Main Indicators for the Finnish Economy

BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/7 19 Dec 7

Main Indicators for the Finnish Economy is produced jointly by the Monetary Policy and Research department and Financial Markets and Statistics department and it is issued monthly. The review is unofficial, and the Bank of Finland is not liable for any possible errors. Main Indicators for the Finnish Economy is posted on our website (http://www.bof.fi/en/julkaisut/selvitykset_ja_raportit/main/index.htm)

Charts and tables Monetary policy and market interest rates Chart 1. Eurosystem interest rates 5 Chart. Euribor rates 5 Chart 3. International three-month interest rates Chart. International long-term interest rates Chart 5. Yield on ten-year Finnish government bonds and differential vs. Germany 7 Chart. Yield curve 7 Banking in Finland Chart 7. Average interest rates on loans and deposits 8 Chart 8. Average interest rates on new loans to households 8 Chart 9. Stock of bank lending by interest rate linkage 9 Chart 1. Stock of bank deposits by interest rate linkage 9 Chart 11. Growth of deposits 1 Chart 1. Growth of lending 1 Chart 13. Liabilities of Finnish MFIs in the Finnish contribution to euro area monetary aggregates 11 Chart 1. Outstanding loans to households and non-financial corporations 11 Securities market Chart 15. Selected stock price indices in the euro area 1 Chart 1. OMX Nordic Exchange Helsinki: share indices by sector 1 Chart 17. Listed shares in Finland: total market capitalization and non-residents holdings 13 Chart 18. Non-residents portfolio investments in Finland 13 Chart 19. Bonds issued in Finland 1 Chart. Mutual funds registered in Finland 1 Borrowing by sector in Finland Chart 1. Non-financial corporate sector and household borrowing 15 Chart. Sectoral debt ratios in Finland 15 Exchange rates Chart 3. Euro exchange rates against the US dollar and the yen 1 Chart. Euro exchange rates against the pound sterling and the Swedish krona 1 Chart 5. Euro s external value and Finland s competitiveness indicator 17 Chart. Competitiveness indicators for Finland 17 Real economy Chart 7. GDP, volume, Finland and euro area 18 Chart 8. GDP, volume, Finland, monthly indicator 18 Chart 9. Industrial production, volume, Finland and euro area 19 Chart 3. Industrial confidence indicator, Finland and euro area 19 Chart 31. Manufacturing production by sector in Finland, volume index Chart 3. Finland's imports of goods, volume Chart 33. Consumption in Finland, volume 1 Chart 3. Consumer confidence, Finland and euro area 1 Chart 35. Fixed investment in Finland, volume Chart 3. Construction indicators Chart 37. Exports of goods, volume, Finland 3 Chart 38. Exports by industry, Finland 3 Table 1. Supply, demand and labour market indicators

Prices and costs Chart 39. Consumer prices (CPI), Finland and euro area 5 Chart. Harmonized index of consumer prices (HICP), Finland and euro area 5 Chart 1. Inflation rates in the euro area (HICP) Chart. Producer prices, Finland and euro area Chart 3. Earnings in Finland 7 Chart. Hourly labour costs 7 Chart 5. Finland's export prices, import prices and terms of trade 8 Chart. Dwelling prices in Finland 8 Table. Cost and price indicators 9 Labour market Chart 7. Unemployment rate, Finland and euro area 3 Chart 8. Employment in Finland 3 Public finances Chart 9. Public sector balances in Finland 31 Chart 5. Public sector debt in Finland 31 External balance Chart 51. Goods account and current account, Finland 3 Chart 5. Net international investment position, Finland 3 Table 3. External balance and sectoral balances indicators 33

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Monetary policy and market interest rates Chart 1. 1 Eurosystem interest rates % Marginal lending rate (liquidity credit rate until end-1998) Deposit rate (excess reserve rate until end-1998) Main refinancing rate / minimum bid rate (tender rate until end-1998) 8 1997 1999 1 3 5 7 Sources: European Central Bank and Bank of Finland. Note: Bank of Finland interest rates until end-1998. Chart. Euribor rates 1-month 3-month 1-month 1 % 8 1997 1999 1 3 5 7 Sources: Reuters and Bank of Finland. Note: Helibor rates until end-1998. Main Indicators 5

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 3. International three-month interest rates Euro area United States United Kingdom Japan 1 % 8-1997 1999 1 3 5 7 Sources: Reuters and European Central Bank. Note: Until end-1998 the euro area rate is calculated as the average of national rates weighted by GDP. Euribor from January 1999. Chart. International long-term interest rates Germany United States United Kingdom Japan 1 % 8 1997 1999 1 3 5 7 Source: Reuters. Note: Yield on ten-year government bonds. Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 5. 1 Yield on ten-year Finnish government bonds and differential vs. Germany % Yield (left-hand scale) Differential (right-hand scale) %-pts 1 5 8 3 1-1997 1999 1 3 5 7 Source: Reuters. -1 Chart. 5.5 Euro area (Finland's) yield curve (zero coupon yield curve) % 1 Dec 7 1 Sep 7 5..5. 1 3 5 7 8 9 Source: Bank of Finland. Years to maturity Note: BOF estimation using Nelson & Siegel (1987) yield curve model applied to Eonia and Euribor rates and Finnish benchmark government bond yields. Note : Due to recent turmoil in financial markets, the estimate of the yield curve is biased and, therefore, cannot be interpreted in a mechanical way. Main Indicators 7

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Banking in Finland Chart 7. Interest rates on loans and deposits New bank loans New business on MFI loans Bank loans, stock MFI loans, stock 7 % Bank deposits, stock MFI deposits, stock 5 3 1 1997 1999 1 3 5 7 Source: Bank of Finland. The data collection process changed from 1 January 3, with the coming into force of the ECB Regulation concerning statistics on interest rates ECB/1/18. Consecutively, the reporting population has been extended to cover credit institutions, in addition to deposit banks. Chart 8. Interest rates on new loans to households Banks' new housing loans MFIs' housing loans Banks' new consumer credit MFIs' consumer credit 8 % 1-month Euribor (Helibor until end-1998) 7 5 3 1 1997 1999 1 3 5 7 Source: Bank of Finland. See note in Chart 7. 8 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 9. % 1 Stock of bank lending by interest rate linkage Linked to 3 and 5-year reference rates Linked to base rate Linked to other rates (as from 3, also loans linked to base rate and fixed-rate loans) Fixed-rate Linked to banks' own reference rates Linked to Euribor (Helibor until end-1998) 8 1997 1999 1 3 5 7 Source: Bank of Finland. See note in Chart 7. Chart 1. % 1 Stock of bank deposits by interest rate linkage Linked to base rate Linked to other interest rates (as from 3, includes also deposits linked to base rate) Fixed-rates Linked to banks' own reference rates Linked to Euribor (Helibor until end-1998) 8 1997 1999 1 3 5 7 Source: Bank of Finland. See note in Chart 7 Main Indicators 9

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 11. Euro area and Finnish MFIs: growth of deposits Deposits of euro area residents with Finnish MFIs Deposits of euro area residents with euro area MFIs 1 Percentage change from previous year 1 8 - - - 1997 1999 1 3 5 7 Sources: European Central Bank and Bank of Finland. Chart 1. Euro area and Finnish MFIs: growth of loans Loans by Finnish MFIs to euro area residents Loans by euro area MFIs to euro area residence 15 Percentage change from previous year 1 5-5 -1 1997 1999 1 3 5 7 Sources: European Central Bank and Bank of Finland. 1 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 13. Liabilities of Finnish monetary financial institutions included in monetary aggregates for the euro area * M1 M M3 Percentage change from previous year 18 1 1 1 1 8 3 5 7 Source: Bank of Finland. * Note: Excluding currency in circulation with the public. Chart 1. Outstanding loans to households and non-financial corporations 9 85 8 75 7 5 55 5 5 35 3 5 15 1 To households by MFIs To non-financial corporations by MFIs To households by banks To non-financial corporations by banks * EUR billion 1997 1999 1 3 5 7 Source: Bank of Finland. * Note: The series includes structural changes. Main Indicators 11

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Securities market Chart 15. Selected stock price indices in the euro area Finland: OMX Helsinki Euro area: DJ Euro Stoxx Germany: DAX 1 Index Dec 1999 = 1 1 1 8 1997 1999 1 3 5 7 Sources: Bloomberg and OMX Nordic Exchange Helsinki Oy. Chart 1. OMX Nordic Exchange Helsinki: share indices by sector Commercial banks Paper & Forest Products Machinery Technology Hardware & Equipment 8 Index Jan 1 = 1 3 3 8 1 1 8 1 3 5 7 The Helsinki Stock Exchange introduced the Global Industry Classification Standard (GICS) for listed companies as of 1 July 5. Source: OMX Nordic Exchange Helsinki 1 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 17. Listed shares in Finland: total market capitalization and non-residents' holdings 5 5 35 3 5 15 1 5 Total market capitalization (left-hand scale) Non-residents' holdings (left-hand scale) Non-residents' holdings as % of market capitalization (right-hand scale) EUR billion 5 7 8 Sources: OMX Nordic Exchange Helsinki Oy and Finnish Central Securities Depository. % 1 9 8 7 5 3 1 Chart 18. Non-residents' portfolio investments in Finland 1-month moving totals EUR billion Finnish shares, net purchases Finnish bonds and money market paper, net purchases 15 1 5-5 3 5 7 8 Source: Bank of Finland. Main Indicators 13

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 19. Bonds issued in Finland Central government Financial institutions Companies Other 7 End-month stock, EUR billion 5 3 1 5 7 8 Source: Statistics Finland. Chart. Mutual funds registered in Finland Equity funds (left-hand scale) Balanced funds (left-hand scale) All funds: net subscriptions (right-hand scale) Fixed-income funds (left-hand scale) Risk funds (left-hand scale) 8 EUR billion EUR million 7 5 5 3 3 1 1-1 - 5 7 8 Sources: OMX Nordic Exchange Helsinki Oy and Finnish Association of Mutual Funds. 1 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Borrowing by sector in Finland Chart 1. Non-financial corporate sector and household borrowing 1 = corporate sector (excl. housing corporations), = households. Banks Other financial institutions General government Rest of the world Change in stocks, EUR billion 3 1 1 * * * * * -1-5 7 8 Sources: Bank of Finland and Statistics Finland. *Note: Corrected for changes in sectoral classification. Chart. 8 Sectoral debt ratios in Finland Non-financial corporate sector excl. housing corporations Household sector Central government % of GDP 1997 1999 1 3 5 7 Sources: Statistics Finland, State Treasury and Bank of Finland. Main Indicators 15

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Exchange rates Chart 3. Euro exchange rates against the US dollar and the yen 1.8 Value of one euro in Japanese yen (right-hand scale) Value of one euro in US dollars (left-hand scale) 18 1. 1 1. 1 1. 1 1 1.8 8. 1997 1999 1 3 5 7 Sources: European Central Bank and Reuters. Note: ECU exchange rate until end-1998. Chart..8 Euro exchange rates against the pound sterling and the Swedish krona Value of one euro in Swedish kronor (right-hand scale) Value of one euro in pounds sterling (left-hand scale) 1.75 11.7 1.5 9. 8.55 1997 1999 1 3 5 7 Sources: European Central Bank and Reuters. Note: ECU exchange rate until end-1998. 7 1 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 5. Euro's external value and Finland's competitiveness indicator 1 Finland's narrow competitiveness indicator Euro's effective exchange rate Index 1999 Q1 = 1 11 1 9 8 1997 1999 1 3 5 7 Sources: European Central Bank and Bank of Finland. Note: An upward movement of the index represents an appreciation of the euro/ a weakening in Finnish competitiveness. The method of calculation is described in the Bank of Finland Bulletin 1/. Chart. Competitiveness indicators for Finland Nominal Real (deflated by consumer prices) 1 Index 1999Q1 = 1 11 1 9 8 1997 1999 1 3 5 7 Source: Bank of Finland. Note: Narrow plus euro area competitiveness indicator. See also note in Chart 5. Main Indicators 17

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Real economy Chart 7. Gross domestic product Finland Euro area 8 Bank of Finland forecast, European Commission forecast, summer 7 autumn 7 Percentage change in volume from previous year - 1997 1999 1 3 5 7 Sources: Statistics Finland, Bank of Finland, European Central Bank and European Commission. Chart 8. Gross domestic product in Finland GDP at market prices Bank of Finland Forecast, summer 7 GDP monthly indicator at producer prices 1 Percentage change in volume from previous year 1 8-5 7 8 Sources: Bank of Finland and Statistics Finland. 18 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 9. Industrial production Finland Euro area Percentage change in volume from previous year 15 1 5-5 -1 1997 1999 1 3 5 7 Sources: Statistics Finland and Eurostat. Chart 3. Industrial confidence indicator Finland Euro area 3 Percentage balance, s.a. 1-1 - -3 1997 1999 1 3 5 7 Source: European Commission. Main Indicators 19

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 31. Manufacturing production by sector Electronics industry Other metal industry Forest industry 1 Index = 1, seasonally adjusted 1 1 1 8 1997 1999 1 3 5 7 Source: Statistics Finland. Chart 3. Finland's imports of goods Imports 3-month moving average, percentage change in volume from previous year 15 1 5-5 -1 1997 1999 1 3 5 7 Sources: Bank of Finland and National Board of Customs. Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 33. Consumption in Finland Private consumption (left-hand scale) Bank of Finland forecast, summer 7 8 Retail sales (right-hand scale) Percentage change in volume from previous year 15 1 5 1997 1999 1 3 5 7-5 Sources: Bank of Finland and Statistics Finland. Chart 3. Consumer confidence 3 Finland Percentage balance, s.a. Euro area 1-1 - -3 1997 1999 1 3 5 7 Source: European Commission. Main Indicators 1

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 35. Fixed investment in Finland Fixed investment (left-hand scale) Machinery and equipment (left-hand scale) Spare capacity (right-hand scale) Percentage change in volume from previous year % 3 3 5 1 15 1-1 5-1997 1999 1 3 5 7 Sources: Bank of Finland and Statistics Finland. Chart 3. Construction indicators All building starts, four-quarter moving total (percentage change from previous year) Residential buildings starts, four-quarter moving total (percentage change from previous year) Industrial investment prospects (percentage balance) 5 3 1-1 -3 1997 1999 1 3 5 7 Sources: Federation of the Finnish Industries and Statistics Finland. Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 37. Finland's exports of goods Exports 3 3-month moving average, percentage change in volume from previous year 1-1 - 1997 1999 1 3 5 7 Sources: Bank of Finland and National Board of Customs. Chart 38. Finland's exports by industry Electronics industry Forest industry Other metal and engineering industry Other industry 1-month moving totals, percentage of total exports 35 3 5 15 1 1997 1999 1 3 5 7 Source: National Board of Customs. Main Indicators 3

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Table 1. Supply, demand and labour market indicators 5 7 Actual 7* 8* 9* Supply and demand percentage volume change from previous year Gross domestic product.9 5. 3.8 Q3. 3.1.5 at market prices.7 Q1 - Q3 GDP monthly indicator.9 5.5.7 M1 at producer prices 3. M1 - M1 Manufacturing production 1. 7.3 -.1 M1.8 M1 - M1 Consumption expenditure 3. 3.3 3. Q3 3.3 Q1 - Q3 - private 3.8.3.3 Q3.9.5.5. Q1 - Q3 - general government 1.7 1..1 Q3 1.3.3. 1. Q1 - Q3 Gross fixed capital formation 3.7.1 3. Q3 5.7 Q1 - Q3 - private. 5. 3.1 Q3 5.7 5..8. Q1 - Q3 - general government -1.7-5.3.5 Q3.8.1.3 3.7 Q1 - Q3 Domestic demand.9 3..8 Q3 3. Q1 - Q3 Exports of goods and services 7.1 1. 7.5 Q3 7. 5.8 5.5.3 Q1 - Q3 Imports of goods and services 1. 8.3.7 Q3 3.. 5..9 Q1 - Q3 Labour market indicators Employed persons 1.5 1.8 3. M1 1.9.9. percentage change from previous year.1 M1 - M1 Unemployment rate, s.a. ** 8. 7.7.9 M1....9 M1 - M1 Source: Statistics Finland. * Bank of Finland forecast, summer 7. ** Seasonally adjusted by the Bank of Finland. Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Prices and costs Chart 39. Consumer prices Consumer price index Bank of Finland forecast, summer 7 5. Percentage change from previous year. 3.. 1.. -1. 1997 1999 1 3 5 7 Sources: Bank of Finland and Statistics Finland. Chart. Harmonized index of consumer prices (HICP) Finland Euro area Bank of Finland forecast, summer 7 European Commission forecast, autumn 7 3.5 Percentage change from previous year 3..5. 1.5 1..5. -.5 5 7 8 Sources: Bank of Finland, European Commission, Eurostat and Statistics Finland. Main Indicators 5

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 1. Inflation rates in the euro area (HICP) Finland Germany Min Max Percentage change from previous year 5 3 1-1 5 7 8 Sources: Eurostat and Statistics Finland. Chart. Producer prices Finland Euro area Percentage change from previous year 1 8 - - - -8 1997 1999 1 3 5 7 Sources:Eurostat and Statistics Finland. Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Chart 3. Earnings in Finland Negotiated wages Wage drift 8 Real earnings Bank of Finland forecast, summer 7 Percentage change from previous year - 1997 1999 1 3 5 7 9 Sources: Bank of Finland and Statistics Finland. Chart. Hourly labour costs Finland Euro area 8 Percentage change from previous year 7 5 3 1-1 1997 1999 1 3 5 7 Sources: Eurostat. Note: Whole economy excl. agriculture, public administration, education, health and services not elsewhere classified. Main Indicators 7

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Chart 5. Finland's export prices, import prices and terms of trade Export price index, goods Import price index, goods Terms of trade 1 Index = 1 11 1 9 8 1997 1999 1 3 5 7 Sources: Statistics Finland and Bank of Finland. Chart. Dwelling prices in Finland Whole country Capital region Whole country, real prices (deflated by consumer prices) 3 Index 1995 = 1 5 15 1 5 1997 1999 1 3 5 7 Sources: Statistics Finland and Bank of Finland. 8 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Table. Cost and price indicators Percentage change from previous year 5 7 7* 8* 9* Actual Labour costs Index of wages and salaries 3.9 3.. Q3 3.3 5...7 Q1 - Q3 Unit labour costs - whole economy. -..7 Q3 1. 3. 1.7.5 Q1 - Q3 Price indices Export prices (goods) - export price index 1.8.1 1.1 M11. M1 - M11 - export price deflator 1. 3.1. Q3. Q1 - Q3 Import prices (goods) - import price index. 7. 3.9 M11.3 M1 - M11 - import price deflator 5.3 7.5 1. Q3.7 Q1 - Q3 Producer prices.1.8 1.7 M11 3.1 M1 - M11 Wholesale prices 3.3 5.9 3. M11 3. M1 - M11 Consumer prices - consumer price index.9 1..9 M11..7 1.8.5 M1 - M11 - harmonized index of consumer prices.8 1.3.1 M11 1.7.. 1.5 M1 - M11 Asset prices Stumpage prices -.1.. M1 5. M1 - M1 Dwelling prices, whole country.1 7. 5.9 Q3. Q1 - Q3 Share prices 17..5 7.9 M11. M1 - M11 Sources: Finnish Forest Research Institute, OMX Nordic Exchange Helsinki Oy., National Board of Customs and Statistics Finland. * Bank of Finland forecast, summer 7. Main Indicators 9

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics Labour market Chart 7. Unemployment rate Finland, s.a. Euro area, s.a. % Bank of Finland forecast, summer 7 European Commission forecast, autumn 7 15 1 5 1997 1999 1 3 5 7 Sources: Bank of Finland, European Commision, Eurostat and Statistics Finland. Note: Seasonally adjusted by the Bank of Finland and Eurostat. Chart 8. 8 7 Employment in Finland Labour force, s.a. Bank of Finland forecast, summer 7 1 persons Total number of employed, s.a. Bank of Finland forecast, summer 7 5 3 1 1997 1999 1 3 5 7 Sources: Statistics Finland and Bank of Finland. Note: Seasonally adjusted by the Bank of Finland. 3 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Public finances Chart 9. Public sector balances in Finland 8 % of GDP General government net lending Bank of Finland forecast, summer 7 - - 1997 1999 1 3 5 7 Sources: Statistics Finland and Bank of Finland. Chart 5. Public sector debt in Finland General government debt Central government debt Bank of Finland forecast, summer 7 Bank of Finland forecast, summer 7 8 % of GDP 1997 1999 1 3 5 7 Sources: Statistics Finland, State Treasury and Bank of Finland. Main Indicators 31

19 Dec 7 Monetary Policy and Research - Financial Markets and Statistics External balance Chart 51. Finland's goods account and current account 1-month moving totals Goods account, fob Current account EUR billion 15 1 5 1997 1999 1 3 5 7 Source: Bank of Finland. Chart 5. 1 Finland's net international investment position Net international investment position, (NIIP) NIIP excl. nonresidents' holdings of listed Finnish shares % of GDP 5-5 -1-15 - 1997 1999 1 3 5 7 Sources: Bank of Finland and Statistics Finland. 3 Main Indicators

Monetary Policy and Research - Financial Markets and Statistics 19 Dec 7 Table 3. External balance and sectoral balances indicators 5 7 7* 8* 9* Actual Goods account EUR billion 7.7 8.9.8 M1 7.8 M1-M1 per cent of GDP.9 5.3 Current account EUR billion 7.7 8. 1.1 M1 9.3 8..7 8. M1-M1 per cent of GDP.9 5. 5.3.3 3.5 Financial account EUR billion -7.7-1.3-1.1 M1-8. M1-M1 General government -7. -8. -. M1-7. M1-M1 Direct investment in Finland 3.8..5 M1 3.3 M1-M1 abroad 3. 1.3. M1. M1-M1 Shares -3. -7..7 M1 -.5 M1-M1 Other capital (incl. errors and omissions).5. -1.9 M1. M1-M1 Foreign exchange reserves (increase -).1 3..1 M1 -. M1-M1 Net lending, saving minus investment Private sector EUR billion 3.7. 1.3.. per cent of GDP. 1.5.7.. General government EUR billion.. 8. 7..3 per cent of GDP.5 3.7.5.1 3.3 Central government EUR billion. 1.. 1.9 1. per cent of GDP..8 1.5 1..5 Local government EUR billion -1. -.3 -.1.1 -.1 per cent of GDP -. -. -.1.1. Social security funds EUR billion. 5. -.1.1 5. per cent of GDP.8 3.1-1.1 1.8.8 Net foreign debt per cent of GDP 15.1 11.8 per cent of exports of goods and services 3.1.5 Sectoral debt ratios, gross debt, per cent of GDP Non-financial corporate sector ** 5.8 5.9 Household sector 3.9. General government 1. 39. 3.1 33.8 3.5 Sources: Bank of Finland and Statistics Finland. * Bank of Finland forecast, summer 7. ** Excl. housing corporations. Main Indicators 33