Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Finland Exports: Overview
The value of Finish exports and imports of goods increased by 12.9% and 11.3% (Y-o-Y) in March 2021, respectively, according to the international trade in goods statistics provided by Finish Customs. According to Global Data, the country is expected to witness export growth in 2021 with the reopening of economies worldwide.
With the outbreak of the COVID-19 pandemic, according to the IMF, the total volume of exports and imports of goods contracted by 6.29% and 6.6%, respectively, in 2020. With an increase in international demand, a revival in the second half of the year is expected to promote growth, with exports forecast to grow by 4.2% and imports by 3.7% in 2021, according to the IMF.
Paper and paperboard, articles of paper pulp’s share of total commodity exports in Finland were 10.4% in 2020, which declined from 11.2% in 2019. In comparison to the rest of the world, Finland was the fifth largest global exporter of paper and paperboard, articles of paper pulp as of 2020. Other major Finnish exports in 2020 were machinery, mechanical appliances, nuclear reactors, and boilers, with a share of 14.4%, and electrical machinery and equipment with 8.0%.
Finland Exports as a % of GDP
Exports as a % of GDP of Finland was 31.1% in 2021, while Finland’s exports as a % of GDP decreased by 6.4% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Finland decreased by 14.3%. The indicator was highest in the year 2019 at 39.9% and lowest in the year 2021 at 31.1%.
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