Finnish Economy

As one of the most competitive and open economies in the world, Finland's business environment is very conducive to foreign investment. According to the Global Competitiveness Index of the World Economic Forum, Finland is the third most competitive economy in the world.

Finland's GDP amounted to EUR 204 billion in 2014. The European Commission has forecasted that the GDP will increase slightly (+0.8%) in 2015 and speed up further in 2016 (+1.5%). Also the export of goods and services are forecasted to grow 2.1% and 3.9% in the following two years.

Finnish economy is firmly integrated into the global economy. According to Customs Finland, Finland’s exports of goods was 55.8 billion euros in 2014. The major export groups were basic manufacturers, machinery, equipment and transport equipment; chemicals and related products. The value of imports was 57.6 billion. The main import product groups were machinery, equipment and transport equipment and mineral fuels.


FOREIGN DIRECT INVESTMENT IN FINLAND


FDI increase for the second consecutive year. According to statistics compiled by Invest in Finland, there were 213 new investments made in Finland in 2013, compared to 153 during 2012. In 2014, 229 new foreign companies established themselves in the Finnish market. In general, their main reasons for coming to Finland are access to the Finnish and surrounding markets of 80 million people and also the country’s world-class expertise and technology. Other reasons include safety, the clean environment and the small scale of bureaucracy and corruption.

The most popular sectors for investment are ICT, business services, healthcare and wellbeing, retail trade and cleantech. The major investors in Finland came from Sweden, United Kingdom and the United States as in previous years. Many companies that invest in Finland use it also as a base to manage their business in the Nordics, the Baltic area and Russia. Finland is an ideal business getaway to Russia and a significant share of the transit trade from the EU to Russia passes through Finland. In addition, Finland offers the fastest and least congested air route from Northern Europe to Asia.

Read more about Finnish economy on Finland Fact Book by Invest in Finland.