North Savo]; Satakunta (Finnish and Swedish); Uusimaa (Finnish), Nyland (Swedish) [Newland]; Varsinais-Suomi (Finnish), Egentliga Finland (Swedish) [Southwest Finland]

Economy: Finland has a highly industrialized, largely free-market economy with per capita GDP almost as high as that of Austria and the Netherlands and slightly above that of Germany and Belgium. Trade is important, with exports accounting for over one-third of GDP in recent years. The government is open to, and actively takes steps to attract, foreign direct investment. Finland is historically competitive in manufacturing, particularly in the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology as well as promotion of startups in the information and communications technology, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the cold climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export industry, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2016, posting a 1.9% GDP increase before growing an estimated 3.3% in 2017, supported by a strong increase in investment, private consumption, and net exports. GDP is expected to grow a rate of 2-3% in the next few years. Finland's main challenges will be reducing high labor costs and boosting demand for its exports. In June 2016, the government enacted a Competitiveness Pact aimed at reducing labor costs, increasing hours worked, and introducing more flexibility into the wage bargaining system. As a result, wage growth was nearly flat in 2017. The Government was also seeking to reform the health care system and social services. In the long term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth.

Agriculture - products: Barley, wheat, sugar beets, potatoes; dairy cattle; fish

Industries: Metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing

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