Business

Statistics

• GDP: US$281.2 billion (2008).
• Main exports: Machinery and equipment, chemicals, metals, timber, paper and pulp.
• Main imports: Food, petroleum and petroleum products, chemicals, transport equipment, iron and steel.
• Main trade partners: EU (mainly Germany, Sweden and UK), Russian Federation and USA.

Economy

The Finnish economy was sluggish in the 1990s but buoyant in the early years of the new millennium. As a result, the nation has a budget surplus and low levels of debt, placing Finland in a much better position to weather the global economic downturn than the debt-laden economies of Western Europe.

The Finnish economy has traditionally been driven by the export of timber and paper and heavy manufacturing, but the rise of the Nokia mobile phone company has made Finland a leading light in the world of telecommunication - which along with optics account for some 30% of Finnish exports. Nevertheless, experts are predicting that growth in the Finnish economy will slow to 2.3% in 2009 as a result of the global financial crisis. Finland's GNP per capita is around €34,000, which puts it on a par with the most successful Western European economies.

Although only 8% of land is used for agriculture, Finland is virtually self-sufficient in basic foodstuffs such as grain, dairy products and root crops. However, industry is heavily dependent on imported components. Finland has exploited its geographical position to develop strong trading links to Scandinavia, Western Europe and Russia. The national airline, Finnair has massively expanded its network, particularly in Asia, dramatically increasing the number of tourists visiting Finland en route to other countries.

Unemployment continues to be a problem in rural areas - the overall rate stands at around 7%, but this is inflated by the statistics from Lapland, where unemployment regularly exceeds 11%. In southern Finland, the rate is just 4.7%. Although the economy has been liberalised, the traditional network of social welfare services remains strong - helped by a low rate of population growth - and Finland ranks consistently highly on standard-of-living indices.

Business Etiquette

Businesspeople are expected to dress smartly, although trousers and a shirt are becoming more common than the traditional suit-and-tie. Most Finnish businesspeople speak English and/or German. Finnish is a complex language for visitors to master; courses can be arranged through the Helsinki University Language Centre, University of Helsinki, Kluuvikatu 7 (tel: (9) 1912 3234; www.helsinki.fi/kksc/language.services/english/index.html). Local tourist boards and travel agents will be able to assist in finding translation services.

Punctuality is essential for business and social occasions and it is customary to exchange business cards. When planning a business trip, be aware of the holiday seasons in Finland - many Finns take a winter holiday in February, and business virtually shuts down for the summer holidays from late June to the end of July.

Office hours: Mon-Fri 0800-1615, though some places stay open till 1700.

Business Contacts

Keskuskauppakamari (Central Chamber of Commerce of Finland)
World Trade Center Helsinki, Aleksanterinkatu 17, 00101 Helsinki, Finland
Tel: (9) 4242 6200.
Website: www.chamber.fi

Finland Convention Bureau (Information on Conferences/Conventions)
Fabianinkatu 4 B 11, 00130 Helsinki, Finland
Tel: (9) 668 9540.
Website: www.finlandconventionbureau.fi

FINPRO
Porkkalankatu 1, 00181 Helsinki, Finland
Tel: 800 134 344.
Website: www.finpro.fi

FINPRO in the UK
Finland Trade Centre, 177-179 Hammersmith Road, London W6 8BS, UK
Tel: (020) 8600 7260.
Website: www.finpro.fi

Conferences & Conventions

There is a wide selection of meeting facilities from state-of-the-art conference centres to ice castles. Nearly all hotels have some sort of conference facilities, which sometimes include a sauna.