The growth and diversification of the Finnish economy have seen a decline in these exports. Forest products for years have been significant export items in Finland. Chemical industry alone accounts for about 34,000 direct employment.įorestry in Finland, at the moment, is responsible for about a fifth of Finland’s exports. Finland’s chemical industry supplies roughly 25% of the country’s industrial production and exports. Neste Oil is the largest and most profitable company in the chemical industry. The biggest players in this industry are producers of plastics, paints, pharmaceuticals, petrochemicals, oil products, chemicals, and biotech products. Presently, the chemical industry produces a wide range of products that are used by other industrial sectors particularly in agriculture and forestry. This industry traces its roots back to 17th century Finland with tar making being an outstanding business at the time. 90% of the produce from the shipping industry is exported.
Wartsila alone holds a stunning 47% market share and is the producer of the largest diesel engines in the world. Valmet and Wartsila are some of the most notable companies in this industry. Government support also accounts for much of the growth. Similar to the growth of the electronics industry, Finland’s motor industry (and particularly shipbuilding) has seen significant growth thanks to heavy investment in R&D. Altogether, the manufacturing industry employs about 400,000. There are at least eight shipyards across the country, and they employ close to 20,000 people. Some of the world’s largest and highly reputed cruise ships have been built in Finland. Finland is also renowned for having a robust shipbuilding industry. The motor industry is predominantly composed of manufacturers of forest machines, tractors, trucks, military vehicles, and buses. There are however many other Finnish companies that have achieved significant success in fields such as medical technology, industrial automation, as well as meteorological tech, and these include the companies like Vaisala and Instru.įinland differs from other automobile manufacturing countries such as Germany and Japan in that the focus is on industrial machinery.
Nokia was probably one of the most notable Finnish players in the electronics industry. The liberalization of the global markets has dramatically accelerated this growth. Data published by UNESCO Institute for statistics in 2016 put Finland among the biggest spenders regarding R&D with an expenditure of about 3.2% of GDP. The growth of the electronics industry can be attributed to the huge investment in research and development (R&D). This organization is now part of the Swedish-Swiss electronics powerhouse, ABB Group. Gottfried Stromberg was one of the leaders in this technological advancement.
Today’s Finnish electronic industry can trace its roots back to the 19th century at the inception of electrical engineering, and this was predominantly around the design and production of electric motors and generators. It is one of the world’s most volatile areas of business, and it is this volatility that has attributed to Finland’s aggressiveness in the design and production of various electronics. The electronics industry has seen dramatic changes over the years. The electronics industry in Finland is one of the country’s most important economic drivers. The service sector is the largest in the economy accounting for about 73%. Finland’s is a multi-sector economy with many diverse industries including agriculture, manufacturing, refining, and services. This score ranks the country, according to the 2018 Index, as the 26th freest economy. With a highly industrialized economy, Finland holds an economic freedom score of 74.1. Finland’s economy is undeniably one of the best performers in the global market.