The economy of Finland is highly industrialised
The economy of Finland is highly industrialised. The largest sector is services at 72.7 percent. Manufacturing and refining make up 31.4 percent. The largest industries are: electronics, machinery, vehicles and other engineered metal products, forest industry and chemicals. Finland has the 4th largest knowledge economy in Europe. The Finnish electronics and electrotechnics industry relies on heavy investment in R&D. Finland has an abundance of minerals, but many large mines have closed down, and most raw materials are now imported. With regard to vehicles, the Finnish motor industry consists mostly of manufacturers of tractors.
The chemical industry is one of the Finland’s largest industrial sectors. It produces an enormous range of products for the use of other industrial sectors, especially for forestry and agriculture. Forest products has been the major export industry in the past, but diversification and growth of the economy has reduced its share. One half of all the energy consumed in Finland goes to industry, one fifth to heating buildings and one fifth to transport.
Finland’s income is generated by the approximately 1.8 million private sector workers, who make an average 25.1 euro per hour. The unemployment rate was 10.3% in 2015.