TechnoBaro, September 2026

• All key indicators – new orders, order books, employment and production – point to growth over the summer and early autumn.
• Investment intentions are increasing: companies expect both fixed and intangible investment to grow compared with last year.
• Growth is broad-based: very few companies report that the situation has deteriorated in recent months on any of the key indicators.
• Both the global economy and the Finnish technology industry have adapted to the turbulent global environment better than expected.

Technology industries continue to grow: demand, output and investment intentions strengthen

The economic situation in the technology industries has been improving for about a year. The turnaround began gradually in 2025, and growth has accelerated in 2026. During the spring, the technology industries’ inflow of new orders increased and order books strengthened. Global uncertainty has not disappeared, but companies and the world economy have demonstrated a greater capacity to adapt amid crises than expected.

Improvement is progressing across all indicators

According to the TeknoBaro survey, the improvement continued during the summer and early autumn. The balance figure for new orders is +29 and that for order books is +23, indicating that demand has continued to grow. Only slightly more than 10 per cent of companies report a decline in order inflows.

In particular, larger companies employing more than 150 people report a substantial improvement in business conditions. Their balance figures are higher across all indicators than those of companies employing fewer than 150 people. This is good news for industry as a whole: demand for large companies generally comes primarily from exports and spreads widely to SMEs through subcontracting chains.

The pick-up in demand is also reflected in output and employment. The balance figure for output is +26, meaning that output has increased in recent months.

The strong start to growth has raised expectations of a broader recovery in employment. According to the Economic Outlook report published in August, headcount has already begun to recover in the machinery and metal products industry, the technology industries’ largest main sector, while it has continued to decline slightly in the service sectors—information technology and engineering and consulting.

In TeknoBaro, manufacturing companies also assess the employment situation more positively than service companies, although companies in both sectors report an improvement. The employment balance figure is +24 in manufacturing and +17 in services. For the technology industries as a whole, the figure is +22, suggesting that employment is gradually increasing.

The outlook for the rest of the year is bright

According to the TeknoBaro survey, companies’ expectations for the rest of the year are positive. Output is expected to grow over the next three months, with a balance figure of +36. Employment is also expected to improve. For both indicators, the balance figures are the highest in TeknoBaro’s measurement history, which began in September 2024.

Expectations are currently strong across all respondent groups. Large companies and SMEs, as well as service and manufacturing companies, expect growth to continue.

Virtually all larger companies employing more than 150 people expect output either to increase or remain unchanged. Almost none expect the situation to deteriorate.

Manufacturing companies assessed recent developments more positively than service companies. However, expectations for the future are even more positive in services than in manufacturing. Technology industry service companies are more often focused on the domestic market, whereas the recovery in manufacturing, driven by exports, began earlier. One industrial job indirectly creates another job in other sectors of the domestic economy, so the recovery in manufacturing may be reflected in domestic demand for services with a lag.

Companies’ open-ended comments show that global uncertainty continues to weigh in the background and that some purchasing decisions are still being delayed. Nevertheless, the current situation and companies’ expectations for the coming months are highly positive.

Both fixed and intangible investment appear set to increase this year

According to the TeknoBaro survey, investment intentions among Finnish technology industry companies are increasing. In December 2025, estimates of investment intentions for this year were quite high. In March, investment intentions showed a slight weakening, most likely due to the outbreak of the war in Iran and the uncertainty it created. Since then, investment intentions have again increased steadily. In September, companies estimated that both fixed and intangible investment would grow this year.

When interpreting the balance figure for investment intentions, it should be noted that it does not indicate the euro value of investment. According to Statistics Finland, technology industry companies invest more than EUR 8 billion annually in Finland. Fixed investment accounts for approximately EUR 4.5 billion and R&D investment for approximately EUR 3.7 billion. More money is therefore spent on fixed investment than on intangible investment.

Fixed investment plays a significant role. It is therefore encouraging that investment in machinery and equipment remains on an upward trend. The balance figure for investment in premises is also positive for the first time in TeknoBaro’s measurement history, which began in September 2024.

Investment in digitalisation and artificial intelligence continues to grow strongly. Manufacturing companies invest more than service companies in machinery, equipment and premises, while service companies invest clearly more heavily in digitalisation and especially in artificial intelligence. Larger companies report stronger investment intentions across the board than smaller ones. The strengthening of investment intentions reflects improved demand and demonstrates companies’ confidence in the future.

The survey was conducted 7–11 September 2026.
The survey was sent to the CEOs of member companies of Technology Industries of Finland.
Of 1,698 recipients, we received 308 responses, giving a response rate of 18 percent.

Further information

Economy and Sustainable Growth

Mikkonen Hanne

Senior Economist – Economic Development and Investment Technology Industries of Finland

+358 44 029 6152 hanne.mikkonen@teknologiateollisuus.fi