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Published: 17 December 2020

Turnover of British companies fell particularly in manufacturing and trade

According to Statistics Finland's data, foreign enterprises located in Finland generated EUR 98 billion in turnover in 2019. This was two per cent more than in the previous year. The largest turnover was generated by Swedish, German, American, Danish and British enterprises. The turnover of British companies was five per cent of the foreign enterprises located in Finland. Manufacturing was the most significant industry measured both by the number of personnel and turnover. The number of foreign enterprises increased slightly, to 4,440.

Turnover of foreign enterprises in 2018 to 2019 by industry (excl. A Agriculture, forestry and fishing)*

*five most significant countries measured by turnover

Foreign enterprises employ nearly 18.2 per cent of the personnel of enterprises operating in Finland (Appendix figure 1). The share rose slightly from the year before. The share of turnover remained unchanged at 22.8 per cent of the turnover of enterprises operating in Finland. However, the shares vary considerably by industry. In the main industries, the shares of turnover and personnel vary from 7 to 40 per cent.

Foreign enterprises in information and communication activities, and mining and quarrying located in Finland produced most turnover relative to the total enterprise stock, while foreign enterprises in human health and social work activities, and mining and quarrying employed most relative to the total enterprise stock (Appendix figure 2). The picture is slightly different if looking at the number of personnel and turnover instead of the shares. Measured in this way, the most significant industries are manufacturing, and wholesale trade and retail trade. Manufacturing employed 78,700 persons, or 28 per cent of employees in foreign enterprises and its turnover was EUR 33 billion. Wholesale and retail trade employed 50,700 persons and its turnover amounted to EUR 32 billion (Appendix figure 3).

The nationality of an enterprise is recorded based on the institutional unit that controls it. Usually this is an enterprise located abroad that owns over 50 per cent of the enterprise, either directly or indirectly. Swedish enterprises clearly own the largest share of the affiliates located in Finland. Swedish enterprises also employ most people among foreign affiliates, 75,600 persons, which was around two per cent fewer than in the year before. Also measured by turnover, Swedish enterprises are most significant with EUR 21 billion. One per cent growth in turnover was very modest compared to the year before. (Appendix figure 4).

In 2019, the United Kingdom was for the last year a Member of the European Union. This was not much visible in the number of enterprises, growth was just four per cent. The number of personnel stayed almost the same at 24,000 persons. Turnover dropped by eight per cent, to EUR 4.9 billion. Service industries generated most turnover for British enterprises, EUR 2.4 billion. Turnover fell most in trade and manufacturing.

Source: Foreign affiliates in Finland 2019. Statistics Finland

Inquiries: Anna-Maija Laakko 029 551 3640, tytaryhtiot@stat.fi

Head of Department in charge: Mari Ylä-Jarkko

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Appendix tables

• Appendix table 1. Foreign affiliates by country 2019 (17.12.2020)
• Appendix table 2. Foreign affiliates by industry 2019 (17.12.2020)

Figures

• Appendix figure 1. Foreign affiliates share of overall entrepreneurial activity in Finland 2005 - 2019 (17.12.2020)
• Appendix figure 2. Foreign affiliates share of overall entrepreneurial activity in Finland by industry in 2019 (17.12.2020)
• Appendix figure 3. Number of foreign affiliates, personnel and turnover by industry in 2019* (17.12.2020)
• Appendix figure 4. The number of foreign affiliates, their employees and turnover by country in 2019* (17.12.2020)

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Updated 17.12.2020