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Word Count: 393
Finland has a industrial economy based on abundant forest resources capital investments and technology Traditionally Finland has been a net importer of capital to finance industrial growth In the 1980s Finlands economic growth rate was one of the highest of industrialized countries Finland has been among the fastest-growing economies in the European Union EU for several years with GDP reaching 56 in 2000 fueled by the booming Nokia-led electronics industry With an export-led recovery from a severe recession triggered by the collapse of the Soviet market in early 1990s GDP has grown at an annual average rate of 48 since 1994 Unemployment has decreased significantly since 1994 however the current 91 unemployment rate 2001 remains above the EU average Finlands membership in the EU Finland joined on January 1 1995 has helped spur structural changes in key economic sectors However total output grew only marginally in 2001 when GDP growth amounted to 07 The last time output increased as little was in 1993 at the end of the last recession The growth in 2001 was stalled by a reduction in worldwide consumption demand with exports the traditional growth motor struggling Exports of goods contribute 42 of Finlands GDP Metals and engineering--including electronics--and timber--including pulp and paper--are Finlands main industries Finnish-designed consumer products such as textiles porcelain and glassware are world-famous Except for timber and several minerals Finland depends on imported raw materials energy and some components for its manufactured products Farms tend to be small but sizable timber stands are harvested for supplementary income in winter The countrys main agricultural products are dairy meat and grains Finlands EU accession has accelerated the process of restructuring and downsizing of this sector An extensive social welfare system includes a variety of pension and assistance programs and a comprehensive health insurance program Currently Finland spends 62 of GDP on health care Free education through the university level also is available According to a recent OECD report
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