Downswing in order books continues

In 2023, the turnover of mechanical engineering companies (machinery, metal products and vehicles) in Finland increased by just under six per cent on 2022. Their turnover in Finland amounted to approximately EUR 40 billion in 2023.

In the January–July period of 2024, the turnover of mechanical engineering companies in Finland was down by five per cent year-on-year. The combined production volume of the industry (turnover deflated by the change in producer prices) was three per cent lower in January–August 2024 than in the corresponding period of last year.

In the July–September period, the value of new orders in mechanical engineering was down by six per cent on the preceding quarter. Year-on-year, the value of new orders increased by 13 per cent. This rise is due to exceptionally weak demand during the comparison period. Order intake has already trended downward for two years.

At the end of September, the value of order books was one per cent lower than at the end of June and 17 per cent lower than in September 2023. It should be noted that shipyards have an exceptionally large share of the total value of order books.

On the basis of order trends to date, the turnover of mechanical engineering companies is expected to contract over the next six months. The number of personnel employed by mechanical engineering companies in Finland at the end of September was 0.3 per cent lower than at the end of June. The industry employed approximately 136,300 people in September.