Finland avoided the crisis in the export market
Julkaistu 28 2017
According to a report, published by the State Institute of economic research VATT and the Institute of Finnish economy ETLA, the financial collapse of Nokia didn’t led to a drop of export earnings of the country as a whole.
The growth of services exports in the industrial sector allowed to compensate for the possible drop. As of 2016, the bulk of the income is attributed to pulp and paper industry of Finland, the services market has increased its share to 36% in recent years and came in the second place in total exports. A significant increase in value added was observed in the field of IT-services and services on maintenance of equipment. According to experts, the results of the study prove the existence of resources for rapid export diversification and adaptation to new market conditions in Finland.
Source: vatt.fi
The growth of services exports in the industrial sector allowed to compensate for the possible drop. As of 2016, the bulk of the income is attributed to pulp and paper industry of Finland, the services market has increased its share to 36% in recent years and came in the second place in total exports. A significant increase in value added was observed in the field of IT-services and services on maintenance of equipment. According to experts, the results of the study prove the existence of resources for rapid export diversification and adaptation to new market conditions in Finland.
Source: vatt.fi
