The supply of culture has started to rebound from the COVID-19 slump in 2021, but the demand for it has not grown much, according to data released by Statistics Finland. The report shows that the supply of culture grew at current prices faster than the supply of the entire economy last year. However, consumption of culture remained almost at the same level as the first year of the pandemic and the share of culture in relation to total consumption went down further. Additionally, the number of employed persons in the cultural sector also fell further.
The annual line chart presented by Statistics Finland reveals that the percentage share of value added and employment in culture, as well as the percentage share of consumption expenditure on culture in the whole economy, have been falling over the years, except for a slight rise in the share of value added in 2021.
Despite the increase in supply, the demand for culture did not grow as much as anticipated. The report indicates that consumption expenditure used on culture grew less than the consumption expenditure in total in 2021, with the share of cultural consumption decreasing further. The share of culture among employed persons also dropped to 2.7 percent in 2021.
The culture satellite accounts provide detailed level data of the national accounts, and these calculations continue the earlier time series. According to the data, the current priced value added of cultural industries grew clearly, and its share of the value added of the whole economy returned to the level prior to the first corona year, that is, to 3.1 percent.
Overall, the data reveals a mixed picture for the cultural sector, with an increase in supply but stagnant demand. The report suggests that the cultural sector will need to find new ways to attract consumers in the future to maintain its relevance and growth in the economy.