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Economic Outlook and Competitiveness of Finnish Industry Simo Pinomaa Senior Economist Confederation of Finnish Industries EK

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Presentation on theme: "Economic Outlook and Competitiveness of Finnish Industry Simo Pinomaa Senior Economist Confederation of Finnish Industries EK"— Presentation transcript:

1 Economic Outlook and Competitiveness of Finnish Industry Simo Pinomaa Senior Economist Confederation of Finnish Industries EK simo.pinomaa@ek.fi www.ek.fi

2 vvvvvvvvvvvvvvvvvvvvvvvvvvvvv vvvvvvvvvvvvvvvvvvvvvvvv 2 Elinkeinoelämän keskusliitto Finlands Näringsliv Confederation of Finnish Industries 2 EK/Eng/shs11.2004

3 pp.kk.vvvvTekijä 3 EK represents The entire private sector and companies of all sizes 35 branch associations About 16,000 member companies, of which 96% are SMEs Over 70% of Finland’s GDP Over 95% of Finland’s exports About 950,000 employees

4 pp.kk.vvvvTekijä 4 EK activities Regional OfficesEK Brussels Logistics Energy Environment and Climate Sustainable Development Business Law Competition Information Society Trade Policy and International Relations Economy Taxation Employment Finance and Welfare Business Cycles and Trends Competitive- ness Collective Bargaining Development of Labour Market Labour and Social law Statistics and Surveys Corporate Security Business Development Education, Training and Qualification Requirements Labour and Immigration Research and Technology Business Services and Financing Communications Business Infrastructure Business Environment Economic Policy Industrial Relations Innovation Environment and Competences SME-Affairs

5 OUTLINE Economic Structures Macroeconomic Situation Finnish Competitiveness

6 pp.kk.vvvvTekijä 6 From Agriculture to Services Employment by Sector, %

7 pp.kk.vvvvTekijä 7

8 pp.kk.vvvvTekijä 8 The Volume of Industrial Production Has Doubled

9 pp.kk.vvvvTekijä 9 The Industrial Growth without Electronics

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12 pp.kk.vvvvTekijä 12 Finland: 3 Stages of Economic Development

13 pp.kk.vvvvTekijä 13 R&D in Finland in 1985-2005 Billion EUR 0,9 1,1 1,5 1,7 1, 8 2,2 2,9 3,3 3,9 4,4 4,6 Source: Statistics Finland 4,8 5,3 (estimate) 5,0 5,4

14 pp.kk.vvvvTekijä 14 R&D Expenditure per Capita in 2003 PPP dollars

15 pp.kk.vvvvTekijä 15 Educational achievements: OECD Pisa –study OECD average = 500, 15 year old students

16 pp.kk.vvvvTekijä 16 The Crises of the ”Finnish Model” 1991 – 1993 a collapse in employment

17 Will the Good Economic Performance Continue? - yes at least in the short run …

18 pp.kk.vvvvTekijä 18 Source: European Commission, April 2007

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23 … the growth has been balanced …

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25 pp.kk.vvvvTekijä 25 A Strong Current Account Surplus

26 pp.kk.vvvvTekijä 26

27 … but in the long run?

28 pp.kk.vvvvTekijä 28 DM 36054 05-2006 Copyright © Tekes Total ranking 2003-2006 Sources: IMD, The World Competitiveness Yearbook 2006 and WEF, The Global Competitiveness Report 2005-2006 IMD Total compe- titiveness 2006 200420032005 WEF Growth competitiveness 2005 WEF Business competitiveness 2 2 1 12 4 14 5 17 7 21 15 9 8 6 13 3 20 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 28 Finland USA Sweden Denmark Taiwan Singapore Iceland Switzerland Norway Australia Netherlands Japan Great Britain Canada Germany Hong Kong 1 1 2 3 4 5 6 8 7 9 10 12 11 15 16 14 24 1 1 2 3 5 4 7 10 8 6 14 12 9 11 15 13 21 10 1 14 5 18 3 4 8 12 6 15 17 21 7 26 2 Finland and Competitiveness

29 pp.kk.vvvvTekijä 29 Sources: IMD, The World Competitiveness Yearbook 2006

30 pp.kk.vvvvTekijä 30 Total Tax Revenue as percentage of GDP EU-countries in 2005

31 pp.kk.vvvvTekijä 31

32 pp.kk.vvvvTekijä 32


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