Finlands electronics industry grew in 2022, but 2023 looks tough
The Electronics and Electrotechnical Industry in Finland grew by approximately 16% in 2022 from 2021. But as we look forward towards the end of 2023, it looks like the turnover will either stagnate or contract during the remainder of the year.
When talking about the Finnish electronics industry it is hard not to think of Nokia. After all, the company has been developing mobile phones since the 70s and dominated the market in the 90s. While the company’s days as the top dog amongst mobile phone companies may have passed, but Nokia is still a household name and a dominant force in telecommunications and information technology. But the domestic Finnish technology industry is much more than just Nokia.
The Finnish technology industry is comprised of five sub-sectors; the Electronics and electrotechnical industry; the Metals industry; Information technology; Mechanical engineering and Consulting engineering. When Evertiq looked through the report from the Technology Industries of Finland back in 2022, some 336,000 were employed directly in the sector, this number has seen some modest growth over the year and the sector now employs 338,000 people directly. Adding to this are also the indirect effects of 720,000 people – up from 705,000 people the year before.
According to the report, 10 jobs in the technology industry bring an additional 11 jobs to the rest of the Finnish economy. Technology Industries of Finland has about 1,800 member companies.
The turnover of companies in the electronics and electrotechnical industry (telecommunications equipment, electrical equipment and medical technology) in Finland grew by approximately 16% in 2022 from 2021. In 2022, their combined turnover in Finland amounted to approximately EUR 21 billion. Between January and April of this year, turnover was 5% lower than twelve months earlier.
The value of both new orders and order books decreased in the April-June period from the previous quarter. Typically for the sector in recent years, order volumes can fluctuate actively from one quarter to another. Judging from order trends in early 2023, the turnover of the electronics and electrotechnical industry companies is expected to stagnate, or to contract in the remainder of the year. The industry employed approximately 41,600 people in June.
The Finnish tech industry congregates in Tampere
Take the opportunity and meet the Finnish electronics industry during Evertiq Expo Tampere on November 29, 2023, at the Tampere Hall.