Technology industry / Finnish economic outlook

TechFinland
TechFinlandTechFinland
Technology industry /
Finnish economic outlook
September 2023
1
9/18/2023 Technology Industries
of Finland
The Finnish technology industry is comprised of
five sub-sectors
2
9/18/2023 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, Meyer Turku, Neles,
Normet, Oras, Patria, Pemamek, Ponsse,
Prima Power, Stala, Valmet, Valtra,
Wärtsilä…
INFORMATION TECHNOLOGY
Basware, CGI, Digia, Efecte, Enfo,
F-Secure, Fujitsu Finland, IBM, Innofactor,
Knowit, Microsoft, Nixu, TietoEVRY…
CONSULTING ENGINEERING
AFRY, A-Insinöörit, Citec, Elomatic,
Etteplan, FCG, Granlund, Ramboll, Rejlers,
Sitowise, 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 (2022): 21 billion euros
• Personnel (2022): 40,700
METALS INDUSTRY
• Steel products, non-ferrous metals,
castings, metallic minerals
• Turnover (2022): 19 billion euros
• Personnel (2022): 16,000
MECHANICAL ENGINEERING
• Machinery, metal products, vehicles
• Turnover (2022): 38 billion euros
• Personnel (2022): 135,800
INFORMATION TECHNOLOGY
• IT services, applications and
programming
• Turnover (2022): 19 billion euros
• Personnel (2022): 83,500
CONSULTING ENGINEERING
• Expertise for construction industry and
infrastructure
• Turnover (2022): 7 billion euros
• Personnel (2022): 54,100
9/18/2023 Technology Industries
of Finland
The technology industry –
the largest export sector in Finland
4
• Over 50 % of total exports.
• Some 338,000 employed directly in the
sector, including indirect effects 720,000
people.
• Effect on value added totaling € 63 billion,
or 29% of GDP value added.
• Bring to Finland € 23 billion tax revenue
annually.
• Investments almost EUR 6.0 billion
annually in Finland.
• 65 % of private-sector R&D investment.
9/18/2023 Technology Industries
of Finland
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
9/18/2023 Technology Industries
of Finland
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
9/18/2023 Technology Industries
of Finland
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
9/18/2023 Technology Industries
of Finland
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
9/18/2023 Technology Industries
of Finland
Turnover of the technology industry in Finland
9
Source: Macrobond, Statistics Finland, Technology Industries of Finland
9/18/2023 Technology Industries
of Finland
10
*) In addition to goods exports the sector exported services worth some 16-18 billion euros.
Source: Finnish Customs, Statistics Finland
Export of tchnology industry goods from Finland
by area in 2022
Total goods exports 41.31 billion euros*
North America
5.10 billion €
12.4 %
Western Europe
22.02 billion €
53.3 %
South and
Middle America
1.51 billion €
3.6 %
Central and Eastern Europe
5.43 billion €
13.1 %
Africa
0.65 billion €
1.6 %
Middle and
Central East
0.51 billion €
1.2 %
Asia
5.99 billion €
14.5 %
9/18/2023 Technology Industries
of Finland
Turnover of the industry and technology industry
in Finland
11
Source: Macrobond, Statistics Finland
9/18/2023 Technology Industries
of Finland
Turnover of the technology industry in Finland
12
Source: Macrobond, Statistics Finland
9/18/2023 Technology Industries
of Finland
Value of new orders in the technology industry* in
Finland
13
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation April-June 2023.
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
Combined
Export
Domestic
Million euros, at current prices
Change: II,2023 / II,2022 II,2023 / I,2023
Export: -2 % -10 %
Domestic: -15 % -5 %
Combined: -5 % -9 %
*) Excl. metals
industry, game
industry and data
center companies
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of order books in the technology industry*
in Finland
14
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th June 2023.
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
32,000
34,000
36,000
Export
Domestic
Million euros, at current prices
Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023
Export: -4 % -9 %
Domestic: -2 % +1 %
Combined: -4 % -6 %
*) Excl. metals
industry, game
industry and data
center companies
Combined
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of new orders in the electronics and
electrotechnical industry in Finland
15
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: II,2023 / II,2022 II,2023 / I,2023
Export: -9 % -21 %
Domestic: -6 % -6 %
Combined: -9 % -19 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation April-June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of order books in the electronics and
electrotechnical industry in Finland
16
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
9,000
Export
Domestic
Million euros, at current prices
Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023
Export: -8 % -18 %
Domestic: -5 % +2 %
Combined: -7 % -15 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of new orders in the mechanical engineering
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: II,2023 / II,2022 II,2023 / I,2023
Export: +7 % +5 %
Domestic: -26 % +3 %
Combined: -2 % +4 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation April-June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of order books in the mechanical
engineering in Finland
18
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
Million euros, at current prices
Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023
Export: -3 % -5 %
Domestic: -3 % +0 %
Combined: -3 % -4 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Turnover of the metals industry in Finland
19
Seasonal adjusted turnover index
Shares of turnover 2022: iron and steel products, non-ferrous metals and castings 91 %, mining of metal ores 9 %
Source: Statistics Finland
9/18/2023 Technology Industries
of Finland
Production volume of the metals industry in
Finland
20
Seasonal adjusted volume index
Shares of turnover 2022: iron and steel products, non-ferrous metals and castings 91 %, mining of metal ores 9 %
Source: Statistics Finland
9/18/2023 Technology Industries
of Finland
Value of new orders in the consulting engineering
in Finland
21
0
50
100
150
200
250
300
350
400
Combined
Export
Domestic
Million euros, at current prices
Change: II,2023 / II,2022 II,2023 / I,2023
Export: -28 % -14 %
Domestic: -17 % -8 %
Combined: -17 % -9 %
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation April-June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of order books in the consulting engineering
in Finland
22
0
100
200
300
400
500
600
700
800
900
1,000
1,100
Export
Domestic
Million euros, at current prices
Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023
Export: -26 % -26 %
Domestic: -1 % -1 %
Combined: -3 % -3 %
Combined
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Value of new orders in the information
technology* in Finland
23
0
100
200
300
400
500
600
700
800
900
Million euros, at current prices
Change: II,2023 / II,2022 II,2023 / I,2023
Combined: +7 % -13 %
*) Excl. game industry and data center companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation April-June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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
2,400
Million euros, at current prices
Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023
Combined: -0 % +1 %
*) Excl. game industry and data center companies
Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies,
latest observation 30th June 2023.
Technology Industries
of Finland
9/18/2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Technology Industry Personnel
25
9/18/2023 Technology Industries of
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
June
30th
6,000 employees affected by
temporary lay-offs 30th June
2023
26
9/18/2023 Technology Industries of
Finland
Source: The Federation of Finnish Technology Industries’ labour force survey
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
Change in number of personnel comparede to previous quarter Number of recruitments during the quarter
Growth in headcount stalled in the technology
industry in Finland
Technology Industry Personnel in Finland by
Industry
27
9/18/2023 Technology Industries of
Finland
Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond
June
30th
Technology Industry Personnel in Subsidiaries
Abroad by Industry
28
9/18/2023 Technology Industries of
Finland
Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond
Technology Industry Personnel in Subsidiaries
Abroad by Country
29
9/18/2023 Technology Industries of
Finland
Information from year 2022, total 278 000
94 200
5 800
6 700
8 000
9 900
14 700
16 200
18 400
26 200
33 200
44 200
Others
10. Italy
9. Norway
8. UK
7. France
6. Sweden
5. Poland
4. Germany
3. USA
2. India
1. China
34%
2%
2%
3%
4%
5%
6%
7%
9%
12%
16%
Others
10. Italy
9. Norway
8. UK
7. France
6. Sweden
5. Poland
4. Germany
3. USA
2. India
1. China
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
9/18/2023
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
9/18/2023
Number of individuals retiring
(estimation)
Number of individuals retired
World economic outlook
- Finland as a part of global
economy
32
9/18/2023 Technology Industries of Finland
GDP in Euro Area and Finland by quarter
33
Lähde: Macrobond
Technology Industries
of Finland
9/18/2023
Export of goods and services from Finland and
Euro Area by quarter
34
Source: Macrobond, Eurostat
9/18/2023 Technology Industries
of Finland
GDP by demand sector in Finland by quarter
35
Source: Macrobond, Statistics Finland
Technology Industries
of Finland
9/18/2023
GDP in some western countries
36
Souce: Macrobond
Technology Industries
of Finland
9/18/2023
37
Source: Macrobond
GDP in large developing countries
China, India, Brazil and Russia account for 31% of the world economy, adjusted for purchasing power
9/18/2023 Technology Industries
of Finland
Purchasing Manager Indices for the entire
business sector in Finland’s most important export
countries
38
Source: Macrobond. Markit
9/18/2023 Technology Industries
of Finland
Industrial Production Volume in USA, EU, Japan
and Finland
39
9/18/2023 Technology Industries of
Finland
Seasonally adjusted volume index
Source: Macrobond
Industrial Production Volume in EU-Countries
40
9/18/2023 Technology Industries of
Finland
Seasonally adjusted volume index
Source: Macrobond
Industrial production globally
41
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
Technology Industries
of Finland
9/18/2023
Purchasing Manager indices for the manufacturing
industries
42
Source: Macrobond, Markit
9/18/2023 Technology Industries
of Finland
Purchasing Manager indices for the manufacturing
industries in major developing countries
43
Source: Macrobond, Markit
9/18/2023 Technology Industries
of Finland
Exchange rates (when the curve rises, the value of the
Euro strengthens against the other currency)
44
Source: Macrobond
9/18/2023 Technology Industries
of Finland
45
Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis
Goods export volume
Technology Industries
of Finland
9/18/2023
Chinese goods imports
46
Source: Macrobond
9/18/2023 Technology Industries
of Finland
EU exports to Russia
47
Source: Macrobond
Technology Industries
of Finland
9/18/2023
Russia’s* share of the technology industry's
Finnish exports
48
*) 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
2022
Technology Industries
of Finland
9/18/2023
%
Finland’s economic growth
relies on exports and
investments
49
Technology Industries
of Finland
9/18/2023
Export of goods and services
50
Source: Macrobond, Eurostat
Technology Industries
of Finland
9/18/2023
Business investment
51
Source: Macrobond, OECD Economic Outlook
Industrial tangible and intangible investment* in
Finland
52
*) Including software investments.
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2022
0
1
2
3
4
5
6
7
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22e
Tangible investment
Intangible investment
Intangible investment (excl.
electronics industry)
Billion euros, at fixed 2015 prices
9/18/2023 Technology Industries
of Finland
Industrial investment and consumption of fixed
capital in Finland
53
*) Including software investments.
Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2022
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 21 22e
Tangible and intangible
investment*
Consumption of Fixed
Capital
Billion euros, at fixed 2015 prices
9/18/2023 Technology Industries
of Finland
Industrial production capital loss in Finland
54
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 21
Cumulative consumption
of tangible capital
Cumulative tangible
investment
Billion euros, at fixed 2015 prices
9/18/2023 Technology Industries
of Finland
=6,2 bill. €
Industrial tangible investment
55
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, June 2022
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 21 22e
Hungary
Poland
Netherlands
Austria
Germany
Chech
Republic
Sweden
Belgium
Finland
Billion euros, at fixed 2015 prices, index 2005=100
9/18/2023 Technology Industries
of Finland
Investment rate in industrial tangible investments
56
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 20
Hungary
Poland
Netherlands
Austria
Germany
Czech
Republic
Sweden
Belgium
Finland
Tangible investments / value added, %
9/18/2023 Technology Industries
of Finland
Industrial intangible investments
57
*) Intangible investments include research and development and software investments etc.
Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, June 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 21 22e
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finland, excl.
electronics industry
Finland
Billion euros, at fixed 2015 prices,
index 2005=100
9/18/2023 Technology Industries
of Finland
Investment rate of industrial intangible
investments*
58
*) 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 20
Hungary
Poland
Netherlands
Austria
Germany
Czech Republic
Sweden
Belgium
Finlans, excl.
electronics industry
Finland
Intangible investments / value added, %
9/18/2023 Technology Industries
of Finland
Productivity* development in Finland
59
9/18/2023 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
60
Latest information April-June 2022.
Source: Eurostat: Quarterly National Accounts
GDP productivity development
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)
9/18/2023 Technology Industries of
Finland
61
Latest information April-June 2022.
Source: Eurostat: Quarterly National Accounts
Industrial productivity development
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)
9/18/2023 Technology Industries of
Finland
62
Source: Macrobond, Eurostat
Corporate investment rate
9/18/2023 Technology Industries
of Finland
63
Finland’s cost competitiveness compared to the
average of Euro countries
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
9/18/2023 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 January-March 2022. 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 22
Member Companies of the
Federation of Finnish
Technology Industries
64
9/18/2023 Technology Industries
of Finland
The Federation’s Member Companies 2022
65
250–499 employees
82,082
39%
32,615
15%
32,720
15%
63,728
30%
1 634
90%
95
5%
49
3%
28
2%
Number of enterprices / 1 806 Number of personnel / 211 145
1–249 employees 500–999 employees
1000– employees
9/18/2023 Technology Industries
of Finland
The Federation’s SME Member Companies 2022
66
508
31%
568
35%
324
20%
234
14%
Number of enterprices / 1 634 Number of personnel / 80 082
5 293
6%
18 507
23%
22,603
28%
35,679
43%
1–19 employees
20–49 employees
50–99 employees
100–249 employees
9/18/2023 Technology Industries
of Finland
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)
67
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
9/18/2023 Technology Industries
of Finland
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
68
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
9/18/2023 Technology Industries
of Finland
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
69
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
9/18/2023 Technology Industries
of Finland
Equity Ratio in the Member Companies of
Technology Industries of Finland in 2020
Equity ratio -% = (total equity + total appropriations accrued) / adjusted balance sheet *
100
70
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
9/18/2023 Technology Industries
of Finland
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Technology industry / Finnish economic outlook

  • 1. Technology industry / Finnish economic outlook September 2023 1 9/18/2023 Technology Industries of Finland
  • 2. The Finnish technology industry is comprised of five sub-sectors 2 9/18/2023 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, Meyer Turku, Neles, Normet, Oras, Patria, Pemamek, Ponsse, Prima Power, Stala, Valmet, Valtra, Wärtsilä… INFORMATION TECHNOLOGY Basware, CGI, Digia, Efecte, Enfo, F-Secure, Fujitsu Finland, IBM, Innofactor, Knowit, Microsoft, Nixu, TietoEVRY… CONSULTING ENGINEERING AFRY, A-Insinöörit, Citec, Elomatic, Etteplan, FCG, Granlund, 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 (2022): 21 billion euros • Personnel (2022): 40,700 METALS INDUSTRY • Steel products, non-ferrous metals, castings, metallic minerals • Turnover (2022): 19 billion euros • Personnel (2022): 16,000 MECHANICAL ENGINEERING • Machinery, metal products, vehicles • Turnover (2022): 38 billion euros • Personnel (2022): 135,800 INFORMATION TECHNOLOGY • IT services, applications and programming • Turnover (2022): 19 billion euros • Personnel (2022): 83,500 CONSULTING ENGINEERING • Expertise for construction industry and infrastructure • Turnover (2022): 7 billion euros • Personnel (2022): 54,100 9/18/2023 Technology Industries of Finland
  • 4. The technology industry – the largest export sector in Finland 4 • Over 50 % of total exports. • Some 338,000 employed directly in the sector, including indirect effects 720,000 people. • Effect on value added totaling € 63 billion, or 29% of GDP value added. • Bring to Finland € 23 billion tax revenue annually. • Investments almost EUR 6.0 billion annually in Finland. • 65 % of private-sector R&D investment. 9/18/2023 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 9/18/2023 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 9/18/2023 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 9/18/2023 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 9/18/2023 Technology Industries of Finland
  • 9. Turnover of the technology industry in Finland 9 Source: Macrobond, Statistics Finland, Technology Industries of Finland 9/18/2023 Technology Industries of Finland
  • 10. 10 *) In addition to goods exports the sector exported services worth some 16-18 billion euros. Source: Finnish Customs, Statistics Finland Export of tchnology industry goods from Finland by area in 2022 Total goods exports 41.31 billion euros* North America 5.10 billion € 12.4 % Western Europe 22.02 billion € 53.3 % South and Middle America 1.51 billion € 3.6 % Central and Eastern Europe 5.43 billion € 13.1 % Africa 0.65 billion € 1.6 % Middle and Central East 0.51 billion € 1.2 % Asia 5.99 billion € 14.5 % 9/18/2023 Technology Industries of Finland
  • 11. Turnover of the industry and technology industry in Finland 11 Source: Macrobond, Statistics Finland 9/18/2023 Technology Industries of Finland
  • 12. Turnover of the technology industry in Finland 12 Source: Macrobond, Statistics Finland 9/18/2023 Technology Industries of Finland
  • 13. Value of new orders in the technology industry* in Finland 13 Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation April-June 2023. 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 Combined Export Domestic Million euros, at current prices Change: II,2023 / II,2022 II,2023 / I,2023 Export: -2 % -10 % Domestic: -15 % -5 % Combined: -5 % -9 % *) Excl. metals industry, game industry and data center companies Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 14. Value of order books in the technology industry* in Finland 14 Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30th June 2023. 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 32,000 34,000 36,000 Export Domestic Million euros, at current prices Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023 Export: -4 % -9 % Domestic: -2 % +1 % Combined: -4 % -6 % *) Excl. metals industry, game industry and data center companies Combined Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 15. Value of new orders in the electronics and electrotechnical industry in Finland 15 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: II,2023 / II,2022 II,2023 / I,2023 Export: -9 % -21 % Domestic: -6 % -6 % Combined: -9 % -19 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation April-June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 16. Value of order books in the electronics and electrotechnical industry in Finland 16 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 9,000 Export Domestic Million euros, at current prices Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023 Export: -8 % -18 % Domestic: -5 % +2 % Combined: -7 % -15 % Combined Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30th June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 17. Value of new orders in the mechanical engineering 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: II,2023 / II,2022 II,2023 / I,2023 Export: +7 % +5 % Domestic: -26 % +3 % Combined: -2 % +4 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation April-June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 18. Value of order books in the mechanical engineering in Finland 18 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 Million euros, at current prices Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023 Export: -3 % -5 % Domestic: -3 % +0 % Combined: -3 % -4 % Combined Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30th June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 19. Turnover of the metals industry in Finland 19 Seasonal adjusted turnover index Shares of turnover 2022: iron and steel products, non-ferrous metals and castings 91 %, mining of metal ores 9 % Source: Statistics Finland 9/18/2023 Technology Industries of Finland
  • 20. Production volume of the metals industry in Finland 20 Seasonal adjusted volume index Shares of turnover 2022: iron and steel products, non-ferrous metals and castings 91 %, mining of metal ores 9 % Source: Statistics Finland 9/18/2023 Technology Industries of Finland
  • 21. Value of new orders in the consulting engineering in Finland 21 0 50 100 150 200 250 300 350 400 Combined Export Domestic Million euros, at current prices Change: II,2023 / II,2022 II,2023 / I,2023 Export: -28 % -14 % Domestic: -17 % -8 % Combined: -17 % -9 % Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation April-June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 22. Value of order books in the consulting engineering in Finland 22 0 100 200 300 400 500 600 700 800 900 1,000 1,100 Export Domestic Million euros, at current prices Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023 Export: -26 % -26 % Domestic: -1 % -1 % Combined: -3 % -3 % Combined Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30th June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 23. Value of new orders in the information technology* in Finland 23 0 100 200 300 400 500 600 700 800 900 Million euros, at current prices Change: II,2023 / II,2022 II,2023 / I,2023 Combined: +7 % -13 % *) Excl. game industry and data center companies Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation April-June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 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 2,400 Million euros, at current prices Change: 30.6.2023 / 30.6.2022 30.6.2023 / 31.3.2023 Combined: -0 % +1 % *) Excl. game industry and data center companies Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30th June 2023. Technology Industries of Finland 9/18/2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
  • 25. Technology Industry Personnel 25 9/18/2023 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond June 30th 6,000 employees affected by temporary lay-offs 30th June 2023
  • 26. 26 9/18/2023 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 Change in number of personnel comparede to previous quarter Number of recruitments during the quarter Growth in headcount stalled in the technology industry in Finland
  • 27. Technology Industry Personnel in Finland by Industry 27 9/18/2023 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond June 30th
  • 28. Technology Industry Personnel in Subsidiaries Abroad by Industry 28 9/18/2023 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 9/18/2023 Technology Industries of Finland Information from year 2022, total 278 000 94 200 5 800 6 700 8 000 9 900 14 700 16 200 18 400 26 200 33 200 44 200 Others 10. Italy 9. Norway 8. UK 7. France 6. Sweden 5. Poland 4. Germany 3. USA 2. India 1. China 34% 2% 2% 3% 4% 5% 6% 7% 9% 12% 16% Others 10. Italy 9. Norway 8. UK 7. France 6. Sweden 5. Poland 4. Germany 3. USA 2. India 1. China
  • 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 9/18/2023
  • 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 9/18/2023 Number of individuals retiring (estimation) Number of individuals retired
  • 32. World economic outlook - Finland as a part of global economy 32 9/18/2023 Technology Industries of Finland
  • 33. GDP in Euro Area and Finland by quarter 33 Lähde: Macrobond Technology Industries of Finland 9/18/2023
  • 34. Export of goods and services from Finland and Euro Area by quarter 34 Source: Macrobond, Eurostat 9/18/2023 Technology Industries of Finland
  • 35. GDP by demand sector in Finland by quarter 35 Source: Macrobond, Statistics Finland Technology Industries of Finland 9/18/2023
  • 36. GDP in some western countries 36 Souce: Macrobond Technology Industries of Finland 9/18/2023
  • 37. 37 Source: Macrobond GDP in large developing countries China, India, Brazil and Russia account for 31% of the world economy, adjusted for purchasing power 9/18/2023 Technology Industries of Finland
  • 38. Purchasing Manager Indices for the entire business sector in Finland’s most important export countries 38 Source: Macrobond. Markit 9/18/2023 Technology Industries of Finland
  • 39. Industrial Production Volume in USA, EU, Japan and Finland 39 9/18/2023 Technology Industries of Finland Seasonally adjusted volume index Source: Macrobond
  • 40. Industrial Production Volume in EU-Countries 40 9/18/2023 Technology Industries of Finland Seasonally adjusted volume index Source: Macrobond
  • 41. Industrial production globally 41 Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis Technology Industries of Finland 9/18/2023
  • 42. Purchasing Manager indices for the manufacturing industries 42 Source: Macrobond, Markit 9/18/2023 Technology Industries of Finland
  • 43. Purchasing Manager indices for the manufacturing industries in major developing countries 43 Source: Macrobond, Markit 9/18/2023 Technology Industries of Finland
  • 44. Exchange rates (when the curve rises, the value of the Euro strengthens against the other currency) 44 Source: Macrobond 9/18/2023 Technology Industries of Finland
  • 45. 45 Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis Goods export volume Technology Industries of Finland 9/18/2023
  • 46. Chinese goods imports 46 Source: Macrobond 9/18/2023 Technology Industries of Finland
  • 47. EU exports to Russia 47 Source: Macrobond Technology Industries of Finland 9/18/2023
  • 48. Russia’s* share of the technology industry's Finnish exports 48 *) 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 2022 Technology Industries of Finland 9/18/2023 %
  • 49. Finland’s economic growth relies on exports and investments 49 Technology Industries of Finland 9/18/2023
  • 50. Export of goods and services 50 Source: Macrobond, Eurostat Technology Industries of Finland 9/18/2023
  • 52. Industrial tangible and intangible investment* in Finland 52 *) Including software investments. Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2022 0 1 2 3 4 5 6 7 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22e Tangible investment Intangible investment Intangible investment (excl. electronics industry) Billion euros, at fixed 2015 prices 9/18/2023 Technology Industries of Finland
  • 53. Industrial investment and consumption of fixed capital in Finland 53 *) Including software investments. Source: Statistics Finland (National Accounts), Confederation of Finnish Industries’ Investment Survey June 2022 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 21 22e Tangible and intangible investment* Consumption of Fixed Capital Billion euros, at fixed 2015 prices 9/18/2023 Technology Industries of Finland
  • 54. Industrial production capital loss in Finland 54 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 21 Cumulative consumption of tangible capital Cumulative tangible investment Billion euros, at fixed 2015 prices 9/18/2023 Technology Industries of Finland =6,2 bill. €
  • 55. Industrial tangible investment 55 Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, June 2022 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 21 22e Hungary Poland Netherlands Austria Germany Chech Republic Sweden Belgium Finland Billion euros, at fixed 2015 prices, index 2005=100 9/18/2023 Technology Industries of Finland
  • 56. Investment rate in industrial tangible investments 56 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 20 Hungary Poland Netherlands Austria Germany Czech Republic Sweden Belgium Finland Tangible investments / value added, % 9/18/2023 Technology Industries of Finland
  • 57. Industrial intangible investments 57 *) Intangible investments include research and development and software investments etc. Source: Eurostat (National Accounts), Confederation of Finnish Industries’ investment survey, June 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 21 22e Hungary Poland Netherlands Austria Germany Czech Republic Sweden Belgium Finland, excl. electronics industry Finland Billion euros, at fixed 2015 prices, index 2005=100 9/18/2023 Technology Industries of Finland
  • 58. Investment rate of industrial intangible investments* 58 *) 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 20 Hungary Poland Netherlands Austria Germany Czech Republic Sweden Belgium Finlans, excl. electronics industry Finland Intangible investments / value added, % 9/18/2023 Technology Industries of Finland
  • 59. Productivity* development in Finland 59 9/18/2023 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
  • 60. 60 Latest information April-June 2022. Source: Eurostat: Quarterly National Accounts GDP productivity development 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) 9/18/2023 Technology Industries of Finland
  • 61. 61 Latest information April-June 2022. Source: Eurostat: Quarterly National Accounts Industrial productivity development 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) 9/18/2023 Technology Industries of Finland
  • 62. 62 Source: Macrobond, Eurostat Corporate investment rate 9/18/2023 Technology Industries of Finland
  • 63. 63 Finland’s cost competitiveness compared to the average of Euro countries 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 9/18/2023 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 January-March 2022. 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 22
  • 64. Member Companies of the Federation of Finnish Technology Industries 64 9/18/2023 Technology Industries of Finland
  • 65. The Federation’s Member Companies 2022 65 250–499 employees 82,082 39% 32,615 15% 32,720 15% 63,728 30% 1 634 90% 95 5% 49 3% 28 2% Number of enterprices / 1 806 Number of personnel / 211 145 1–249 employees 500–999 employees 1000– employees 9/18/2023 Technology Industries of Finland
  • 66. The Federation’s SME Member Companies 2022 66 508 31% 568 35% 324 20% 234 14% Number of enterprices / 1 634 Number of personnel / 80 082 5 293 6% 18 507 23% 22,603 28% 35,679 43% 1–19 employees 20–49 employees 50–99 employees 100–249 employees 9/18/2023 Technology Industries of Finland
  • 67. 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) 67 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 9/18/2023 Technology Industries of Finland
  • 68. 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 68 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 9/18/2023 Technology Industries of Finland
  • 69. 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 69 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 9/18/2023 Technology Industries of Finland
  • 70. Equity Ratio in the Member Companies of Technology Industries of Finland in 2020 Equity ratio -% = (total equity + total appropriations accrued) / adjusted balance sheet * 100 70 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 9/18/2023 Technology Industries of Finland