1.
Technology Industry /
Finnish Economic Outlook
December 2021
Jukka Palokangas
Head of Economic Affairs
jukka.palokangas@techfind.fi
1
4/6/2022 Technology Industries
of Finland

2.
The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
2
4/6/2022 Technology Industries
of Finland
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
ABB, Ensto, Murata Electronics, Nokia,
Planmeca, Polar Electro, Suunto, Vacon,
Vaisala…
METALS INDUSTRY
Boliden, Componenta, Kuusakoski,
Luvata, Outokumpu, Ovako, Sacotec,
SSAB …
MECHANICAL ENGINEERING
Abloy, Cargotec,, Fiskars, Glaston, Kone,
Konecranes, Metso-Outotec,
Meyer Turku, Neles, Normet, Oras, Patria,
Pemamek, Ponsse, Prima Power, Stala,
Valmet, Valtra, Wärtsilä…
INFORMATION TECHNOLOGY
Basware, Bilot, CGI, Digia, Efecte, Enfo, F-
Secure, Fujitsu Finland, IBM, Innofactor,
Knowit, Microsoft, Nixu, TietoEVRY…
CONSULTING ENGINEERING
AFRY, A-Insinöörit, Citec, Elomatic,
Etteplan, FCG, Granlund, Neste Engineering
Solution,, Ramboll, Rejlers, Sitowise,
SWECO, WSP…

3.
The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
3
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
• Data communications equipment, electrical
machinery, medical technology
• Turnover (2020): 18.0 billion euros
• Personnel (2020): 37,600
METALS INDUSTRY
• Steel products, non-ferrous metals,
castings, metallic minerals
• Turnover (2020): 9.9 billion euros
• Personnel (2020): 16,700
MECHANICAL ENGINEERING
• Machinery, metal products, vehicles
• Turnover (2020): 32.4 billion euros
• Personnel (2020): 133,600
INFORMATION TECHNOLOGY
• IT services, applications and
programming
• Turnover (2020): 15.3 billion euros
• Personnel (2020): 72,300
CONSULTING ENGINEERING
• Expertise for construction industry and
infrastructure
• Turnover (2020): 6.6 billion euros
• Personnel (2020): 52,700
4/6/2022 Technology Industries
of Finland

4.
The Technology Industry –
the Largest Export Sector in Finland
4
• Some 50 % of total exports.
• Some 317,000 employed directly in the
sector, including indirect effects 670,000
people.
• Effect on value added totaling € 57 billion,
or 28% of GDP value added (2017 data).
• Bring to Finland € 18 billion tax revenue
annually (2017 data).
• Investments almost EUR 6.0 billion
annually in Finland.
• 65 % of private-sector R&D investment.
4/6/2022 Technology Industries
of Finland

5.
Value Added to the Economy Generated by the
Technology Industry Is EUR 55 Billion, or over 28%
of GDP * (2017)
5
28.8, 53%
15.6, 29%
10.1, 18%
A total of EUR 54.5 billion
Impact on technology industry
(direct influence)
Impact on other industries
(indirect influence)
Impact on private consumption
(income effect)
*) GDP value added was EUR 193.3 billion in 2017.
Source: Economic Impact of the Technology Industry in Finland 11/2018
4/6/2022 Technology Industries
of Finland

6.
Technology Industry Generates nearly 650,000
Jobs in Finland (over 25% of All Employees) (2017)
6
304,600, 47%
225,800, 35%
114,600, 18%
A total of 644 900 employees
Impact on technology industry
(direct influence)
Impact on other industries
(indirect influence)
Impact on private consumption
(income effect)
10 jobs in the technology industry bring
11 jobs to the rest of the economy
Source: Economic Impact of the Technology Industry in Finland 11/2018
4/6/2022 Technology Industries
of Finland

7.
Every Job in the Technology Industry Generates
almost another Job in the Services (2017)
7
295,100, 87%
12,200, 3%
33,100, 10%
Impact on other industries and on
private consumption: 340,300 employees
Services*
Primary production
Processing*
*) Excl. the services industries in the technology industry.
Source: Economic Impact of the Technology Industry in Finland 11/2018
4/6/2022 Technology Industries
of Finland

8.
Technology Industry Generates over 18 Billion
Euros in Tax Revenue Annually in Finland (2017)
8
9.2, 50%
4.3, 24%
4.7, 26%
A total of EUR 18.2 billion
Impact on technology industry
(direct influence)
Impact on other industries
(indirect influence)
Impact on private consumption
(income effect)
Source: Economic Impact of the Technology Industry in Finland 11/2018
4/6/2022 Technology Industries
of Finland

9.
Turnover of the Technology Industry in Finland
9
Source: Macrobond, Statistics Finland, Technology Industries of Finland
4/6/2022 Technology Industries
of Finland

10.
10
*) In addition to goods exports the sector exported services worth some 14-15 billion euros.
Source: National Board of Customs, Statistics Finland
Export of Technology Industry Goods from Finland
by Area in 2020
Total goods exports 30.72 billion euros*
North America
3.76 billion €
12.2 %
Western Europe
16.36 billion €
53.3 %
South and
Middle America
1.17 billion €
3.8 %
Central and Eastern Europe
4.30 billion €
14.0 %
Africa
0.48 billion €
1.6 %
Middle and
Central East
0.44 billion €
1.4 %
Asia
4.21 billion €
13.7 %
4/6/2022 Technology Industries
of Finland

11.
Technology, Forest and Chemical Industries
Provide 81 % of Finland's Goods and Services
Exports Revenue
Goods and service exports: billion euros and the share of Finnish exports in 2017
11
*) Service exports industry-specific data for the year 2017 are preliminary information.
Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services), Federation of Finnish Technology Industries
4/6/2022 Technology Industries
of Finland
Technology industry,
43.6, 51%
Forest industry;
12.9; 15%
Chemical industry;
13; 15%
Other branches;
16.1; 19%

12.
Turnover of the Industry and Technology Industry
in Finland
12
Source: Macrobond, Statistics Finland
4/6/2022 Technology Industries
of Finland

13.
Turnover of the Technology Industry in Finland
13
Source: Macrobond, Statistics Finland
4/6/2022 Technology Industries
of Finland

14.
Value of new orders in the technology industry* in
Finland
14
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation July-September 2021.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
Combined
Export
Domestic
Million euros, at current prices
Change: III,2021 / III,2020 III,2021 / II,2021
Export: +15 % -4 %
Domestic: -20 % -15 %
Combined: +7 % -6 %
*) Excl. metals
industry, game
industry and data
center companies
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

15.
Value of order books in the technology industry*
in Finland
15
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th September 2021.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
Export
Domestic
Million euros, at current prices
Change: 30.9.2021 / 30.9.2020 30.9.2021 / 30.6.2021
Export: +12 % +7 %
Domestic: +28 % -1 %
Combined: +16 % +5 %
*) Excl. metals
industry, game
industry and data
center companies
Combined
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

16.
Tender Requests* Received by the Technology
Industry Companies in Finland
16
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, the last questionnaire in
October 2021.
-60
-50
-40
-30
-20
-10
0
10
20
30
40
Balance figure
*) ”Have you experienced a notable increase or decrease in the number of requests for tenders in recent weeks in comparison to the situation three
months ago?”. Balance figure = the number of companies receiving more requests - the number of companies receiving less requests.”
Technology Industries
of Finland
4/6/2022
08 09 10 11 12 13 14 15 16 17 18 19 20 21

17.
Value of new orders in the electronics and
electrotechnical industry in Finland
17
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
Combined
Export
Domestic
Million euros, at current prices
Change: III,2021 / III,2020 III,2021 / II,2021
Export: +1 % +7 %
Domestic: +10 % -11 %
Combined: +2 % +4 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation July-September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

18.
Value of order books in the electronics and
electrotechnical industry in Finland
18
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
Export
Domestic
Million euros, at current prices
Change: 30.9.2021 / 30.9.2020 30.9.2021 / 30.6.2021
Export: +5 % +8 %
Domestic: +26 % -2 %
Combined: +8 % +6 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

19.
Value of new orders in the mechanical engineering
in Finland
19
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
Combined
Export
Domestic
Million euros, at current prices
Change: III,2021 / III,2020 III,2021 / II,2021
Export: +37 % -13 %
Domestic: -40 % -19 %
Combined: +13 % -14 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation July-September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

20.
Value of order books in the mechanical
engineering in Finland
20
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Export
Domestic
Million euros, at current prices
Change: 30.9.2021 / 30.9.2020 30.9.2021 / 30.6.2021
Export: +14 % +6 %
Domestic: +46 % -1 %
Combined: +19 % +5 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

21.
Value of new orders in the consulting engineering
in Finland
21
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
340
Combined
Export
Domestic
Million euros, at current prices
Change: III,2021 / III,2020 III,2021 / II,2021
Export: -16 % -24 %
Domestic: +37 % -4 %
Combined: +31 % -6 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation July-September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

22.
Value of order books in the consulting engineering
in Finland
22
0
100
200
300
400
500
600
700
800
Export
Domestic
Million euros, at current prices
Change: 30.9.2021 / 30.9.2020 30.9.2021 / 30.6.2021
Export: -12 % -6 %
Domestic: +18 % +5 %
Combined: +15 % +4 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

23.
Value of new orders in the information
technology* in Finland
23
0
100
200
300
400
500
600
700
Million euros, at current prices
Change: III,2021 / III,2020 III,2021 / II,2021
Combined: -10 % -14 %
*) Excl. game industry and data center companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation July-September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

24.
Value of Order Books in the Information
Technology* in Finland
24
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Million euros, at current prices
Change: 30.9.2021 / 30.9.2020 30.9.2021 / 30.6.2021
Combined: +2 % -1 %
*) Excl. game industry and data center companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th September 2021.
Technology Industries
of Finland
4/6/2022
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

25.
Technology Industry Personnel
25
4/6/2022 Technology Industries of
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
5,000 employees affected by
temporary lay-offs 30th
September 2021
30th Sep

26.
Technology Industry Personnel Recruitment in
Finland by Quarters
26
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Change in the number of personnel compared to the previous quarter Number of people recruited during the quarter
Source: The Federation of Finnish Technology Industries’ labour force survey
Technology Industries
of Finland
4/6/2022

27.
Technology Industry Personnel in Finland by
Industry
27
4/6/2022 Technology Industries of
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
30th Sep

28.
Technology Industry Personnel in Subsidiaries
Abroad by Industry
28
4/6/2022 Technology Industries of
Finland
Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond

29.
Technology Industry Personnel in Subsidiaries
Abroad by Country
29
4/6/2022 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey
Information from year 2020
China, 45,271, 16%
India, 28,660, 10%
USA, 25,500, 9%
Poland, 18,462, 6%
Germany, 17,211, 6%
Sweden, 14,227, 5%
Mexico, 13,284, 5%
France, 10,725, 4%
UK, 7,743, 3%
Norway, 6,954, 2%
Russia, 6,868, 2%
Brazil, 6,628, 2%
Italy, 6,120, 2%
Other countries, 80,530, 28%

30.
Retirement of Technology Industry Personnel in
Finland
30
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Salaried employees
Blue collar employees
Individuals per year
Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics Finland
Technology Industries
of Finland
4/6/2022

31.
Retirement of Technology Industry Blue Collar
Employees in Finland
31
0
500
1000
1500
2000
2500
3000
3500
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Mechanical engineering Metals industry Electronics and electrotechnical industry
Individuals per year
Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics Finland
Technology Industries
of Finland
4/6/2022
Number of individuals retiring
(estimation)
Number of individuals retired

32.
Overview of the Situation in the Technology
Industry and Outlook for Winter 2021/2022
32
- Turnover in Finland totalled some EUR 82 billion in 2020. Growth from the previous year was
two percent for the full year. Turnover growth has continued at a rate of 5-6 percent this year.
- The monetary value of new orders reported between July-September 2021 was 6% lower
than in the preceding quarter, but 7% higher than in the corresponding period in 2020.
- At the end of September, the value of order books was 5% higher than at the end of June,
and 16% higher than in September 2020.
- The turnover of the technology industry in Finland is estimated to be higher in the winter
2021 than at the same time a year earlier.
- The number of employees in Finland at the end of September 2021 was a good of one per
cent more than an average in 2020. The number of employees was some 319,000, which is
4,000 more than an average in 2020.
- Recruitment of new staff was on the strong rise in January-September. There were a total of
35,000 recruitments, compared to 28,000 in the whole year 2020.
4/6/2022 Technology Industries of Finland

33.
World Economic Outlook
- Finland as a Part of Global
Economy
33
4/6/2022 Technology Industries of Finland

34.
In the Euro Area and Finland, the GDP Recovery
Has Continued at a good Pace in 2021
34
Lähde: Macrobond
Technology Industries
of Finland
4/6/2022

35.
Finland Is Clearly Behind in the Growth of Exports
Relative to the Euro Countries
35
Source: Macrobond, Eurostat
4/6/2022 Technology Industries
of Finland

36.
In Finland, the Recovery of GDP from the 2020
Pandemic Fall Has Been Extensive
36
Source: Macrobond, Statistics Finland
Technology Industries
of Finland
4/6/2022

37.
In Many Countries, GDP Growth Has Continued at
a good Pace in 2021
37
Souce: Macrobond
Technology Industries
of Finland
4/6/2022

38.
38
Source: Macrobond
In the Large Developing Countries, the GDP
Recovery Has Been Heterogeneous
China, India, Brazil and Russia account for 31% of the world economy, adjusted for purchasing power
4/6/2022 Technology Industries
of Finland

39.
Purchasing Manager Indices for the Entire
Business Sector in Finland’s Most Important
Export Countries
39
Source: Macrobond. Markit
4/6/2022 Technology Industries
of Finland

40.
Industrial Production in Several Countries Has
Exceeded Pre-Pandemic Levels, Except in Japan
40
4/6/2022 Source: Macrobond
Technology Industries
of Finland

41.
Industrial Production in Several Countries Has
Exceeded Pre-Pandemic Levels
41
4/6/2022 Source: Macrobond
Technology Industries
of Finland

42.
China Has Slowed Global Growth in Industrial
Production
42
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
Technology Industries
of Finland
4/6/2022

43.
Industrial Purchasing Managers' Indices Continue
to Show Good Growth in Several Countries
43
Source: Macrobond, Markit
4/6/2022 Technology Industries
of Finland

44.
Industrial Production Grew in November in Major
Developing Countries, except in China and Brazil
44
Source: Macrobond, Markit
4/6/2022 Technology Industries
of Finland

45.
Exchange Rates (when the Curve Rises, the Value of
the Euro Strengthens Against the Other Currency)
45
Source: Macrobond
4/6/2022 Technology Industries
of Finland

46.
46
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
The Fastest Growth in World Trade in Goods Is
Already Behind
Goods export volume
Technology Industries
of Finland
4/6/2022

47.
The Fastest Growth of Chinese Goods Imports Has
Come to an End
47
Source: Macrobond
4/6/2022 Technology Industries
of Finland

48.
EU Exports to Russia Are Stagnating
48
Source: Macrobond
Technology Industries
of Finland
4/6/2022

49.
Russia’s* Share of the Technology Industry's
Finnish Exports Has Fallen to Some 5-6 Percent
49
*) Soviet Union up to 1991
Source: Finnish Customs
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30
32
34
36
38
40
42
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021(1-9)
Technology Industries
of Finland
4/6/2022
%

50.
50
Source: IMF (July 2021)
The Global Economy Is Forecast to Grow by 6 % in
2021, after Decreased by 3.2% in 2020
GDP growth 2021/2020, %
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe
Japan
China
India
Rest
of
Eastern
Europe
Russia
Brazil
Mexico
Rest
of
Latin
America
Middle
East
and
Africa
Growth an average:
+6,0 %
The width of the bar indicates the share of global GDP in 2020 (adjusted for purchasing power parity), %
Rest of Asia
Technology Industries
of Finland
4/6/2022

51.
51
Source: IMF (July 2021)
In the Export Market of the Technology Industry,
Demand Will Increase by 5.2 % in 2021
GDP growth 2021/2020, %
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe
Japan
China
India
Rest
of
Eastern
Europe
Russia
Brazil
Mexico
Rest
of
Latin
America
Middle
East
and
Africa
Growth an average:
+5.2 %
The width of the bar indicates the export share of technology industry from Finland in 2020, %
Rest
of
Asia
Technology Industries
of Finland
4/6/2022

52.
Finland’s Economic Growth
Relies on Exports and
Investments
52
Technology Industries
of Finland
4/6/2022

53.
Finland’s Exports Lagged behind Its Competitors
Even before the Corona Crisis
53
Source: Macrobond, Eurostat
Technology Industries
of Finland
4/6/2022

54.
54
Source: Macrobond, Eurostat
Central and Local Government Debt Was Already
High Before the Corona Crisis
Technology Industries
of Finland
4/6/2022

55.
Unlike the Competitor Countries, in Finland
Business Investment Is Still Below the Level in 2008
55
Source: OECD, Economic Outlook (December 2020)
80
85
90
95
100
105
110
115
120
125
130
135
140
145
150
155
160
165
170
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20e 21e 22e
Corporate investments, at fixed prices, index 2005=100
USA
Sweden
Switzerland
Belgium
Germany
Finland
4/6/2022 Technology Industries
of Finland

56.
Unlike the Competitor Countries, in Finland
Business Investment Is Still Below the Level in 2008
56
Source: Macrobond, OECD Economic Outlook
4/6/2022 Technology Industries
of Finland

57.
57
Source: Eurostat (National Accounts), EK Investment Survey (January 2021)
*) Intangible investments include e.g. investment in research and development and computer software.
Investment Rate in the Technology Industry in
Finland Fell after the Financial Crisis
Tangible and intangible investments in Finland
0
5
10
15
20
25
30
35
0
1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e2021e
Tangible investments Intangible investments Investment rate, tangible
Investment rate, intangible Investment rate, combined
Investments, million euros,
at current prices
Investment rate (investments /
value added), %
4/6/2022 Technology Industries
of Finland

58.
Industrial Tangible and Intangible Investment* in
Finland Have Not Yet Reached the 2007-2008 Levels
58
*) Including software investments.
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2021
0
1
2
3
4
5
6
7
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20e 21e
Tangible investment
Intangible investment
Intangible investment (excl.
electronics industry)
Billion euros, at fixed 2015 prices
4/6/2022 Technology Industries
of Finland

59.
Total Industrial Investment in Finland Is Now at
Around the Level of Capital Consumption
59
*) Including software investments.
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2021
0
1
2
3
4
5
6
7
8
9
10
11
12
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21e
Tangible and intangible
investment*
Consumption of Fixed
Capital
Billion euros, at fixed 2015 prices
4/6/2022 Technology Industries
of Finland

60.
Tangible Investments by Industry in Finland Are
Now at the Level of the Consumption of Capital
60
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2021
0
1
2
3
4
5
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21e
Tangible investment
Consumption of tangible
capital
Billion euros, at fixed 2015 prices
4/6/2022 Technology Industries
of Finland

61.
Industrial Production Capital in Finland Has
Disappeared Significantly, Especially after 2008
61
Information on consumption of tangible capital is at 2010 prices.
Source: Statistics Finland (National Accounts)
0
5
10
15
20
25
30
35
40
45
50
55
60
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Cumulative consumption
of tangible capital
Cumulative tangible
investment
Billion euros, at fixed 2015 prices
4/6/2022 Technology Industries
of Finland
=6,4 bill. €

62.
Industrial Tangible Investment Growth in Finland
Has Lagged behind that of Competitors
62
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, June 2021
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
210
220
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21e
Hungary
Poland
Netherlands
Austria
Germany
Czech
Republic
Sweden
Belgium
Finland
Billion euros, at fixed 2015 prices, index 2005=100
4/6/2022 Technology Industries
of Finland

63.
Investment Rate in Industrial Tangible
Investments Is at a Low Level in Finland
63
Source: Eurostat (National Accounts)
6
8
10
12
14
16
18
20
22
24
26
28
30
32
34
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Hungary
Poland
Netherlands
Austria
Germany
Czech
Republic
Sweden
Belgium
Finland
Tangible investments / value added, %
4/6/2022 Technology Industries
of Finland

64.
Industrial Intangible Investments * in Finland
Have almost Halved since 2005
64
*) Intangible investments include research and development and software investments etc.
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, January 2021
40
60
80
100
120
140
160
180
200
220
240
260
280
300
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21e
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finland, excl.
electronics industry
Finland
Billion euros, at fixed 2015 prices,
index 2005=100
4/6/2022 Technology Industries
of Finland

65.
Investment Rate of Industrial Intangible
Investments* Has Dropped Significantly in Finland
65
*) Intangible investments include research and development and software investments.
Source: Eurostat (National Accounts)
0
2
4
6
8
10
12
14
16
18
20
22
24
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finland, excl.
electronics industry
Finland
Intangible investments / value added, %
4/6/2022 Technology Industries
of Finland

66.
Investments and productivity* are Decisive for
Finland’s Success
66
4/6/2022 Technology Industries of
Finland
*) Productivity is measured as real value added per hours worked. When productivity grows
(the curve rises) value added grows more than hours worked.
Source: Statistics Finland

67.
67
Latest information July-September 2021.
Source: Eurostat: Quarterly National Accounts
Finland’s Productivity Development Has Lagged
Behind Competitor Countries
GDP at fixed prices / hours worked
82
84
86
88
90
92
94
96
98
100
102
104
106
108
110
112
114
116
118
Euro countries
Sweden
Finland
Germany
Index 2008=100 (the year before the collapse of Finnish industrial production capacity)
4/6/2022 Technology Industries of
Finland

68.
68
Latest information July-September 2021.
Source: Eurostat: Quarterly National Accounts
Industrial Productivity Development Has Lagged
Behind Several Competing Countries
Industrial value added at fixed prices / hours worked
60
65
70
75
80
85
90
95
100
105
110
115
120
125
130
135
Euro countries
Sweden
Finland
Germany
2008=100 (the year before the collapse of Finnish industrial production capacity)
4/6/2022 Technology Industries of
Finland

69.
69
Source: Macrobond, Eurostat
The Corporate Investment Rate in Finland Is
Clearly Lower than in Main Competitor Countries
4/6/2022 Technology Industries
of Finland

70.
70
There Is Still Room for Improvement in Finland’s
Cost Competitiveness
Unit labour costs in the whole economy = labour costs / productivity, including the influence of effective
exchange rates
94
96
98
100
102
104
106
108
110
112
2000=100
2005=100
2008=100
Finland’s price
and cost
competitiveness
declines
Finland’s price
and cost
competitiveness
improves
4/6/2022 Technology Industries
of Finland
*) In the ECB Harmonised Competitiveness Index, the average effective exchange rate of each country is calculated vis-à-vis 38
main trade partners, as well as the development of unit labour costs for the total economy.
Latest information April-June 2021. Source: European Central Bank
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

71.
Member Companies of the
Federation of Finnish
Technology Industries
71
4/6/2022 Technology Industries
of Finland

72.
The Federation’s Member Companies 2020
72
250–499 employees
73,413
30,658
27,074
55,555
1,456
85 40
24
Number of enterprises / 1 605 Number of personnel / 186 700
1–249 employees 500–999 employees
1000– employees
4/6/2022 Technology Industries
of Finland

73.
The Federation’s SME Member Companies 2020
73
476
484
282
215
Number of enterprises / 1 457 Number of personnel / 73 413
5,052
15,834
19,618
32,909
1–19 employees
20–49 employees
50–99 employees
100–249 employees
4/6/2022 Technology Industries
of Finland

74.
Operating Profit in the Member Companies of
Technology Industries of Finland in 2020
Operating profit-% = operating result / turnover * 100 (before taxes and financial income
and expenses)
74
Source: Statistics Finland
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 5,2 %)
Good (30 %)
Satisfactory (22 %)
Weak (26 %)
Unprofitable (22 %)
Companies in random order
4/6/2022 Technology Industries
of Finland

75.
Net Profit in the Member Companies of Technology
Industries of Finland in 2020
Return on assets -% = (net income + financial expenses + taxes) / (capital invested in the financial
year) * 100
75
Source: Statistics Finland
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 4,2 %)
Unprofitable (24 %)
Good (25 %)
Satisfactory (21 %)
Weak (30 %)
Companies in random order
4/6/2022 Technology Industries
of Finland

76.
Return on Assets in the Member Companies of
Technology Industries of Finland in 2020
Equity ratio -% = (total equity + total appropriations accrued) / adjusted balance sheet *
100
76
Source: Statistics Finland
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
(Median: 11,9 %)
Good (43 %)
Unsatisfactory (11 %)
Mediocre (26 %)
Weak (20 %)
Companies in random order
4/6/2022 Technology Industries
of Finland

77.
Equity Ratio in the Member Companies of
Technology Industries of Finland in 2020
Equity ratio -% = (total equity + total appropriations accrued) / adjusted balance sheet *
100
77
Source: Statistics Finland
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
(Median: 44,9 %)
Good (56 %)
Satisfactory (23 %)
Weak (21 %)
Companies in random order
4/6/2022 Technology Industries
of Finland