inland and the former Soviet Union in which Soviet oil and
gas had been exchanged for Finnish manufactured goods. The Finnish
Government has proposed efforts to increase industrial competitiveness and
efficiency by an increase in exports to Western markets, cuts in public
expenditures, partial privatization of state enterprises, and foreign
investment and exchange liberalization. Helsinki tied the markkaa to the
EC's European Currency Unit to promote stability but was forced to devalue
the markkaa by about 12% in November 1991. The devaluation should improve
industrial competitiveness and business confidence in 1992. Finland, as a
member of EFTA, negotiated a European Economic Area arrangement with the EC
that allows for free movement of capital, goods, services, and labor within
the organization as of January 1993. Finland applied for full EC membership
in March 1992.
GDP:
purchasing power equivalent - $80.6 billion, per capita $16,200; real growth
rate - 6.2% (1991)
Inflation rate (consumer prices):
2.9% (1991)
Unemployment rate:
7.6% (1991)
Budget:
revenues $35.8 billion; expenditures $41.5 billion, including capital
expenditures of NA billion (1991)
Exports:
$22.9 billion (f.o.b., 1991)
commodities:
timber, paper and pulp, ships, machinery, clothing and footwear
partners:
EC 50.25%, Germany 15.5%, UK 10.4%, EFTA 20.7%, Sweden 14%, US 6.1%, Japan
1.5%, USSR/EE 6.71% (1991)
Imports:
$21.6 billion (c.i.f., 1991)
commodities:
foodstuffs, petroleum and petroleum products, chemicals, transport
equipment, iron and steel, machinery, textile yarn and fabrics, fodder
grains
partners:
EC 45.9% (Germany 16.9%), UK 7.7%, EFTA 19.9%, Sweden 12.3%, US 6.9%, Japan
6%, USSR/EE 10.7%
External debt:
$5.3 billion (1989)
Industrial production:
growth rate - 8.6% (1991 est.)
Electricity:
13,324,000 kW capacity; 49,330 million kWh produced, 9,857 kWh per capita
(1991)

:Finland Economy

Industries:
metal products, shipbuilding, forestry and wood processing (pulp, paper),
copper refining, foodstuffs, chemicals, textiles, clothing
Agriculture:
accounts for 8% of GDP (including forestry); livestock production,
especially dairy cattle, predominates; forestry is an important export
earner and a secondary occupation for the rural population; main crops -
cereals, sugar