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Technology Industry /
Finnish Economic Outlook
June 2017
16/22/2017 Technology Industries
of Finland
The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
26/22/2017 Technology Industries
of Finland
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
ABB, Ensto, Microsoft Mobile,
Murata Electronics, Nokia, Planmeca,
Polar Electro, Suunto, Vacon, Vaisala…
METALS INDUSTRY
Boliden, Componenta, Kuusakoski,
Luvata, Outokumpu, Outotec,
Ovako, Sacotec, SSAB …
MECHANICAL ENGINEERING
Abloy, Cargotec, Finn-Power, Fiskars,
Glaston, Kone, Konecranes, Metso,
Meyer Turku, Normet, Oras, Patria,
Pemamek, Ponsse, Stala, Valmet,
Valtra, Wärtsilä…
INFORMATION TECHNOLOGY
Affecto, Basware, Bilot, CGI, Comptel,
Digia, Efecte, Enfo, F-Secure, Fujitsu
Finland, IBM, Innofactor, Knowit,
Microsoft, Nixu, Tieto…
CONSULTING ENGINEERING
A-Insinöörit, Citec, Elomatic, Etteplan, FCG,
Granlund, Neste Jacobs, Pöyry, Ramboll,
Rejlers, SITO, SWECO, WSP…
The Finnish Technology Industry Is Comprised of
Five Sub-Sectors
3
ELEKTRONICS AND ELECTROTECHNICAL
INDUSTRY
• Data communications equipment, electrical
machinery, medical technology
• Turnover (2016): 14.3 billion euros
• Personnel (2016): 38,000
METALS INDUSTRY
• Steel products, non-ferrous metals,
castings, metallic minerals
• Turnover (2016): 8.7 billion euros
• Personnel (2016): 15,400
MECHANICAL ENGINEERING
• Machinery, metal products, vehicles
• Turnover (2016): 28.2 billion euros
• Personnel (2016): 122,400
INFORMATION TECHNOLOGY
• IT services, applications and
programming
• Turnover (2016): 11.4 billion euros
• Personnel (2016): 60,400
CONSULTING ENGINEERING
• Expertise for construction industry and
infrastructure
• Turnover (2016): 6.0 billion euros
• Personnel (2016): 49,800
6/22/2017 Technology Industries
of Finland
The Technology Industry –
the Largest Export Sector in Finland
4
• 50 % of total Finnish exports.
• Companies invest about EUR 5.5 billion
annually in Finland.
• 70 % of private-sector R&D investment.
• Almost 290,000 employed directly in the
sector, 700,000 employed in total,
equalling about 30% of the entire Finnish
labour force.
• Technology Industries of Finland has over
1,600 member companies.
6/22/2017 Technology Industries
of Finland
Turnover of the Technology Industry in Finland
5Source: Macrobond, Statistics Finland, Technology Industries of Finland6/22/2017 Technology Industries
of Finland
6*) In addition to goods exports the sector exported services worth some 12.3 billion euros (2015).
Source: National Board of Customs, Statistics Finland
Export of Technology Industry Goods from Finland
by Area in 2016
Total goods exports 25.2 billion euros*
North America
2.5 billion €
9.8 %
Western Europe
13.7 billion €
53.9 %
South and
Middle America
0.8 billion €
3.2 %
Central and Eastern Europe
3.8 billion €
15.0 %
Africa
0.4 billion €
1.7 %
Middle and
Central East
0.5 billion €
1.8 %
Asia
3.7 billion €
14.6 %
6/22/2017 Technology Industries
of Finland
Technology, Forest and Chemical Industries
Provide 80 % of Finland's Goods and Services
Exports Revenue
Goods and service exports: billion euros and the share of Finnish exports in 2016*
7*) Service exports industry-specific data for the year 2015.
Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services)
Technology industry
50%
Forest industry
15%
Chemical industry
15%
Other sectors
20%
6/22/2017 Technology Industries
of Finland
Turnover of the Industry and Technology Industry
in Finland
8Source: Macrobond, Statistics Finland6/22/2017 Technology Industries
of Finland
Turnover of the Technology Industry in Finland
9Source: Macrobond, Statistics Finland6/22/2017 Technology Industries
of Finland
Value of New Orders in the Technology Industry*
in Finland
1022.6.2017 Teknologiateollisuus Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation January-March 2017
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
Combined
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: I,2017 / I,2016 I,2017 / IV,2016
Export: +18 % 0 %
Domestic: -1 % -18 %
Combined: +13 % -4 %
*) Excluding metals
industry and game
industry companies
Value of Order Books in the Technology Industry*
in Finland
1122.6.2017 Teknologiateollisuus
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
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016
Export: +3 % +4 %
Domestic: -6 % 0 %
Combined: +1 % +3 %
Combined
*) Excluding metals
industry and game
industry companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31.3.2017
Tender Requests* Received by Technology
Industry Companies in Finland
1222.6.2017 Teknologiateollisuus Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
the last questionnaire is April 2017
-60
-50
-40
-30
-20
-10
0
10
20
30
40
Balance figure
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
*) 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.
Value of New Orders in the Electronics and
Electrotechnical Industry in Finland
1322.6.2017 Teknologiateollisuus
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
Combined
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: I,2017 / I,2016 I,2017 / IV,2016
Export: +5 % -10 %
Domestic: +6 % +4 %
Combined: +5 % -8 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation January-March 2017
Value of Order Books in the Electronics and
Electrotechnical Industry in Finland
1422.6.2017 Teknologiateollisuus
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: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016
Export: +6 % -3 %
Domestic: -1 % +1 %
Combined: +5 % -4 %
Combined
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31.3.2017
Value of New Orders in the Mechanical
Engineering in Finland
1522.6.2017 Teknologiateollisuus
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
Combined
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: I,2017 / I,2016 I,2017 / IV,2016
Export: +32 % +11 %
Domestic: -14 % -28 %
Combined: +21 % +2 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation January-March 2017
Value of Order Books in the Mechanical
Engineering in Finland
1622.6.2017 Teknologiateollisuus
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
15,000
16,000
Export
Domestic
Million euros, at current prices
Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016
Export: +2 % +8 %
Domestic: -13 % -1 %
Combined: -1 % +6 %
Combined
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31.3.2017
Value of New Orders in the Consulting Engineering
in Finland
1722.6.2017 Teknologiateollisuus
0
50
100
150
200
250
300
350
Combined
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: I,2017 / I,2016 I,2017 / IV,2016
Export: 0 % +10 %
Domestic: +10 % +2 %
Combined: +8 % +7 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation January-March 2017
Value of Order Books in the Consulting
Engineering in Finland
1822.6.2017 Teknologiateollisuus
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
Export
Domestic
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016
Export: +69 % +11 %
Domestic: +1 % +2 %
Combined: +12 % +4 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31.3.2017
Value on New Orders in the Information
Technology in Finland
1922.6.2017 Teknologiateollisuus
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Million euros, at current prices
Change: I,2017 / I,2016 I,2017 / IV,2016
Combined: +11 % -22 %
*) Excluding game industry companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation January-March 2017
Value of Order Books in the Information
Technology* in Finland
2022.6.2017 Teknologiateollisuus
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Miljoonaa euroa, käyvin hinnoin
Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016
Combined: 0 % 0 %
*) Excluding game industry companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent
companies, latest observation 31.3.2017
Technology Industry Personnel
216/22/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
(31.3)
Some 7 000 of employees
affected by temporary or
part-time lay-offs
31.3.2017
Technology Industry Personnel in Finland by
Branch
226/22/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
(31.3)
Technology Industry Personnel in Subsidiaries
Abroad by Branch
236/22/2017 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond
Retirement of Technology Industry Personnel in
Finland
24
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
Number of individuals retired Number of individuals retiring (estimation)
Salaried employees
Blue collar employees
Individuals per year
Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics FinlandTechnology Industries
of Finland
6/22/2017
Retirement of Technology Industry Blue Collar
Employees in Finland
25
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 FinlandTechnology Industries
of Finland
6/22/2017
Overview of the Situation in the Technology
Industry and Outlook for Spring 2017
26
- Turnover in Finland totalled some EUR 68.7 billion in 2016. This is about half per cent higher
than in 2015. In January-March 2017 turnover was 9 % higher than last year at the same
time. In 2008, prior to the financial crises, the corresponding figure was EUR 86 billion.
- The monetary value of new orders reported between January-March 2017 was 4 % lower
than in October-December, but 13 % higher than in the corresponding period in 2016.
- At the end of March, the value of order books was three per cent higher than at the end of
December, and slightly higher than in March 2016.
- The turnover of technology industry companies in spring 2017 is expected to be higher than
in the corresponding period last year.
- The number of personnel in Finland increased slightly in January-March 2017. Personnel
increased by nearly one per cent, or by a good of 2,000 employees from the average number
in 2016. On average, the industry employed 288,000 people in March. In 2008, the industry
employed a total of 326,000 people in Finland.
6/22/2017
l
Technology Industries of Finland
World Economic Outlook
- Finland as a Part of Global
Economy
276/22/2017 Technology Industries of Finland
GDP Has Grown for a Long Time in the Euro Area,
Now Also in Finland
286/22/2017 Lähde: MacrobondTechnology Industries
of Finland
296/22/2017 Lähde: Macrobond
In China and India Growth Continues, also Brazil
Is Returning to Growth
Share of global GDP in China, India, Brazil and Russia is 31 % (adjusted for PP)
Technology Industries
of Finland
306/22/2017 Latest information May 2017
Source: Markit
GDP Growth in the Euro Area Has Picked up During
the last Months
Purchase Managers’ Index (PMI), 50 = no change from previous month
Technology Industries
of Finland
Industrial Production Volume
316/22/2017 Source: MacrobondTechnology Industries
of Finland
Industrial Production Volume in the EU Countries
326/22/2017 Source: MacrobondTechnology Industries
of Finland
Industrial Production is Growing in Particular in
Emerging Countries
336/22/2017 Source: Macrobond, The CPB Netherlands Bureau for Economic Policy AnalysisTechnology Industries
of Finland
346/22/2017 Latest information May 2017
Source: Markit
Industrial Production in China is Declining Slightly
Purchase Managers’ Index (PMI) in manufacturing industry in China
Technology Industries
of Finland
356/22/2017 Latest information May 2017
Source: Markit
Industrial Production in Russia is Growing
Purchase Managers’ Index (PMI) in manufacturing industry in China
Technology Industries
of Finland
366/22/2017 Latest information May 2017
Source: Markit
Industrial Production in Brazil Is Increasing
Purchase Managers’ Index (PMI) in manufacturing industry in China
Technology Industries
of Finland
37Source: Macrobond
Industrial Production in USA is Growing
Purchase Managers’ Index (PMI) in manufacturing industry
50 = no change from previous month
Technology Industries
of Finland
6/22/2017
38Source: Macrobond
Growth of Residence Construction Has Lowered in
China
Share of China in Asian GDP is 42% (adjusted for PP)
Technology Industries
of Finland
6/22/2017
39Souce: Macrobond
Fixed Investment in Brazil Continue to Decrease
Share of Russia in European GDP is 13 % (adjusted for PP)
Share of Brazil in Latin American GDP is 35 % (adjusted for PP)
Technology Industries
of Finland
6/22/2017
40Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
World Trade Has Picked up Again
Import volume development
Technology Industries
of Finland
6/22/2017
Imports to China Have Increased from Several
Countries, but Are Slowing Down
41Source: MacrobondTechnology Industries
of Finland
6/22/2017
Exports from EU Countries to Russia Have Fallen,
but Stabilized
42Source: MacrobondTechnology Industries
of Finland
6/22/2017
Russia’s Share* of Technology Industry Exports
from Finland Has Lowered to Some Five Per Cent
43*) 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(1-3)
Technology Industries
of Finland
6/22/2017
%
44Source: IMF (January 2017)
Global Economy is Expected to Grow by 3,4 % in
2017
GDP growth in 2017, %
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe
Japan
China India
Restof
EasternEurope
Russia
Brazil
Mexico
RestofLatin
A,merica
MiddleEast
andAfrica
Average growth:
+3,4 %
The width of the bar indicates the share of global GDP in 2015 (adjusted for purchasing power parity), %
Rest of
Asia
6/22/2017 Technology Industries
of Finland
45Source: IMF (January 2017), Board of Customs
Demand in the Finnish Technology Industry Export
Market is Expected to Grow by 2.2 % in 2017
GDP growth 2017 / 2016, %
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
0 10 20 30 40 50 60 70 80 90 100
North America
Western Europe
Japan
China
India
Rest of
Asia
Restof
EasternEurope
Russia
Brazil
RestofLatinAmerica
MiddleEastandAfrica
Average growth:
+2.2 %
Mexico
The width of the bar indicates the export share of technology industry from Finland in 2015, %
6/22/2017 Technology Industries
of Finland
Finland’s Economic Growth
Relies on Exports and
Investments
46Technology Industries
of Finland
6/22/2017
47Source: Macrobond, Eurostat
Finnish Exports up to EUR 30 Billion Short of
Annual Target Level
Technology Industries
of Finland
6/22/2017
Finnish Exports Lagging Behind Competitors
48Source: Macrobond, EurostatTechnology Industries
of Finland
6/22/2017
Export Growth is Limited Because Industrial
Production Has Decreased by 20%
Investments are vital for the production and export recovery
49
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
70
75
80
85
90
95
100
105
110
115
120
125
Industrial
production ability
(production with
capacity in full
use), left. Scale
Industrial
production
(2008=100), left
scale
Capacity utilization
rate, %, right scale
-20 %
2008 200
9
2010 2011 2012 2013 2014 2015 2016 2017
-22 %
Source: Statistics Finland / National Accounts, Industrial volume indexTechnology Industries
of Finland
6/22/2017
50Source: Macrobond, Eurostat
Growth of Public Expenditures, Debt and Tax Ratio
in Finland
Increased cost burden requires cuts to public sector
Technology Industries
of Finland
6/22/2017
Business Investment in Finland Should Grow more
Strongly than Predicted, the Current Development
Is Inadequate
51Source: OECD, Economic Outlook (November 2016)
85
90
95
100
105
110
115
120
125
130
135
140
145
150
155
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e
Corporate sector fixed investments, index 2005=100
Sweden
the Netherlands
USA
Germany
Switzerland
Finland
Technology Industries
of Finland
6/22/2017
52Source: Statistics Finland (National Accounts, Confederation of Finnish Industries’ Investment Survey (June 2017)
Industrial and Technology Industry Companies’
Investment Plans Indicate a Weak Economic
Growth
Industrial fixed and R&D investments in Finland
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
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e
Manufacturing industry Technology industry, including information technology and consulting engineering
Million euros, at current prices
Technology Industries
of Finland
6/22/2017
Investments and productivity* are Decisive for
Finland’s Success
Productivity of export sector is 10 % lower than in 2007-2008, productivity of entire
national economy is 3 % lower
53
*) Productivity is measured as real value added per hours worked. When productivity grows (the curve rises) value added grows
more than hours worked. Value added = turnover – purchasing of materials and services
Value added = labour costs + rents + depreciations + profits
Source: Statistics Finland / National Accounts
Technology Industries
of Finland
6/22/2017
54*) 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 October-December 2016. Source: European Central Bank
Price and Cost Competitiveness in Finland Is still 14
% Waker than in Germany Compared to 2005
Unit labour costs in the whole economy = labour costs / productivity, including the influence of effective
exchange rates
90
95
100
105
110
115
120
125
Compared to Austria Compared to Belgium Compared to Germany
Compared to Spain Compared to Finland Compared to France
Compared to Italy Compared to the Netherlands Compared to Portugal
2005,I =100
Finland’s price
and cost
competitiveness
declines
Finland’s price and
cost
competitiveness
improves
6/22/2017 Technology Industries
of Finland
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
What Should Be Done in Finland?
55
• Support the renewal of the industry.
• Taxes should support growth and investment in Finland.
• Support decision making in companies related to compensation
and working time
• No new European nor national burdens on companies, which
are deteriorating the competitiveness.
Technology Industries
of Finland
6/22/2017
Long-Term Outlook and Challenges
56
• Global Structural Change Set to Continue Apace
o Industrial production and services will relocate to rapidly developing economic areas
o Strong growth, large markets, cheap labour and increasing expertise will increase the
attractiveness of these regions.
• Competition over Skills and Raw Materials Set to Increase
o Due to an increase in retirement, the sector’s annual recruitment need in Finland will
rise considerably in the coming years.
o The availability of reasonably-priced energy also threatens to become an investment
bottleneck in Finland
• Combating Climate Change
o A challenge as costs are set to grow faster than in competitor countries
o An opportunity for new environmental and energy technologies
Technology Industries
of Finland
6/22/2017
Technology Industries of
Finland
57Teknologiateollisuus6/22/2017
The Federation’s Member Companies 2015
58
250–499 employees
71,006
39%
27,628
15%
25,925
14%
57,540
32%
1,438
92 %
77
5 %
38
2 % 24
1 %
Number of enteprises / 1 577 Number of personnel / 182 099
1–249 employees 500–999 employees
1000– employees
Technology Industries
of Finland
6/22/2017
The Federation’s SME Member Companies 2015
59
493
34%
473
33 %
272
19%
200
14%
Number of enterprises / 1 438 Number of personnel / 71 006
5,131
7%
15,060
21%
19,069
27%
31,746
45%
1–19 employees
20–49 employees
50–99 employees
100–249 employees
6/22/2017 Technology Industries
of Finland

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Finnish technology industry, June 2017

  • 1. Technology Industry / Finnish Economic Outlook June 2017 16/22/2017 Technology Industries of Finland
  • 2. The Finnish Technology Industry Is Comprised of Five Sub-Sectors 26/22/2017 Technology Industries of Finland ELEKTRONICS AND ELECTROTECHNICAL INDUSTRY ABB, Ensto, Microsoft Mobile, Murata Electronics, Nokia, Planmeca, Polar Electro, Suunto, Vacon, Vaisala… METALS INDUSTRY Boliden, Componenta, Kuusakoski, Luvata, Outokumpu, Outotec, Ovako, Sacotec, SSAB … MECHANICAL ENGINEERING Abloy, Cargotec, Finn-Power, Fiskars, Glaston, Kone, Konecranes, Metso, Meyer Turku, Normet, Oras, Patria, Pemamek, Ponsse, Stala, Valmet, Valtra, Wärtsilä… INFORMATION TECHNOLOGY Affecto, Basware, Bilot, CGI, Comptel, Digia, Efecte, Enfo, F-Secure, Fujitsu Finland, IBM, Innofactor, Knowit, Microsoft, Nixu, Tieto… CONSULTING ENGINEERING A-Insinöörit, Citec, Elomatic, Etteplan, FCG, Granlund, Neste Jacobs, Pöyry, Ramboll, Rejlers, SITO, 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 (2016): 14.3 billion euros • Personnel (2016): 38,000 METALS INDUSTRY • Steel products, non-ferrous metals, castings, metallic minerals • Turnover (2016): 8.7 billion euros • Personnel (2016): 15,400 MECHANICAL ENGINEERING • Machinery, metal products, vehicles • Turnover (2016): 28.2 billion euros • Personnel (2016): 122,400 INFORMATION TECHNOLOGY • IT services, applications and programming • Turnover (2016): 11.4 billion euros • Personnel (2016): 60,400 CONSULTING ENGINEERING • Expertise for construction industry and infrastructure • Turnover (2016): 6.0 billion euros • Personnel (2016): 49,800 6/22/2017 Technology Industries of Finland
  • 4. The Technology Industry – the Largest Export Sector in Finland 4 • 50 % of total Finnish exports. • Companies invest about EUR 5.5 billion annually in Finland. • 70 % of private-sector R&D investment. • Almost 290,000 employed directly in the sector, 700,000 employed in total, equalling about 30% of the entire Finnish labour force. • Technology Industries of Finland has over 1,600 member companies. 6/22/2017 Technology Industries of Finland
  • 5. Turnover of the Technology Industry in Finland 5Source: Macrobond, Statistics Finland, Technology Industries of Finland6/22/2017 Technology Industries of Finland
  • 6. 6*) In addition to goods exports the sector exported services worth some 12.3 billion euros (2015). Source: National Board of Customs, Statistics Finland Export of Technology Industry Goods from Finland by Area in 2016 Total goods exports 25.2 billion euros* North America 2.5 billion € 9.8 % Western Europe 13.7 billion € 53.9 % South and Middle America 0.8 billion € 3.2 % Central and Eastern Europe 3.8 billion € 15.0 % Africa 0.4 billion € 1.7 % Middle and Central East 0.5 billion € 1.8 % Asia 3.7 billion € 14.6 % 6/22/2017 Technology Industries of Finland
  • 7. Technology, Forest and Chemical Industries Provide 80 % of Finland's Goods and Services Exports Revenue Goods and service exports: billion euros and the share of Finnish exports in 2016* 7*) Service exports industry-specific data for the year 2015. Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services) Technology industry 50% Forest industry 15% Chemical industry 15% Other sectors 20% 6/22/2017 Technology Industries of Finland
  • 8. Turnover of the Industry and Technology Industry in Finland 8Source: Macrobond, Statistics Finland6/22/2017 Technology Industries of Finland
  • 9. Turnover of the Technology Industry in Finland 9Source: Macrobond, Statistics Finland6/22/2017 Technology Industries of Finland
  • 10. Value of New Orders in the Technology Industry* in Finland 1022.6.2017 Teknologiateollisuus Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation January-March 2017 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 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: I,2017 / I,2016 I,2017 / IV,2016 Export: +18 % 0 % Domestic: -1 % -18 % Combined: +13 % -4 % *) Excluding metals industry and game industry companies
  • 11. Value of Order Books in the Technology Industry* in Finland 1122.6.2017 Teknologiateollisuus 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 Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016 Export: +3 % +4 % Domestic: -6 % 0 % Combined: +1 % +3 % Combined *) Excluding metals industry and game industry companies Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 31.3.2017
  • 12. Tender Requests* Received by Technology Industry Companies in Finland 1222.6.2017 Teknologiateollisuus Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, the last questionnaire is April 2017 -60 -50 -40 -30 -20 -10 0 10 20 30 40 Balance figure 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 *) 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.
  • 13. Value of New Orders in the Electronics and Electrotechnical Industry in Finland 1322.6.2017 Teknologiateollisuus 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 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: I,2017 / I,2016 I,2017 / IV,2016 Export: +5 % -10 % Domestic: +6 % +4 % Combined: +5 % -8 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation January-March 2017
  • 14. Value of Order Books in the Electronics and Electrotechnical Industry in Finland 1422.6.2017 Teknologiateollisuus 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: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016 Export: +6 % -3 % Domestic: -1 % +1 % Combined: +5 % -4 % Combined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 31.3.2017
  • 15. Value of New Orders in the Mechanical Engineering in Finland 1522.6.2017 Teknologiateollisuus 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: I,2017 / I,2016 I,2017 / IV,2016 Export: +32 % +11 % Domestic: -14 % -28 % Combined: +21 % +2 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation January-March 2017
  • 16. Value of Order Books in the Mechanical Engineering in Finland 1622.6.2017 Teknologiateollisuus 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 15,000 16,000 Export Domestic Million euros, at current prices Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016 Export: +2 % +8 % Domestic: -13 % -1 % Combined: -1 % +6 % Combined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 31.3.2017
  • 17. Value of New Orders in the Consulting Engineering in Finland 1722.6.2017 Teknologiateollisuus 0 50 100 150 200 250 300 350 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: I,2017 / I,2016 I,2017 / IV,2016 Export: 0 % +10 % Domestic: +10 % +2 % Combined: +8 % +7 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation January-March 2017
  • 18. Value of Order Books in the Consulting Engineering in Finland 1822.6.2017 Teknologiateollisuus 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016 Export: +69 % +11 % Domestic: +1 % +2 % Combined: +12 % +4 % Combined Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 31.3.2017
  • 19. Value on New Orders in the Information Technology in Finland 1922.6.2017 Teknologiateollisuus 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: I,2017 / I,2016 I,2017 / IV,2016 Combined: +11 % -22 % *) Excluding game industry companies Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation January-March 2017
  • 20. Value of Order Books in the Information Technology* in Finland 2022.6.2017 Teknologiateollisuus 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Miljoonaa euroa, käyvin hinnoin Change: 31.3.2017 / 31.3.2016 31.3.2017 / 31.12.2016 Combined: 0 % 0 % *) Excluding game industry companies Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 31.3.2017
  • 21. Technology Industry Personnel 216/22/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond (31.3) Some 7 000 of employees affected by temporary or part-time lay-offs 31.3.2017
  • 22. Technology Industry Personnel in Finland by Branch 226/22/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond (31.3)
  • 23. Technology Industry Personnel in Subsidiaries Abroad by Branch 236/22/2017 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond
  • 24. Retirement of Technology Industry Personnel in Finland 24 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 Number of individuals retired Number of individuals retiring (estimation) Salaried employees Blue collar employees Individuals per year Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics FinlandTechnology Industries of Finland 6/22/2017
  • 25. Retirement of Technology Industry Blue Collar Employees in Finland 25 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 FinlandTechnology Industries of Finland 6/22/2017
  • 26. Overview of the Situation in the Technology Industry and Outlook for Spring 2017 26 - Turnover in Finland totalled some EUR 68.7 billion in 2016. This is about half per cent higher than in 2015. In January-March 2017 turnover was 9 % higher than last year at the same time. In 2008, prior to the financial crises, the corresponding figure was EUR 86 billion. - The monetary value of new orders reported between January-March 2017 was 4 % lower than in October-December, but 13 % higher than in the corresponding period in 2016. - At the end of March, the value of order books was three per cent higher than at the end of December, and slightly higher than in March 2016. - The turnover of technology industry companies in spring 2017 is expected to be higher than in the corresponding period last year. - The number of personnel in Finland increased slightly in January-March 2017. Personnel increased by nearly one per cent, or by a good of 2,000 employees from the average number in 2016. On average, the industry employed 288,000 people in March. In 2008, the industry employed a total of 326,000 people in Finland. 6/22/2017 l Technology Industries of Finland
  • 27. World Economic Outlook - Finland as a Part of Global Economy 276/22/2017 Technology Industries of Finland
  • 28. GDP Has Grown for a Long Time in the Euro Area, Now Also in Finland 286/22/2017 Lähde: MacrobondTechnology Industries of Finland
  • 29. 296/22/2017 Lähde: Macrobond In China and India Growth Continues, also Brazil Is Returning to Growth Share of global GDP in China, India, Brazil and Russia is 31 % (adjusted for PP) Technology Industries of Finland
  • 30. 306/22/2017 Latest information May 2017 Source: Markit GDP Growth in the Euro Area Has Picked up During the last Months Purchase Managers’ Index (PMI), 50 = no change from previous month Technology Industries of Finland
  • 31. Industrial Production Volume 316/22/2017 Source: MacrobondTechnology Industries of Finland
  • 32. Industrial Production Volume in the EU Countries 326/22/2017 Source: MacrobondTechnology Industries of Finland
  • 33. Industrial Production is Growing in Particular in Emerging Countries 336/22/2017 Source: Macrobond, The CPB Netherlands Bureau for Economic Policy AnalysisTechnology Industries of Finland
  • 34. 346/22/2017 Latest information May 2017 Source: Markit Industrial Production in China is Declining Slightly Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  • 35. 356/22/2017 Latest information May 2017 Source: Markit Industrial Production in Russia is Growing Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  • 36. 366/22/2017 Latest information May 2017 Source: Markit Industrial Production in Brazil Is Increasing Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  • 37. 37Source: Macrobond Industrial Production in USA is Growing Purchase Managers’ Index (PMI) in manufacturing industry 50 = no change from previous month Technology Industries of Finland 6/22/2017
  • 38. 38Source: Macrobond Growth of Residence Construction Has Lowered in China Share of China in Asian GDP is 42% (adjusted for PP) Technology Industries of Finland 6/22/2017
  • 39. 39Souce: Macrobond Fixed Investment in Brazil Continue to Decrease Share of Russia in European GDP is 13 % (adjusted for PP) Share of Brazil in Latin American GDP is 35 % (adjusted for PP) Technology Industries of Finland 6/22/2017
  • 40. 40Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis World Trade Has Picked up Again Import volume development Technology Industries of Finland 6/22/2017
  • 41. Imports to China Have Increased from Several Countries, but Are Slowing Down 41Source: MacrobondTechnology Industries of Finland 6/22/2017
  • 42. Exports from EU Countries to Russia Have Fallen, but Stabilized 42Source: MacrobondTechnology Industries of Finland 6/22/2017
  • 43. Russia’s Share* of Technology Industry Exports from Finland Has Lowered to Some Five Per Cent 43*) 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(1-3) Technology Industries of Finland 6/22/2017 %
  • 44. 44Source: IMF (January 2017) Global Economy is Expected to Grow by 3,4 % in 2017 GDP growth in 2017, % -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 0 10 20 30 40 50 60 70 80 90 100 North America Western Europe Japan China India Restof EasternEurope Russia Brazil Mexico RestofLatin A,merica MiddleEast andAfrica Average growth: +3,4 % The width of the bar indicates the share of global GDP in 2015 (adjusted for purchasing power parity), % Rest of Asia 6/22/2017 Technology Industries of Finland
  • 45. 45Source: IMF (January 2017), Board of Customs Demand in the Finnish Technology Industry Export Market is Expected to Grow by 2.2 % in 2017 GDP growth 2017 / 2016, % -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 0 10 20 30 40 50 60 70 80 90 100 North America Western Europe Japan China India Rest of Asia Restof EasternEurope Russia Brazil RestofLatinAmerica MiddleEastandAfrica Average growth: +2.2 % Mexico The width of the bar indicates the export share of technology industry from Finland in 2015, % 6/22/2017 Technology Industries of Finland
  • 46. Finland’s Economic Growth Relies on Exports and Investments 46Technology Industries of Finland 6/22/2017
  • 47. 47Source: Macrobond, Eurostat Finnish Exports up to EUR 30 Billion Short of Annual Target Level Technology Industries of Finland 6/22/2017
  • 48. Finnish Exports Lagging Behind Competitors 48Source: Macrobond, EurostatTechnology Industries of Finland 6/22/2017
  • 49. Export Growth is Limited Because Industrial Production Has Decreased by 20% Investments are vital for the production and export recovery 49 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 70 75 80 85 90 95 100 105 110 115 120 125 Industrial production ability (production with capacity in full use), left. Scale Industrial production (2008=100), left scale Capacity utilization rate, %, right scale -20 % 2008 200 9 2010 2011 2012 2013 2014 2015 2016 2017 -22 % Source: Statistics Finland / National Accounts, Industrial volume indexTechnology Industries of Finland 6/22/2017
  • 50. 50Source: Macrobond, Eurostat Growth of Public Expenditures, Debt and Tax Ratio in Finland Increased cost burden requires cuts to public sector Technology Industries of Finland 6/22/2017
  • 51. Business Investment in Finland Should Grow more Strongly than Predicted, the Current Development Is Inadequate 51Source: OECD, Economic Outlook (November 2016) 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e Corporate sector fixed investments, index 2005=100 Sweden the Netherlands USA Germany Switzerland Finland Technology Industries of Finland 6/22/2017
  • 52. 52Source: Statistics Finland (National Accounts, Confederation of Finnish Industries’ Investment Survey (June 2017) Industrial and Technology Industry Companies’ Investment Plans Indicate a Weak Economic Growth Industrial fixed and R&D investments in Finland 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e 2017e Manufacturing industry Technology industry, including information technology and consulting engineering Million euros, at current prices Technology Industries of Finland 6/22/2017
  • 53. Investments and productivity* are Decisive for Finland’s Success Productivity of export sector is 10 % lower than in 2007-2008, productivity of entire national economy is 3 % lower 53 *) Productivity is measured as real value added per hours worked. When productivity grows (the curve rises) value added grows more than hours worked. Value added = turnover – purchasing of materials and services Value added = labour costs + rents + depreciations + profits Source: Statistics Finland / National Accounts Technology Industries of Finland 6/22/2017
  • 54. 54*) 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 October-December 2016. Source: European Central Bank Price and Cost Competitiveness in Finland Is still 14 % Waker than in Germany Compared to 2005 Unit labour costs in the whole economy = labour costs / productivity, including the influence of effective exchange rates 90 95 100 105 110 115 120 125 Compared to Austria Compared to Belgium Compared to Germany Compared to Spain Compared to Finland Compared to France Compared to Italy Compared to the Netherlands Compared to Portugal 2005,I =100 Finland’s price and cost competitiveness declines Finland’s price and cost competitiveness improves 6/22/2017 Technology Industries of Finland 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
  • 55. What Should Be Done in Finland? 55 • Support the renewal of the industry. • Taxes should support growth and investment in Finland. • Support decision making in companies related to compensation and working time • No new European nor national burdens on companies, which are deteriorating the competitiveness. Technology Industries of Finland 6/22/2017
  • 56. Long-Term Outlook and Challenges 56 • Global Structural Change Set to Continue Apace o Industrial production and services will relocate to rapidly developing economic areas o Strong growth, large markets, cheap labour and increasing expertise will increase the attractiveness of these regions. • Competition over Skills and Raw Materials Set to Increase o Due to an increase in retirement, the sector’s annual recruitment need in Finland will rise considerably in the coming years. o The availability of reasonably-priced energy also threatens to become an investment bottleneck in Finland • Combating Climate Change o A challenge as costs are set to grow faster than in competitor countries o An opportunity for new environmental and energy technologies Technology Industries of Finland 6/22/2017
  • 58. The Federation’s Member Companies 2015 58 250–499 employees 71,006 39% 27,628 15% 25,925 14% 57,540 32% 1,438 92 % 77 5 % 38 2 % 24 1 % Number of enteprises / 1 577 Number of personnel / 182 099 1–249 employees 500–999 employees 1000– employees Technology Industries of Finland 6/22/2017
  • 59. The Federation’s SME Member Companies 2015 59 493 34% 473 33 % 272 19% 200 14% Number of enterprises / 1 438 Number of personnel / 71 006 5,131 7% 15,060 21% 19,069 27% 31,746 45% 1–19 employees 20–49 employees 50–99 employees 100–249 employees 6/22/2017 Technology Industries of Finland