Without a doubt, Finland’s economy is among the strongest performers on the international stage. Finland has a high level of industrialization and a score of 74.1 for economic liberty. With this rating, the nation is ranked as the 26th least corrupt industry in the world. Farming, production, refineries, and services are some of the many diversified industries that make up Finland’s multi-sector economic system. The service sector, which accounts for over 73% of the GDP, is the largest. The leading industries in Finland are listed below.
Metal mining
In current history, Finland’s mining sector has seen a substantial transition. The government started an endeavor to grow the mining industry with the exploration of copper and nickel ores in the early decades of the 20th century. The authorities made significant investments in mining, and numerous domestic players engaged in intensive exploration.
The extraction activities and other aspects of the mining business have, however, gradually been taken over by international corporations, and research has all but stopped. Nevertheless, the country continues to be a significant exporter of steel, nickel, zinc, copper, and chromium. Additionally, finished goods like steel tubes, roofing supplies, and cladding are exported.
Energy
Finland’s energy supply is made up of 26% nuclear fuel and 16% hydroelectricity. Mobility, heating, and industry all need different amounts of energy. Finland has always imported a significant amount of power due to the shortage of fossil resources in the country. As the nation finishes building its fifth nuclear plant, this is expected to reverse. The 6th and 7th plants’ building licenses have also been obtained. There are several uranium reserves in the nation, but none have been recognized as economically viable sites where exclusive extraction might begin.
Forestry
Currently, nearly one-fifth of the nation’s earnings come from the forestry industry. In Finland, woodland commodities have long been a key export. These exports have decreased a little as a result of the expansion and development of the Finnish economy. About 50% of Finland’s trade in the 1970s was driven by the paper and pulp sector. Despite the decline in exports of forest products, the pulp and paper sector still employs more than 50 people nationwide.
Chemicals
This sector’s origins can be traced to Finland in the seventeenth century when tar-making was a thriving activity. Currently, a variety of items produced by the chemical market are utilized in various commercial fields, especially in farming and forest management. Manufacturers of polymers, acrylics, medicines, petroleum, liquid fuels, chemicals, and biotechnology products are the major players in this market. The largest and most successful enterprise in the chemical sector is Nestle Oil. Roughly 25% of the nation’s industrial output and exports are sourced from the chemical industry in Finland.
Motor
Finland places more emphasis on industrial machinery. Makers of coaches, lorries, tankers, armored trucks, and forestry tools make up the majority of the auto sector. The country has built some of the largest and most well-known cruise ships in the globe. Around the nation, there are at least eight ports that employ up to 20,000 people.
Electronics
One of Finland’s most significant industrial contributors is the electronics sector. Over the years, the electronics market has undergone significant development. It is one of the most unpredictable commercial sectors in the world, and Finland’s boldness in the creation and manufacturing of diverse electronics can be linked to this instability.
The significant investment in R&D is responsible for the expansion of the technology sector. With an investment of roughly 3.2% of GDP, according to data from the UNESCO Institute, Finland is one of the countries that spends the most on expansion. Global market liberalization has significantly sped up this rise. One of the most well-known Finnish companies in the electronics sector was certainly Nokia.
