Macro-economic Data

    Text bolded/green below shows notes and variable definitions when you roll over. If you cannot see the notes, please download an Excel version from the Research Center, which includes notes. Also, a PDF featuring variable definitions is available in the document list under "Definition of Hofinet Variables".

     

    A. Demography and Macroeconomy

    A.1 Population
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Total population5.52 million5.51 million5.5 million
    WDI
    		A.1.1
    Total number of households2.71 million2.68 million2.63 million
    Statistics Finland
    		A.1.2
    Average household size1.992.012.03
    Statistics Finland
    		A.1.3
    Urban population (% of total)85.38% of total84.5% of total84.36% of total
    WDI
    		A.1.4
    Urban population growth (annual %).25%.29%.35%
    WDI
    		A.1.5
    A.2 Economy
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    GDP, current prices (U.S. dollars)274,210 USD (millions)253,244 USD (millions)236,883 USD (millions)
    WEO
    		A.2.1
    GDP based on PPP valuation of country GDP (Current international dollar)256,889 USD (millions)243,975 USD (millions)231,370 USD (millions)
    WEO
    		A.2.2
    GDP per capita, current prices (U.S. dollars)49,737.55 USD 46,016.74 USD 43,169.22 USD
    WEO
    		A.2.3
    GDP based on PPP per capita GDP (Current international dollar)46,595.89 USD 44,332.6 USD 42,164.6 USD
    WEO
    		A.2.4
    GDP, constant prices (Percent change)1.66%2.99%2.14%
    WEO
    		A.2.5
    Inflation, end of period consumer prices (Percent change)1.32%.51%1.1%
    WEO
    		A.2.6
    GDP, deflator (Index)114.99114.14112.87
    WEO
    		A.2.7
    Consumer price index111.19110.00109.18
    WDI
    		A.2.8
    GINI Index28.127.7027.2
    WDI
    		A.2.9
    Median national annual household income41,435.29 USD 39,349.9 USD 38,468.89 USD
    Statistics Finland
    		A.2.10
    Urban minimum wages per month in USD  4,092.9 USD
    Statistics Finland
    		A.2.12
    Growth in urban household income (%/year)A.2.13
    Nominal5.3%2.29%-5.39%
     
    		A.2.13.1
    Employment (% of total laborforce)A.2.14
    Self-employed12.31%11.97%12.55%
    Statistics Finland
    		A.2.14.1
    Unemployed9.72%11.54%8.8%
    Statistics Finland
    		A.2.14.3
    Interest Rates:A.2.15
    Yield on 10-year Government bondNot available.55%.36%
    IFS
    		A.2.15.3
    Average bank deposit rate.21%.39%.53%
    IFS
    		A.2.15.4
    Lending rate4.82%4.53%4.52%
    IFS
    		A.2.15.5
    B. Housing Market
    B.1 Housing Stock: Production, Transactions
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Number of dwelling units:B.1.1
    Total3.04 million3 million2.97 million
    Statistics Finland
    		B.1.1.1
    Percentage of vacant units  25.9% of total
    European Mortgage Federation
    		B.1.2
    Characteristics of housing stock:B.1.3
    Average dwelling unit size-existing79.5 sq.mt79.8 sq.mt79.9 sq.mt
    Statistics Finland
    		B.1.3.1
    Tenure in urban areas (%):B.1.4
    Owner-occupied units63.13% of total56.83% of total57.33% of total
    Statistic Finland
    		B.1.4.1
    % of owner units with a mortgage50.53% of total51.5% of total51.69% of total
    Statistics Finland
    		B.1.4.2
    Private rental units21.72% of total18.68% of total17.88% of total
    Statistics Finland
    		B.1.4.3
    Public / social rental units11.55% of total10.54% of total10.88% of total
    Statistics Finland
    		B.1.4.4
    Other forms of tenure 1.92% of total1.76% of total1.92% of total
    Statistics Finland
    		B.1.4.5
    Estimated Number of units completed/yearB.1.5
    Formal sector/registered42,010 units34,700 units30,300 units
    Statistics Finland
    		B.1.5.1
    Number of recorded urban housing transactions/year608006219861228
    Statistics Finland
    		B.1.6
    B.2 Housing Prices and Cost for Urban Areas or Capital City
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Median urban house price in USD:B.2.1
    Median house price to median annual HH income:B.2.2
    Annual average % change in median house prices:B.2.3
    Yearly Rate.95%1.13%.79%
    Hypostat 2019
    		B.2.3.1
    M2 construction cost for median quality houseB.2.4

    back to top | Country Data:
    Notes: The loanto-value cap on mortgage loans limits a housing loan to a maximum of 90% (95% for first time home buyers)
    Notes: 30% for owner's income up to €30,000 and 34% for income exceeding that. exempt if the taxpayer has owned and lived in the home for 2+ yrs.
    Notes: Depends on municipality and type of property. Taxable value defined separately for the building and the land.
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Financial costs directly related to investment income are deductible
    Notes: Financial costs directly related to investment income are deductible
    Notes: rental income is subject to Capital Income Tax of 30%. Starting in 2015, Capital Income exceeding 30,000 Euros is taxed at 34%
    Notes: The lender must provide all essential details of the consumer credit agreement and consumer rights well in advance of the conclusion of the credit agreement. The details must be supplied on a permanently storable copy (in writing and electronically) using the Standard European Consumer Credit Information form so that the consumer can save or print out the information
    Notes: The lender must provide all essential details of the consumer credit agreement and consumer rights well in advance of the conclusion of the credit agreement. The details must be supplied on a permanently storable copy (in writing and electronically) using the Standard European Consumer Credit Information form so that the consumer can save or print out the information
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes:
    Notes: (2010=100)
    Notes: 2% transaction tax for apartments, 4% for real estates
    Notes: 2% transaction tax for apartments, 4% for real estates
    Notes: 2% transaction tax for apartments, 4% for real estates
    Notes: 30% (34% on income exceeding €30,000)
    Notes: 30% for owner's income up to €30,000 and 34% for income exceeding that. exempt if the taxpayer has owned and lived in the home for 2+ yrs.
    Notes: 90% of all the loans are variable with 12-month Euribor rate
    Notes: Act on Mortgage Credit Banks
    Notes: ARA gives interest subsidy loans, which are granted by a bank or other financial institution. ARA accepts the loan thereby giving the loan a state guarantee and paying the interest subsidies.
    Notes: ARA gives interest subsidy loans, which are granted by a bank or other financial institution. ARA accepts the loan thereby giving the loan a state guarantee and paying the interest subsidies.
    Notes: ARA gives interest subsidy loans, which are granted by a bank or other financial institution. ARA accepts the loan thereby giving the loan a state guarantee and paying the interest subsidies.
    Notes: ARA gives interest subsidy loans, which are granted by a bank or other financial institution. ARA accepts the loan thereby giving the loan a state guarantee and paying the interest subsidies.
    Notes: Capital gains tax levied at 30%
    Notes: Capital gains tax levied at 30%
    Notes: Depends on municipality and type of property. Taxable value defined separately for the building and the land.
    Notes: Dwelling units with mortgages over total dwelling units
    Notes: Dwelling units with mortgages over total dwelling units
    Notes: Dwelling units with mortgages over total dwelling units; Whole country
    Notes: Even lower for LTV<90%
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Figure is the national percentage
    Notes: Financial costs directly related to investment income are deductible
    Notes: Financial costs directly related to investment income are deductible
    Notes: Financial costs directly related to investment income are deductible
    Notes: General Housing allowance is granted for general housing costs such as rent/mortgage and upkeep costs
    Notes: General Housing allowance is granted for general housing costs such as rent/mortgage and upkeep costs
    Notes: General Housing allowance is granted for general housing costs such as rent/mortgage and upkeep costs
    Notes: Harmonized Euro Area Rates, New Business, Deposits, Households, Agreed Maturity, Up to 1 Year
    Notes: Harmonized Euro Area Rates, New Business, Loans, Households, Consumption, Floating Rate and up to 1 Year
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans over loans from credit institutions without municipal finance
    Notes: Housing loans/loans from credit insitutions without municipal finance
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: In Finland, a mandatory two-month minimum waiting period applies before a lender can sell the shares in Finnish residential housing companies - These shares qualify as a mortgage security on residential property.
    Notes: Interest expenses on housing loans are tax deductible up to 35% of total interest payment
    Notes: LTV capped at 90% by Finnish Financial Supervisory Authority
    Notes: LTV capped at 90% by Finnish Financial Supervisory Authority
    Notes: LTV capped at 90% by Finnish Financial Supervisory Authority
    Notes: LTV capped at 90% by Finnish Financial Supervisory Authority
    Notes: LTV capped at 90% by Finnish Financial Supervisory Authority. In June 2016, a maximum LTV ratio of 95% will be set for first-time buyers
    Notes: Median disposable income converted to USD using average exchange rate
    Notes: Median disposable income converted to USD using average exchange rate
    Notes: Median disposable income converted to USD using average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: median disposable income, converted from EURO to USD with yearly average exchange rate
    Notes: National percentage
    Notes: National percentage
    Notes: National percentage
    Notes: National percentage
    Notes: National percentage, owner occupied units over total dwelling units
    Notes: National percentage, owner occupied units over total dwelling units
    Notes: Nominal House Prices Annual % change
    Notes: Nominal House Prices Annual % change
    Notes: Nominal House Prices Annual % change
    Notes: Nominal House Prices Annual % change
    Notes: Nominal House Prices Annual % change
    Notes: Nominal House Prices Annual % change
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of building permits granted as a national number
    Notes: Number of transactions of dwellings in the whole country
    Notes: Number of transactions of dwellings in the whole country
    Notes: Number of transactions of dwellings in the whole country
    Notes: Number of transactions of dwellings in the whole country
    Notes: Number of transactions of dwellings in the whole country
    Notes: Real property tax is based on the value of the property (generally 70% of market value)
    Notes: Real property tax is based on the value of the property (generally 70% of market value)
    Notes: Rental income is subject to Capital Income Tax of 30%.
    Notes: Rental income is subject to Capital Income Tax of 30%. Starting in 2015, Capital Income exceeding 30,000 Euros is taxed at 34%
    Notes: rental income is subject to Capital Income Tax of 30%. Starting in 2015, Capital Income exceeding 30,000 Euros is taxed at 34%
    Notes: rental income is subject to Capital Income Tax of 30%. Starting in 2015, Capital Income exceeding 30,000 Euros is taxed at 34%
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: right of occupancy dwellings, other, and unknown in entire country
    Notes: Savings banks and Central Bank of Savings Banks Finland Ltd
    Notes: Savings banks and Central Bank of Savings Banks Finland Ltd
    Notes: Square meter
    Notes: tax exemption on Capital gains on property if the owner lives in the house for more than 2 years; First time buyers are exempted from transaction tax
    Notes: Tax incentives for House purchases are available
    Notes: Tax incentives for House purchases are available
    Notes: Tax incentives for House purchases are available
    Notes: Tax incentives for House purchases are available
    Notes: The concept of household-dwelling unit was adopted in the 1980 census. In earlier years the concept of household was used.
    Notes: The government guarantees for owner-occupied housing loans.
    Notes: The government guarantees for owner-occupied housing loans.
    Notes: The Housing Finance and Development Centre of Finland (ARA) gives interest subsidy loans, which are granted by a bank or other financial institution. The Housing Finance and Development Centre of Finland (ARA) accepts the loan thereby giving the loan a state guarantee and paying the interest subsidies.
    Notes: The lender must provide all essential details of the consumer credit agreement and consumer rights well in advance of the conclusion of the credit agreement. The details must be supplied on a permanently storable copy (in writing and electronically) using the Standard European Consumer Credit Information form so that the consumer can save or print out the information
    Notes: The lender must provide all essential details of the consumer credit agreement and consumer rights well in advance of the conclusion of the credit agreement. The details must be supplied on a permanently storable copy (in writing and electronically) using the Standard European Consumer Credit Information form so that the consumer can save or print out the information
    Notes: The lender must provide all essential details of the consumer credit agreement and consumer rights well in advance of the conclusion of the credit agreement. The details must be supplied on a permanently storable copy (in writing and electronically) using the Standard European Consumer Credit Information form so that the consumer can save or print out the information
    Notes: The mortgage society of Finland
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: The National Housing Fund approves interest subsidy-loans
    Notes: Whole country
    Notes: Whole country
    Notes: Yearly Average by Monthly Rate
    Notes: Yearly Average by Monthly Rate
    Notes: Yearly Average by Monthly Rate
    Notes: Yearly Average by Monthly Rate
    Notes: Yearly Average by Monthly Rate