The main articles are:
GDP
2024: 0.1% GDP contraction
At GDP Finland the end of 2024, it decreased by 0.1%, while in 2023 the fall was recorded at 0.9%. Such data were released on March 14, 2025 by the country's Statistics Office.
Household disposable income in Finland in 2024 increased due to higher pensions. At the same time, wages did not increase at such a high rate. Pension funds showed a surplus, while other social security funds, depending on the economic orientation, showed a surplus or deficit.
Finland's GDP has a significant impact on the lives of ordinary people and the functioning of business. The country's economy has experienced a number of significant changes related to technological shifts, the macroeconomic situation and international trade tensions in a difficult geopolitical situation.
In 2024, Finland recorded an increase in net exports of services, which is explained, in particular, by the development of telecommunications, computer and information services, as well as an increase in fees in the field of intellectual property licensing. Central government tax revenues rose 0.7% to €69.7 billion. The service sector, including education, health and tourism, significantly contributes to the economic development of the country.
2023
1% reduction in GDP
At the end of 2023, Finland's GDP fell by about 1%. For comparison, a year earlier, an increase of 1.3% was recorded, and in 2021 the increase was 2.8%. Such data in mid-March 2024 was published by the country's Statistics Office.
It is noted that GDP per capita of Finland fell below the level of the financial crisis in 2008. The deficit of the public administration sector in 2023 grew to more than €7 billion. A year earlier, the deficit was estimated at €1.4 billion. The growth of the indicator was influenced by a decrease in value added tax charges, wage growth and other factors.
Despite the weak economy, employment remained at a fairly high level - about 73%. Unemployment began to rise, however, and job vacancies fell by half from the peak seen in late 2022.
In particular, the weak indicators of the housing construction sector have a negative impact on the Finnish economy. Previously, almost half of the new buildings in the greater Helsinki area were bought for rent. But real estate investors lost interest in this area, as interest rates rose against the background of the emerging macroeconomic situation and geopolitical tensions, and the number of vacancies increased. At the same time, the rent practically did not rise. Housing construction is falling at the same rate as it did during the 1990s recession.
Net exports of services in Finland, as noted, in 2023 decreased compared to the previous year. The fall is due to the slowing development of the telecommunications sector, as well as computer and information services. Overall, high inflation and rising interest rates are weighing on economic activity and demand.[1]
Industry's share of GDP is 14%
GDP contraction of 0.9% in Q3
In the third quarter of 2023, the Finnish economy contracted the most since the beginning of the Covid-19 pandemic, as falling demand for exported goods, as well as rising borrowing costs, put pressure on the economies of the Scandinavian countries. GDP shrank 0.9% from the previous quarter.
2022
Industry's share of GDP is less than 20%
GDP size forecast - $0.29 trillion
2021
GDP size - $0.3 trillion
Agriculture's share of GDP - 2.3%
Financial system
Key rate
Non-financial debt
2022: Aggregate non-financial debt 250% of GDP
Budget
2025: Budget deficit over 4% of GDP. EU authorities are ready to add Finland to the list of countries that violate budget rules
In 2024, the country exceeded the threshold of the budget deficit of 3% of GDP and, according to forecasts for November 2025, will again exceed it in 2025. Brussels plans to launch an excessive deficit procedure and demand corrective measures.
Finland has faced deficits since 2009. The reason: the COVID-19 pandemic, the outbreak of war between Russia and Ukraine, defense spending due to joining NATO and the energy crisis due to the refusal of supplies from Russia.
The Minister of Finance proposed a 10 billion euro austerity program to stabilize the budget. This is the first time since 2011 that Finland will be under EU procedure.
2024: Budget deficit rises by 50% to €12.5 billion
In 2024, the budget deficit of the federal government of Finland grew to almost 12.5 billion euros. For comparison, a year earlier it amounted to 8.1 billion euros. At the same time, the budget deficit of the central government increased on an annualized basis from 9.1 billion euros to 10.4 billion euros. This was mainly due to increased investment, ongoing transfers to social security funds and debt management costs.
National debt
2025: Public debt growth to record €245.9 billion or 88% of GDP
Finland's public debt in 2025 reached an all-time high of €245.9 billion (88.3% of GDP) in the second quarter of 2025, an increase of €12.6 billion in three months.
2023: State debt - 75% of GDP or 210 billion euros
In 2023, the ratio of Finland's public debt to GDP increased by 2.3% and amounted to 75.8% at the end of the year. In general, for the EU countries, the ratio of public debt to GDP, on the contrary, decreased by 1.7% over the year to 81.7%.
In Finland, the ratio of public debt to GDP is the ninth largest among EU member states. In neighboring Sweden, the ratio of public debt to GDP at the end of the year was only 31.2%.
According to Eurostat, Finland's public debt increased to €210.5 billion by the end of 2023.
2017: State debt - 61% of GDP
Inflation
2022
Inflation in November - 8.3%
Inflation growth in September to 8.1%
In September 2022, inflation in Finland rose to 8.1% amid another round of growth in electricity and fuel prices.
Inflation in July - 7.8%
Investments
2023: Reduced foreign investment
Minerals
2022: Second place in the world in cobalt processing
Energy carriers
2022
Reduce gas consumption by nearly 60%
Gas consumption in the bloc from August 2022 to January 2023 was 19% below the average for the previous five years, according to data released by Eurostat. The largest drop occurred in Finland - consumption more than halved.
Rejection of pipeline gas from Russia and transition to LNG, mainly from Russia
In May 2022, Finland refused to switch to paying for gas from Russia in rubles and supplies through the pipeline were stopped. See Gasum for details.
Finland, having abandoned Russian pipeline gas, buys LNG from the Cryogas-Vysotsk plant, its load does not subside, Novatek reported in June 2022.
As the Russian trade representative in Finland noted, "for the period from January to September 2022, Finland imported LNG in the amount of 85 million euros, of which 75 million euros (88%) are of Russian origin."
The limited capacity of Finnish terminals, as well as high demand and record LNG prices in Europe, prevent Finns from refusing to import Russian energy resources.
2021: Gasoline price - $1.97 per litre
2020: High dependence on gas from Russia
Power
Main article: Power of Finland
NPP
- Loviis NPP is the 1st nuclear power plant in Finland, which by 2022 provides more than 10% of electricity in the country.
- Olkiluoto NPP
2025:5 operating nuclear reactors
The number of operating nuclear reactors in countries around the world according to Bloomberg as of February 2025:
- UNITED STATES: 94
- China: 57
- France: 57
- Russia: 36
- South Korea: 26
- India: 20
- Canada: 17
- Ukraine: 15
- Japan: 14
- United Kingdom: 9
- Spain: 7
- Czech Republic: 6
- Pakistan: 6
- Sweden: 6
- Belgium: 5
- Finland: 5
- Slovakia: 5
- Hungary: 4
- Switzerland: 4
- UAE: 4
- Argentina: 3
- Belarus: 2
- Brazil: 2
- Bulgaria: 2
- Mexico: 2
- Romania: 2
- South Africa: 2
- Armenia: 1
- Iran: 1
- Netherlands: 1
- Slovenia: 1
Transport
2021
Average train speed - 89.1 km/h
30% of the population use a bike twice a week or more
Automotive market
2024: Share of Chinese electric vehicles - 2% of 38,000 units sold
2021
Driving penalty with phone in hand €50
93 thousand cars produced
Mechanical engineering
2024: 9th place in the world among the leading countries in the construction of ships for the year - 162 thousand tons
According to the statistical database of the UN Conference on Trade and Development (UNCTADstat), according to the results of 2024, Finland took the 9th place in the world among the leading countries in the construction of ships for the year with an indicator of 162 thousand tons. Read more here
Food industry
2021: Cheese production - 15.1 kg per capita
Foreign trade
Main article: Finnish Foreign Trade
R&D
2020: R&D spending - $7.2 billion
Agriculture
2021
3.8% of workers are employed in agriculture
Share of agricultural land - 7%
2019: Low use of pesticides in agriculture
Tourism
2023: In Finland, a shopping complex built for €35 million is sold for $70 thousand due to the outflow of tourists from Russia
The Zsar Outlet Village shopping complex, located in Finland near the border by Russia, was sold for 70 thousand euros, although 35 million euros were invested in its construction. The results of the auction became known at the end of November 2023. Read more here.
2021: Biggest outbound tourism destination - Spain
2019
Revenues of international tourism - 5.5% of the total export of goods and services
More than 45% of the population went on tourist trips. Spain is the most popular country
2018: Tourism revenue
Real estate
2021: High level of housing provision for the population
Company bankruptcies
2025: Highest bankruptcy rate since 1997
In the 12-month period ending November 2025, more than 3,800 companies filed for insolvency in Finland. This is the highest rate of corporate bankruptcies since 1997 in the country. This data is provided by Statistics Finland on December 19, 2025.
Tommy Veistamo, chief actuary of the department, stated in an official statement that the construction industry is leading in bankruptcy statistics throughout 2025. He noted that construction remains the only sector where the number of bankruptcies has decreased compared to the level of 2023.
Bloomberg analysts attribute the crisis in Finland to a set of factors. The weak economic position of a key trading partner, Germany, led to a drop in export demand. Another problem is sanctions against Russia, which seriously violated the existing logistics and trade ties. These external factors have been exacerbated by rising unemployment domestically, which has reduced consumer demand.
According to the Federation of Finnish Enterprises, about 20% of small and medium-sized companies rate their financial situation as "bad" or "very bad." The head of the legal department of the federation, Tiina Toivonen, said that individual entrepreneurs, as well as enterprises in the fields of trade, construction and other professional services, are experiencing the greatest difficulties.
The international rating agency Fitch downgraded Finland's credit rating. This is the first such decline in the last 30 years. Its consequence will be an increase in the cost of servicing public debt. This situation creates fiscal pressure on the country's budget.
According to the IMF, the recovery of the Finnish economy is taking place at an extremely low pace. After the recession of 2023, gross domestic product (GDP) growth in 2024 was only 0.4%. The forecast for 2025 indicates a minimum growth of 0.1%.[2][3]
Finland suffers after the imposition of sanctions against Russia. In December 2025, the number of bankruptcies reached the highest level in three decades, mainly among construction companies.
2023: Rise in bankruptcies to record 26 years after severing economic ties with Russia
The number of companies filing for bankruptcy in Finland in July 2023 increased to the maximum level over the past 26 years (224 companies were insolvent), which is a direct result of failed attempts to put pressure on Russia and break economic ties with it. According to statistics, the construction industry and other service enterprises account for the most bankrupt.
Labour market and unemployment
Main article: Labour market in Finland
Consumption
2023: Fish consumption is higher than meat consumption
2021
Prostitution: Abolitionism. Buying and selling sexual services is legal, organised activities are often illegal
There are 135 pet dogs per 1,000 people
2019
Wine consumption - 13 liters per person
High level of coffee consumption - 11.8 kg per year per person
Pork is the most consumed type of meat
Beer consumption in liters per year per person
2018
Per capita tea consumption per kg per year
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Milk consumption in liters per year per person
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The minimum age to purchase alcoholic beverages is 18 years
Notes
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