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Economy of Finland

Finland has a highly industrialised, mixed economy with a per capita output equal to that of other western economies such as France, Germany, Sweden or the United Kingdom. The largest sector of the economy is services at 72.7 percent, followed by manufacturing and refining at 31.4 percent. Primary production is 2.9 percent.

With respect to foreign trade, the key economic sector is manufacturing. The largest industries are electronics (21.6 percent), machinery, vehicles and other engineered metal products (21.1 percent), forest industry (13.1 percent), and chemicals (10.9 percent). Finland has timber and several mineral and freshwater resources. Forestry, paper factories, and the agricultural sector (on which taxpayers spend around 2 billion euro annually) are politically sensitive to rural residents. The Greater Helsinki area generates around a third of GDP.

In a 2004 OECD comparison, high-technology manufacturing in Finland ranked second largest after Ireland. Knowledge-intensive services have also ranked the smallest and slow-growth sectors - especially agriculture and low-technology manufacturing - second largest after Ireland. Finland has the 4th largest knowledge economy in Europe, behind Sweden, Denmark and the UK. The economy of Finland tops the ranking of Global Information Technology 2014 report by the World Economic Forum for concerted output between business sector, scholarly production and the governmental assistance on Information and communications technology.

Sectors

Agriculture

During this period of expansion, farmers introduced modern production practices. The widespread use of modern inputs—chemical fertilisers and insecticides, agricultural machinery, and improved seed varieties—sharply improved crop yields. Yet the modernisation process again made farm production dependent on supplies from abroad, this time on imports of petroleum and fertilisers.

Forestry

Forests play a key role in the country's economy, making it one of the world's leading wood producers and providing raw materials at competitive prices for the crucial wood-processing industries. Finnish officials believed that such growth was necessary if Finland was to maintain its share in world markets for wood and paper products.

Industry

Since the 1990s, Finnish industry, which for centuries had relied on the country's vast forests, has become increasingly dominated by electronics and services, as globalization lead to a decline of more traditional industries.

Electronics

The Finnish electronics and electrotechnics industry relies on heavy investment in R&D, and has been accelerated by the liberalisation of global markets.

Metals, engineering and manufacturing

Finland has an abundance of minerals, but many large mines have closed down, and most raw materials are now imported. The exports include steel, copper, chromium, zinc and nickel, and finished products such as steel roofing and cladding, welded steel pipes, copper pipe and coated sheets.

With regard to vehicles, the Finnish motor industry consists mostly of manufacturers of tractors (Valtra, formerly Valmet tractor), forest machines (f.ex. Ponsse), military vehicles (Sisu, Patria), trucks (Sisu Auto), buses and Valmet Automotive, a contract manufacturer, whose factory in Uusikaupunki produces Fisker electric cars. Shipbuilding is an important industry: the world's largest cruise ships are built in Finland; also, the Finnish company Wärtsilä produces the world's largest diesel engines. In addition, Finland also produces train rolling stock.

Chemical industry

The chemical industry is one of the Finland's largest industrial sectors with its roots in tar making in the 17th century. It produces an enormous range of products for the use of other industrial sectors, especially for forestry and agriculture. In addition, its produces plastics, chemicals, paints, oil products, pharmaceuticals, environmental products, biotech products and petrochemicals.

Pulp and paper industry

Forest products has been the major export industry in the past, but diversification and growth of the economy has reduced its share. Pulp and paper is still a major industry with 52 sites across the country.

Energy industry

Finland's energy supply is divided as follows: nuclear power - 26%, net imports - 20%, hydroelectric power - 16%, combined production district heat - 18%, combined production industry - 13%, condensing power - 6%. This might change in the future since Finland is currently building its fifth and approved the building permits for its sixth and seventh reactors.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Finland"

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