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Technology Industry / Finnish Economic Outlook December 2020

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Technology Industry / Finnish Economic Outlook December 2020 Technology Industry / Finnish Economic Outlook December 2020 Jukka Palokangas Principal Economist [email protected] 12/28/2020 Technology Industries 1 of Finland The Finnish Technology Industry Is Comprised of Five Sub-Sectors ELEKTRONICS AND ELECTROTECHNICAL METALS INDUSTRY MECHANICAL ENGINEERING INDUSTRY Boliden, Componenta, Kuusakoski, Abloy, Cargotec, Finn-Power, Fiskars, ABB, Ensto, Microsoft Mobile, Luvata, Outokumpu, Outotec, Glaston, Kone, Konecranes, Metso, Murata Electronics, Nokia, Planmeca, Ovako, Sacotec, SSAB … Meyer Turku, Normet, Oras, Patria, Polar Electro, Suunto, Vacon, Vaisala… Pemamek, Ponsse, Stala, Valmet, Valtra, Wärtsilä… INFORMATION TECHNOLOGY CONSULTING ENGINEERING Affecto, Basware, Bilot, CGI, Comptel, A-Insinöörit, Citec, Elomatic, Etteplan, FCG, Digia, Efecte, Enfo, F-Secure, Fujitsu Granlund, Neste Jacobs, Pöyry, Ramboll, Finland, IBM, Innofactor, Knowit, Rejlers, SITO, SWECO, WSP… Microsoft, Nixu, Tieto… 12/28/2020 Technology Industries 2 of Finland The Finnish Technology Industry Is Comprised of Five Sub-Sectors ELEKTRONICS AND ELECTROTECHNICAL METALS INDUSTRY MECHANICAL ENGINEERING INDUSTRY • Steel products, non-ferrous metals, • Machinery, metal products, vehicles • Data communications equipment, electrical castings, metallic minerals • Turnover (2019): 32.8 billion euros machinery, medical technology • Turnover (2019): 10.7 billion euros • Personnel (2019): 134,200 • Turnover (2019): 18.0 billion euros • Personnel (2019): 15,800 • Personnel (2019): 38,700 INFORMATION TECHNOLOGY CONSULTING ENGINEERING • IT services, applications and • Expertise for construction industry and programming infrastructure • Turnover (2019): 14.8 billion euros • Turnover (2019): 6.6 billion euros • Personnel (2019): 74,100 • Personnel (2019): 56,200 12/28/2020 Technology Industries 3 of Finland The Technology Industry – the Largest Export Sector in Finland • Some 50 % of total exports. • Some 310,000 employed directly in the sector, including indirect effects 650,000 people. • Effect on value added totaling € 57 billion, or 28% of GDP value added. • Bring to Finland € 18 billion tax revenue annually. • Investments about EUR 5.0 billion annually in Finland. • 70 % of private-sector R&D investment. 12/28/2020 Technology Industries 4 of Finland Value Added to the Economy Generated by the Technology Industry Is EUR 55 Billion, or over 28% of GDP * (2017) A total of EUR 54.5 billion 10,1; 18 % Impact on technology industry (direct influence) Impact on other industries 28,8; 53 % (indirect influence) 15,6; 29 % Impact on private consumption (income effect) 28.12.2020 Teknologiateollisuus *) GDP value added was EUR 193.3 billion in 2017. 5 Source: Economic Impact of the Technology Industry in Finland 11/2018 Technology Industry Generates nearly 650,000 Jobs in Finland (over 25% of All Employees) (2017) A total of 644 900 employees 10 jobs in the technology industry bring 11 jobs to the rest of the economy 114 600; 18 % Impact on technology industry (direct influence) 304 600; 47 % Impact on other industries (indirect influence) 225 800; 35 % Impact on private consumption (income effect) 28.12.2020 Teknologiateollisuus Source: Economic Impact of the Technology Industry in Finland 11/2018 6 Every Job in the Technology Industry Generates almost another Job in the Services (2017) Impact on other industries and on private consumption: 340,300 employees 33 100; 10 % 12 200; 3 % Services* Primary production Processing* 295 100; 87 % 28.12.2020 Teknologiateollisuus *) Excl. the services industries in the technology industry. 7 Source: Economic Impact of the Technology Industry in Finland 11/2018 Technology Industry Generates over 18 Billion Euros in Tax Revenue Annually in Finland (2017) A total of EUR 18.2 billion 4,7; 26 % Impact on technology industry (direct influence) Impact on other industries 9,2; 50 % (indirect influence) Impact on private consumption 4,3; 24 % (income effect) 28.12.2020 Teknologiateollisuus Source: Economic Impact of the Technology Industry in Finland 11/2018 8 Turnover of the Technology Industry in Finland 12/28/2020 Technology Industries Source: Macrobond, Statistics Finland, Technology Industries of Finland 9 of Finland Export of Technology Industry Goods from Finland by Area in 2019 Total goods exports 32.5 billion euros* Central and Eastern Europe Western Europe 5.94 billion € North America 18.23 billion € 17.4 % 3.15 billion € 53.3 % 9.2 % Asia 4.93 billion € Middle and 14.4 % Central East 0.51 billion € 1.5 % South and Africa Middle America 0.45 billion € 0.99 billion € 1.3 % 2.9 % 12/28/2020 Technology Industries *) In addition to goods exports the sector exported services worth some 14-15 billion euros. 10 of Finland Source: National Board of Customs, Statistics Finland Technology, Forest and Chemical Industries Provide 81 % of Finland's Goods and Services Exports Revenue Goods and service exports: billion euros and the share of Finnish exports in 2017 Other branches; 16,1; 19 % Chemical industry; Technology industry; 13; 15 % 43,6; 51 % Forest industry; 12,9; 15 % 12/28/2020 Technology Industries *) Service exports industry-specific data for the year 2017 are preliminary information. 11 of Finland Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services), Federation of Finnish Technology Industries Turnover of the Industry and Technology Industry in Finland 12/28/2020 Technology Industries Source: Macrobond, Statistics Finland 12 of Finland Turnover of the Technology Industry in Finland 12/28/2020 Technology Industries Source: Macrobond, Statistics Finland 13 of Finland Value of New Orders in the Technology Industry* in Finland 12 000 Million euros, at current prices 11 000 10 000 9 000 8 000 Combined 7 000 6 000 5 000 Export 4 000 3 000 Domestic 2 000 1 000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: III/2020 / III,2019 III,2020 / II,2020 *) Excl. metals Export: -8 % +13 % industry, game industry and data Domestic: -24 % -4 % center companies Combined: -12 % +8 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 14 of Finland companies, latest observation July-September 2020. Value of Order Books in the Technology Industry* in Finland 30 000 28 000 Million euros, at current prices Combined 26 000 24 000 22 000 20 000 18 000 Export 16 000 14 000 12 000 10 000 8 000 Domestic 6 000 4 000 2 000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: 30.9.2020 / 30.9.2019 30.9.2020 / 30.6.2020 *) Excl. metals Export: -4 % -1 % industry, game industry and data Domestic: -3 % -1 % center companies Combined: -4 % -1 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 15 of Finland companies, latest observation 30th September 2020. Tender Requests* Received by the Technology Industry Companies in Finland 40 30 20 Balance figure 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -10 -20 -30 -40 -50 -60 *) ”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.” 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, the last questionnaire in 16 of Finland October 2020. Value of New Orders in the Electronics and Electrotechnical Industry in Finland 7 500 7 000 Million euros, at current prices 6 500 6 000 5 500 Combined 5 000 4 500 4 000 3 500 Export 3 000 2 500 2 000 1 500 Domestic 1 000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: III,2020 / III,2019 III,2020 / II,2020 Export: -5 % +6 % Domestic: -4 % -10 % Combined: -5 % +3 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 17 of Finland companies, latest observation July-September 2020. Value of Order Books in the Electronics and Electrotechnical Industry in Finland 8 500 Million euros, at current prices 8 000 7 500 7 000 6 500 6 000 Combined 5 500 5 000 Export 4 500 4 000 3 500 3 000 2 500 Domestic 2 000 1 500 1 000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: 30.9.2020 / 30.9.2019 30.9.2020 / 30.6.2020 Export: -4 % +3 % Domestic: -2 % -8 % Combined: -4 % +1 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 18 of Finland companies, latest observation 30th September 2020. Value of New Orders in the Mechanical Engineering in Finland 7 000 Million euros, at current prices 6 500 6 000 5 500 5 000 Combined 4 500 4 000 3 500 Export 3 000 2 500 2 000 Domestic 1 500 1 000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: III,2020 / III,2019 III,2020 / II,2020 Export: -12 % +27 % Domestic: -44 % +10 % Combined: -21 % +23 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 19 of Finland companies, latest observation July-September 2020. Value of Order Books in the Mechanical Engineering in Finland 22 000 Million euros, at current prices 20 000 Combined 18 000 16 000 14 000 Export 12 000 10 000 8 000 Domestic 6 000 4 000 2 000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Change: 30.9.2020 / 30.9.2019 30.9.2020 / 30.6.2020 Export: -4 % -2 % Domestic: -8 % -2 % Combined: -5 % -2 % 12/28/2020 Technology Industries Source: The Federation of Finnish Technology Industries’ order book survey’s respondent 20 of Finland companies, latest observation 30th September 2020.
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