Finnish Business Landscape: Growing Trend of Business Closures in 2023

According to recent data from Statistics Finland, a significant shift is observed in the Finnish business landscape during the second quarter of 2023. Here are key insights:

Business Closures:

  • During the second quarter, 7,915 businesses ceased their operations.
  • The number of closures increased by nearly one-third (29.7%) compared to the same period last year.

Business Startups:

  • In the same period, 10,100 new businesses were established.
  • However, the number of startups decreased by 4.1% compared to the previous year.

Changes in Industries:

  • Especially in the arts, entertainment, and recreation sector, there was a decline in the number of startup businesses.
  • Conversely, the transportation and storage sector experienced growth in new businesses.

Key Sectors:

  • The professional, scientific, and technical activities sector saw the highest number of new businesses, with 1,548 startups.
  • In terms of closures, the same sector had the highest number, with 1,289 businesses shutting down.

Comparative Analysis:

  • Compared to the second quarter of the previous year, the number of closures increased across all sectors except in real estate activities.