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Finnish technology industry, December 2017

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Economic outlook: Finnish technology industry and economy, monthly statistics

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Finnish technology industry, December 2017

  1. 1. Technology Industry / Finnish Economic Outlook December 2017 112/12/2017 Technology Industries of Finland
  2. 2. The Finnish Technology Industry Is Comprised of Five Sub-Sectors 212/12/2017 Technology Industries of Finland ELEKTRONICS AND ELECTROTECHNICAL INDUSTRY ABB, Ensto, Microsoft Mobile, Murata Electronics, Nokia, Planmeca, Polar Electro, Suunto, Vacon, Vaisala… METALS INDUSTRY Boliden, Componenta, Kuusakoski, Luvata, Outokumpu, Outotec, Ovako, Sacotec, SSAB … MECHANICAL ENGINEERING Abloy, Cargotec, Finn-Power, Fiskars, Glaston, Kone, Konecranes, Metso, Meyer Turku, Normet, Oras, Patria, Pemamek, Ponsse, Stala, Valmet, Valtra, Wärtsilä… INFORMATION TECHNOLOGY Affecto, Basware, Bilot, CGI, Comptel, Digia, Efecte, Enfo, F-Secure, Fujitsu Finland, IBM, Innofactor, Knowit, Microsoft, Nixu, Tieto… CONSULTING ENGINEERING A-Insinöörit, Citec, Elomatic, Etteplan, FCG, Granlund, Neste Jacobs, Pöyry, Ramboll, Rejlers, SITO, SWECO, WSP…
  3. 3. The Finnish Technology Industry Is Comprised of Five Sub-Sectors 3 ELEKTRONICS AND ELECTROTECHNICAL INDUSTRY • Data communications equipment, electrical machinery, medical technology • Turnover (2016): 13.3 billion euros • Personnel (2016): 38,000 METALS INDUSTRY • Steel products, non-ferrous metals, castings, metallic minerals • Turnover (2016): 9.0 billion euros • Personnel (2016): 15,400 MECHANICAL ENGINEERING • Machinery, metal products, vehicles • Turnover (2016): 27.7 billion euros • Personnel (2016): 122,400 INFORMATION TECHNOLOGY • IT services, applications and programming • Turnover (2016): 11.5 billion euros • Personnel (2016): 60,400 CONSULTING ENGINEERING • Expertise for construction industry and infrastructure • Turnover (2016): 5.8 billion euros • Personnel (2016): 49,800 12/12/2017 Technology Industries of Finland
  4. 4. The Technology Industry – the Largest Export Sector in Finland 4 • 50 % of total Finnish exports. • Companies invest about EUR 5.0 billion annually in Finland. • 70 % of private-sector R&D investment. • Some 300,000 employed directly in the sector, 700,000 employed in total, equalling about 30% of the entire Finnish labour force. • Technology Industries of Finland has over 1,600 member companies. 12/12/2017 Technology Industries of Finland
  5. 5. Turnover of the Technology Industry in Finland 5Source: Macrobond, Statistics Finland, Technology Industries of Finland12/12/2017 Technology Industries of Finland
  6. 6. 6*) In addition to goods exports the sector exported services worth some 12.3 billion euros (2015). Source: National Board of Customs, Statistics Finland Export of Technology Industry Goods from Finland by Area in 2016 Total goods exports 25.2 billion euros* North America 2.5 billion € 9.8 % Western Europe 13.7 billion € 53.9 % South and Middle America 0.8 billion € 3.2 % Central and Eastern Europe 3.8 billion € 15.0 % Africa 0.4 billion € 1.7 % Middle and Central East 0.5 billion € 1.8 % Asia 3.7 billion € 14.6 % 12/12/2017 Technology Industries of Finland
  7. 7. Technology, Forest and Chemical Industries Provide 80 % of Finland's Goods and Services Exports Revenue Goods and service exports: billion euros and the share of Finnish exports in 2016 7*) Service exports industry-specific data for the year 2016 are preliminary information. Source: Board of Customs, Statistics Finland (National Accounts, Foreign trade in services), Federation of Finnish Technology Industries Technology industry 49% Forest industry 16% Chemical industry 15% Other sectors 20% 12/12/2017 Technology Industries of Finland
  8. 8. Turnover of the Industry and Technology Industry in Finland 8Source: Macrobond, Statistics Finland12/12/2017 Technology Industries of Finland
  9. 9. Turnover of the Technology Industry in Finland 9Source: Macrobond, Statistics Finland12/12/2017 Technology Industries of Finland
  10. 10. Value of New Orders in the Technology Industry* in Finland 10Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation July-September 2017 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: III,2017 / III,2016 III,2017 / II,2017 Export: +13 % -28 % Domestic: +16 % 0 % Combined: +14 % -22 % *) Excl. metals industry and game industry companies Technology Industries of Finland 12/12/2017
  11. 11. Value of Order Books in the Technology Industry* in Finland 11Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30.9.2017 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: 30.9.2017 / 30.9.2016 30.9.2017 / 30.6.2017 Export: +20 % -1 % Domestic: +3 % 0 % Combined: +15 % -1 % *) Excl. metals industry and game industry companies Combined Technology Industries of Finland 12/12/2017
  12. 12. Tender Requests* Received by Technology Industry Companies in Finland 1212.12.2017 Teknologiateollisuus Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, the last questionnaire is October 2017 -60 -50 -40 -30 -20 -10 0 10 20 30 40 Balance figure 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 *) 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.
  13. 13. Value of New Orders in the Electronics and Electrotechnical Industry in Finland 13Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation July-September 2017 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: III,2017 / III,2016 III,2017 / II,2017 Export: -3 % -11 % Domestic: +50 % +22 % Combined: +8 % -4 % Technology Industries of Finland 12/12/2017
  14. 14. Value of Order Books in the Electronics and Electrotechnical Industry in Finland 14Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30.9.2017 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 Export Domestic Million euros, at current prices Change: 30.9.2017 / 30.9.2016 30.9.2017 / 30.6.2017 Export: -4 % -10 % Domestic: +37 % +26 % Combined: +4 % -3 % Combined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Technology Industries of Finland 12/12/2017
  15. 15. Value of New Orders in the Mechanical Engineering in Finland 15Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation July-September 2017 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: III,2017 / III,2016 III,2017 / II,2017 Export: +29 % -36 % Domestic: +3 % -11 % Combined: +23 % -32 % Technology Industries of Finland 12/12/2017
  16. 16. Value of Order Books in the Mechanical Engineering in Finland 16Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30.9.2017 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 Export Domestic Million euros, at current prices Change: 30.9.2017 / 30.9.2016 30.9.2017 / 30.6.2017 Export: +28 % +2 % Domestic: -5 % -9 % Combinedä: +23 % 0 % Combined 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Technology Industries of Finland 12/12/2017
  17. 17. Value of New Orders in the Consulting Engineering in Finland 17Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation July-September 2017 0 50 100 150 200 250 300 350 Combined Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: III,2017 / III,2016 III,2017 / II,2017 Export: -80 % -8 % Domestic: +9 % -17 % Combined: -23 % -17 % Technology Industries of Finland 12/12/2017
  18. 18. Value of Order Books in the Consulting Engineering in Finland 18Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30.9.2017 0 100 200 300 400 500 600 700 800 Export Domestic 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: 30.9.2017 / 30.9.2016 30.9.2017 / 30.6.2017 Export: +6 % -5 % Domestic: +7 % +2 % Combined: +7 % 0 % Combined Technology Industries of Finland 12/12/2017
  19. 19. Value of New Orders in the Information Technology* in Finland 19Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation July-September 2017 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: III,2017 / III,2016 III,2017 / II,2017 Combined: -7 % -11 % *) Excl. game industry companies Technology Industries of Finland 12/12/2017
  20. 20. Value of Order Books in the Information Technology* in Finland 20Source: The Federation of Finnish Technology Industries’ order book survey’s respondent companies, latest observation 30.9.2017 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Million euros, at current prices Change: 30.9.2017 / 30.9.2017 30.9.2017 / 30.6.2017 Combined: -5 % -4 % *) Excl. game industry companies Technology Industries of Finland 12/12/2017
  21. 21. Technology Industry Personnel 2112/12/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond (30.9) Some 3 000 of employees affected by temporary or part-time lay-offs 30.9.2017
  22. 22. Technology Industry Personnel in Finland by Branch 2212/12/2017 Technology Industries of Finland Source: Statistics Finland, The Federation of Finnish Technology Industries’ labour force survey, Macrobond (30.9)
  23. 23. Technology Industry Personnel in Subsidiaries Abroad by Branch 2312/12/2017 Technology Industries of Finland Source: The Federation of Finnish Technology Industries’ labour force survey, Macrobond
  24. 24. Retirement of Technology Industry Personnel in Finland 24 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Number of individuals retired Number of individuals retiring (estimation) Salaried employees Blue collar employees Individuals per year Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics FinlandTechnology Industries of Finland 12/12/2017
  25. 25. Retirement of Technology Industry Blue Collar Employees in Finland 25 0 500 1000 1500 2000 2500 3000 3500 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Mechanical engineering Metals industry Electronics and electrotechnical industry Individuals per year Source: Wage inquiry of the Techonology Industries of Finland, Finnish Centre for Pensions, Statistics FinlandTechnology Industries of Finland 12/12/2017
  26. 26. Overview of the Situation in the Technology Industry and Outlook for the Rest of 2017 26 - Turnover in Finland totalled some EUR 67.3 billion in 2016. This is about half per cent higher than in 2015. In January-August 2017 turnover was 11 % higher than last year at the same time. In 2008, prior to the financial crises, the corresponding figure was EUR 86 billion. - The monetary value of new orders reported between July-September 2017 was 22 % lower than in April-June, but 14 % higher than in the corresponding period in 2016. - At the end of September, the value of order books was slightly lower than at the end of June, but 15 % higher than in June 2016. - The turnover of technology industry companies during the rest of 2017 is expected to be higher than in the corresponding period last year. - The number of personnel in Finland increased in January-September 2017. Personnel increased by nearly three per cent, or by 8,000 employees from the average number in 2016. On average, the industry employed 298,000 people in September. In 2008, the industry employed a total of 326,000 people in Finland. - The recruitment activities have picked up markedly in 2017. The companies recruited a total of 33,500 new employees between January and September. 12/12/2017 Technology Industries of Finland
  27. 27. World Economic Outlook - Finland as a Part of Global Economy 2712/12/2017 Technology Industries of Finland
  28. 28. Gross Domestic Product Has Grown in the Euro Area for a Long Time, and Now also in Finland 28Lähde: MacrobondTechnology Industries of Finland 12/12/2017
  29. 29. Recently, Finland's Economic Growth Has also Been Supported by an Increase in Exports 29Source: Macrobond, Statistics FinlandTechnology Industries of Finland 12/12/2017
  30. 30. Gross Domestic Product Has Grown Long in Europe and the USA, Finland is Lagging Behind 30Souce: MacrobondTechnology Industries of Finland 12/12/2017
  31. 31. 3112/12/2017 Lähde: Macrobond In China and India Growth Continues, also Brazil Is Returning to Growth Share of global GDP in China, India, Brazil and Russia is 31 % (adjusted for PP) Technology Industries of Finland
  32. 32. 3212/12/2017 Latest information November 2017 Source: Markit GDP Growth in the Euro Area Has Picked up During the last Months Purchase Managers’ Index (PMI), 50 = no change from previous month Technology Industries of Finland
  33. 33. Industrial Production Volume 3312/12/2017 Source: MacrobondTechnology Industries of Finland
  34. 34. Industrial Production Volume in the EU Countries 3412/12/2017 Source: MacrobondTechnology Industries of Finland
  35. 35. Finland’s Industrial Production Has Lagged Behind the Competition Countries 35Source: Macrobond, The CPB Netherlands Bureau for Economic Policy AnalysisTechnology Industries of Finland 12/12/2017
  36. 36. 3612/12/2017 Latest information November 2017 Source: Markit Industrial Production in China is Growing Slightly Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  37. 37. 3712/12/2017 Latest information November 2017 Source: Markit Industrial Production in Russia is Growing Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  38. 38. 3812/12/2017 Latest information November 2017 Source: Markit Industrial Production in Brazil Is Growing Purchase Managers’ Index (PMI) in manufacturing industry in China Technology Industries of Finland
  39. 39. 39Source: Macrobond Industrial Production in USA is Growing Purchase Managers’ Index (PMI) in manufacturing industry 50 = no change from previous month Technology Industries of Finland 12/12/2017
  40. 40. 40Source: Macrobond Growth of Residence Construction Has Lowered in China Share of China in Asian GDP is 42% (adjusted for PP) Technology Industries of Finland 12/12/2017
  41. 41. 41Souce: Macrobond Fixed Investment Is Gaining Momentum in Brazil Share of Russia in European GDP is 13 % (adjusted for PP) Share of Brazil in Latin American GDP is 35 % (adjusted for PP) Technology Industries of Finland 12/12/2017
  42. 42. 42Source: Macrobond, The CPB Netherlands Bureau for Economic Policy Analysis World Trade Has Picked up Again Technology Industries of Finland 12/12/2017
  43. 43. Imports to China Have Increased from Several Countries 43Source: MacrobondTechnology Industries of Finland 12/12/2017
  44. 44. EU Exports to Russia Have Recovered Slightly 44Source: MacrobondTechnology Industries of Finland 12/12/2017
  45. 45. Russia’s Share* of Technology Industry Exports from Finland Has Lowered to Some Five Per Cent 45*) Soviet Union up to 1991 Source: Finnish Customs 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(1-9) Technology Industries of Finland 12/12/2017 %
  46. 46. 46Source: IMF (October 2017) The World Economy Is Projected to Grow by 3.7% in 2018, This Year Growth Will be 3.6% GDP growth in 2018 / 2017, % -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 0 10 20 30 40 50 60 70 80 90 100 North America Western Europe Japan China India RestofEastern Europe Russia Brazil Mexico RestofLatin. America MiddleEast andAfrica Average growth: +3,7 % The width of the bar indicates the share of global GDP in 2017 (adjusted for purchasing power parity), % Rest of Asia 12/12/2017 Technology Industries of Finland
  47. 47. 47Source: IMF (October 2017), Board of Customs Demand in the Finnish Technology Industry Export Market is Expected to Grow by 2.6 % in 2018 GDP growth in 2018 / 2017, % -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 0 10 20 30 40 50 60 70 80 90 100 North America Western Europe Japan China India Rest of Asia Restof EasternEurope Russia Brazil RestofLatinAmerica MiddleEastandAfrica Average growth: +2,6 % Mexico The width of the bar indicates the export share of technology industry from Finland in 2016, % 12/12/2017 Technology Industries of Finland
  48. 48. Finland’s Economic Growth Relies on Exports and Investments 48Technology Industries of Finland 12/12/2017
  49. 49. 49Source: Macrobond, Eurostat Finland's Exports Are still at Low Level Technology Industries of Finland 12/12/2017
  50. 50. Finnish Exports Have Lagged Behind the Competition Countries 50Source: Macrobond, EurostatTechnology Industries of Finland 12/12/2017
  51. 51. Economic Growth Is Reduced by 18% Fall in Production Capacity in the Export Sector after 2008 51Source: Statistics Finland / Industrial production index, capasity utilization rate 70 75 80 85 90 95 100 105 110 115 120 125 Industrial production, with capacity in full use Industrial production, at fixed prices (2008 = 100) -16 % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Change 2017/ 2008:-18 % Technology Industries of Finland 12/12/2017
  52. 52. 52Source: Macrobond, Eurostat Growth of Public Expenditures, Debt and Tax Ratio in Finland Increased cost burden requires cuts to public sector Technology Industries of Finland 12/12/2017
  53. 53. Corporate Investments in Finland Are in Real Terms Almost 6 Billion Euros Lower than in 2008 Production and R&D investments in Finland 53Source: Statistics Finland, National Accounts 20 21 22 23 24 25 26 27 28 29 30 31 32 2008 2009 2010 2011 2012 2013 2014 2015 2016 Billion euros, in the 2016 price level Technology Industries of Finland 12/12/2017
  54. 54. Companies in Finland Have Invested Significantly Less than in Competing Countries 54Source: OECD, Economic Outlook (June 2017) 70 75 80 85 90 95 100 105 110 115 120 125 130 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017e 2018e USA Switzerland Sweden Netherlands Germany Finland Corporate investments, at fixed prices, index 2008 = 100 Technology Industries of Finland 12/12/2017
  55. 55. 55Source: Statistics Finland, (National Accounts), The Confederation of Finnish Industries* investment survey (June 2017) Investments in the Manufacturing and Technology Industry in Finland Do Not Promise Long-Term Strong Growth 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017e Manufacturing industry (incl. technology industry) Technology industry (incl. information technology and consulting engineering) Production and R&D investments in Finland, million euros, at current prices Technology Industries of Finland 12/12/2017
  56. 56. Investments and productivity* are Decisive for Finland’s Success Productivity of export sector is 10 % lower than in 2007-2008, productivity of entire national economy is 3 % lower 56 *) Productivity is measured as real value added per hours worked. When productivity grows (the curve rises) value added grows more than hours worked. Value added = turnover – purchasing of materials and services Value added = labour costs + rents + depreciations + profits Source: Statistics Finland / National Accounts Technology Industries of Finland 12/12/2017
  57. 57. Rapid Growth in Labour Costs Has Weakened the Ability of Companies to Invest in Finland 57*) Both wages and R & D investments include R&D staff wage costs Source: Statistics Finland (National Accounts) 50 55 60 65 70 75 80 85 90 95 100 105 110 115 2008 2009 2010 2011 2012 2013 2014 2015 2016 Corporate wages and social security costs* Corporate production and R&D investments* Corporate profits after taxes At current prices, index 2008=100 Technology Industries of Finland 12/12/2017
  58. 58. 58 Finland’s Price and Cost Competitiveness vis-à-vis the Euro Countries Is still to be Improved Unit labour costs in the whole economy = labour costs / productivity, including the influence of effective exchange rates 94 96 98 100 102 104 106 108 110 112 114 2000=100 2005=100 2008=100 Finland’s price and cost competitiveness declines Finland’s price and cost competitiveness improves 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 12/12/2017 Technology Industries of Finland *) In the ECB Harmonised Competitiveness Index, the average effective exchange rate of each country is calculated vis-à-vis 38 main trade partners, as well as the development of unit labour costs for the total economy. Latest information April-June 2017. Source: European Central Bank
  59. 59. What Should Be Done in Finland? 59 • Support the renewal of the industry. • Taxes should support growth and investment in Finland. • Support decision making in companies related to compensation and working time • No new European nor national burdens on companies, which are deteriorating the competitiveness. Technology Industries of Finland 12/12/2017
  60. 60. Long-Term Outlook and Challenges 60 • Global Structural Change Set to Continue Apace o Industrial production and services will relocate to rapidly developing economic areas o Strong growth, large markets, cheap labour and increasing expertise will increase the attractiveness of these regions. • Competition over Skills and Raw Materials Set to Increase o Due to an increase in retirement, the sector’s annual recruitment need in Finland will rise considerably in the coming years. o The availability of reasonably-priced energy also threatens to become an investment bottleneck in Finland • Combating Climate Change o A challenge as costs are set to grow faster than in competitor countries o An opportunity for new environmental and energy technologies Technology Industries of Finland 12/12/2017
  61. 61. Technology Industries of Finland 61Teknologiateollisuus12/12/2017
  62. 62. The Federation’s Member Companies 2016 62 250–499 employees 69,035 39% 29,787 17% 28,016 16% 50,683 28% 1,421 92 % 84 5 % 40 2 % 22 1 % Number of enterprises / 1 567 Number of personnel / 177 521 1–249 employees 500–999 employees 1000– employees Technology Industries of Finland 12/12/2017
  63. 63. The Federation’s SME Member Companies 2016 63 481 34% 479 33 % 258 18% 203 14% Number of enterprises / 1 421 Number of personnel / 69 035 5,109 7% 15,290 22% 17,924 26% 30,712 45% 1–19 employees 20–49 employees 50–99 employees 100–249 employees 12/12/2017 Technology Industries of Finland

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