Finland – Growth Path Ahead

13/06/2024By scandinaviancomChange Communications, Content Marketing, Crisis Communications, Management Communications, PR, PR Tips & Trends, Public Relations Global Network, Social Media, SoMe Tips & Trends, Strategic Communications

By Taru Tujunen, CEO & Trusted Communications Advisor,
Ellun Kanat

Business Environment in Finland
Finland has been crowned as the happiest country in the world seven times in a row. It has held this title since 2018 in the World Happiness Report. Many factors that contribute to this success are also very relevant for the business environment.

At the heart is trust. Finland is built on it. Safe business environment and stable democracy combined with well-educated citizens and well-functioning society provide for a solid foundation to invest and do business in Finland.

Why is there so much innovation in Finland, from Nokia phones to Angry Birds to 20-qubit quantum computers? During history Finland has been forced to reinvent itself many times. Today it is one of the most advanced nations in the world. Finns are always looking for new ways to do things.

Finland is looking for investments particularly in bio & circular economy, cleantech, health & wellbeing, ICT & digitalization and travel. It should be pointed out that many large companies have found Finland a lucrative country to invest in. For instance Google and Microsoft both have large data centers in Finland. Energy and sustainable tech are other fast growing sectors. At the moment mainly in Western Finland, there are plans for 225 billion euros worth of industrial investments.

The Finnish economy has not yet recovered from the recession, but is gradually recovering. According to the Bank of Finland’s March 2024 interim forecast, GDP will contract by 0.5% this year, slightly more than forecast in December 2023. Inflation is expected to fall below 1% in 2024, strengthening purchasing power. The slowdown in inflation is explained in particular by falling energy prices.

The Government led by Prime Minister Petteri Orpo has a very ambitious program to balance the State budget and support growth. The government’s plans include renewing the labor market in a way that has created major friction between the Government and labor unions.

Top Advice Navigating Media and Communications Environment in Finland

1. Direct contacts with customer are appreciated:

Finnish society all in all is very flat, decision makers are close to the citizens. This applies to the media also. Finnish journalists want to speak directly to decision makers and are used to having this access. It is not advisable to have an employee of a communications firm present in the interview situation. Sparring and training must be done carefully and in advance.

2. Relatively few major players on the media field:

Finland’s news media environment features a strong regional press, a strong Public Service Broadcasting (Yle), one widely read national daily (Helsingin Sanomat), and two popular evening tabloids (Ilta-Sanomat and Iltalehti), both reaching over half of the adult population. There is a relatively high proportion (21%) of adults paying for online news and Finnish news remains the most highly trusted among the countries surveyed.

The largest media houses are Sanoma, Alma Media, YLE (State owned), Keskisuomalainen, Kaleva and TS-Yhtymä. Strong regional press should not be overlooked when planning campaigns in Finland.

YLE, the state-owned communications company, broadcasts on four television channels visible throughout the country. Finland’s largest commercial television channel is MTV3. Finland’s most listened-to radio channel is Yle Radio Finland, which is not an advertising-funded channel. The most popular commercial radio channel is Radio Nova.

Radio is listened to more in Finland than in the other Nordic countries. Time spent on linear TV in Finland remains high compared to other Nordic countries.

3. Finns still trust the news media:

The role of the news media in Finland is strong by international standards and Finns still have strong trust in the news. According to the Digital News Report 2023 survey by the Reuters Institute at Oxford University the proportion has risen in three consecutive years. The number of people in Finland who trust news the most remained unchanged from last year at 69%. Finland is the only country in the survey (46 markets included) where the proportion exceeds two thirds of the population.

The Most Popular Social Media Channels in Finland
Youtube: 4.46 million users
Facebook: 3.59 million users
Instagram: 2.47 million users
Snapchat: 2.13 million users
X/Twitter: 1.96 million users
LinkedIn: 1.80 million users
TikTok: 1.64 million users
Pinterest: 1.52 million users

The most important international events in Finland in 2024

Savonlinna Opera festival: High profile opera festival is well known all over the world among classical music enthusiasts. Located in the Eastern Finland town of Savonlinna it gathers large crowds and groups of decision makers every year in July to this beautiful lakeside castle town. A good place to connect and meet contacts.

Flow is a city festival in August that has been organized in Helsinki annually since 2004. In 20 years, Flow Festival has grown into the trailblazing European music and arts festival it is today. Flow has done extensive environmental work. The festival pays attention to its impact on the local community, residents, and the environment and works determinedly to cut down its harmful effects. A good place to meet younger decision makers and social media influencers.

Nordic Business Forum is one of – if not the – largest business and leadership events in Europe. 6,500 business professionals will come to Helsinki in September to listen to the most popular business speakers around the world. You can make connections with executives from over 40 countries. More info at https://www.nbforum.com/nbf2024/

SLUSH is a legend. Slush is the world’s leading startup event, bringing together the who’s who in the startup ecosystem. Slush 2024 will bring together 5,500 startup founders and operators and 3,300 investors looking to back the next generation of exceptional founders. Slush 2024 is held on Nov. 20–21, 2024. Mind-blowing horizons indoors, lots of November slush outdoors.

Finland by the Numbers*
Population 5.6 million
Languages spoken Finnish, Swedish
Religions (% of population) Evangelical Lutheran Church (official; 65.2%), Orthodox Church (1%), other 1.8%, not part of a religion 32%
GDP per capita $50,916 (2022). Real GDP growth rate 1.6% (2022)
Inflation rate 3.0% (Feb. 2024)
Unemployment rate 7.8% (Feb. 2024)
Key Sectors (% of GDP) Services 68.4%. Industry and construction 28.9%, Agriculture, forestry, and fishing 2.7%. (2022)
Mobile Penetration (X per 100 people) 97 (2022)
Internet Users (% of population) 93% (2022)
Corporate Profit Tax 20% (2024)
Consumer Tax or VAT 24% (2024)

*Sources: Tilastokeskus, Statistics Finland

Sweden – entrepreneurial force at the heart of the Nordic region

05/06/2024By scandinaviancomChange Communications, Christina Rytter, Content Marketing, Crisis Communications, Management Communications, PR, PR Tips & Trends, Public Relations Global Network, Scandinavian Communications, Social Media, Strategic Communications

By Martin Lucander, Partner & Trusted Communications Advisor,
Aspekta AB 

Business environment in Sweden
Sweden is an EU member state and benefits greatly from the free movement of goods, services, people, and capital. Located in the middle of the Nordic region, Sweden has historically also cultivated strong trade relations and close cooperation with its neighbouring Nordic countries. Other main trade and export partners are Germany, the USA, and the UK.

The Swedish economy is highly developed, competitive, open, diverse, and export-oriented and dependent on free international trade. The economy is characterised by a strong entrepreneurial tradition, innovation-driven businesses, and the development of many novel technical solutions across several business sectors, such as engineering, manufacturing & industrials, IT & telecom, and life sciences. Moreover, Sweden’s stable political environment, a society with strong democratic institutions, a highly educated labour force, well-functioning legal system, and modern communication infrastructure creates an attractive investment climate.

Communications, media and PR market in Sweden
Sweden is considered to be one of the most digitalised countries in the world. A recent study showed that internet usage is at 96% and almost half (45%) of Swedes use social media as a news source. The media sector has undergone a far-reaching digitalisation over the past decade, and while print newspapers remain relevant, they play a subordinate role in the overall media landscape. Given the country’s modest size of population (10.5 million), there are accordingly fewer media outlets compared to bigger European media markets. The media landscape is characterised by a few major media groups, i.e. the commercial companies ‘Bonnier Group’ and ‘Schibsted’, as well as the public service organisations ‘Swedish Radio and Television’ (SVT) and ‘Swedish Broadcasting Corporation’ (SR). Main media outlets are Dagens Nyheter (news), Dagens Industri (business), Svenska Dagbladet (news), and Sydsvenskan (news).

Top 3 advice to navigate Swedish the media 

1. Be succinct: When pitching to Swedish journalists, refrain from over-detailed descriptions and superlative language. Describe your story briefly and succinctly, emphasising what it is about and its news-worthiness. If possible, define the unique aspects already in the mail subject, include contact information, and attach additional information (e.g. press release) to the e-mail.

2. Use Swedish: Unless directed to a Swedish-based English media outlet, communicate in Swedish during pitch e-mails and ensure that attached materials are translated. The additional task of translating your story will undoubtedly hamper journalists’ interest. Working through an intermediary – such as an agency – could therefore be helpful.

3. Don’t oversell: In general, Swedes are rather suspicious towards hyperbolic language about an event, product, corporate initiative, etc. and may instead come to doubt the truthfulness of a message. Temper the language of information, provide a moderately positive tone, and focus on receiver value.

Most influential media for consumer communication in Sweden
Aftonbladet is a top-tier tabloid focusing on bringing entertainment alongside daily news updates. The tabloid has one of the largest readerships in Sweden and is part of the Schibsted Media Group.

Expressen is another top-tier tabloid featuring entertainment as well as news, debate articles and investigative journalism. Part of the Bonnier Group.

TV4 is the leading commercial TV channel in Sweden incorporating a diverse broadcasting coverage of both news reporting as well as entertainment.

Most influential media for corporate communications in Sweden
TT is the main news agency in Sweden and provides media outlets across Sweden with content and news articles. Coverage in TT usually results in wide media coverage and high impact.

SVT is the Swedish national public service TV broadcaster and is one of the main dominating media outlets in terms of reach and influence. SVT brings daily news reports and is among the media companies that are the most trusted by Swedes.

Dagens Industri is Sweden’s main business and industry newspaper covering both domestic and international corporate news of companies, industries, financial markets, and the economy. Target audiences are senior management, investors, public policy-makers, and industry.

Dagens Nyheter as well as Svenska Dagbladet are two of the leading daily newspapers in Sweden covering both international and national news stories as well as being strong platforms for publishing opinion and debate articles.

Most popular social media channels in Sweden
YouTube: 8.7 million users
Facebook: 5.65 million users – mainly Millennials and Generation Z.
Instagram: 5.5 million users – particularly popular among young women.
LinkedIn: 4.76 million users – popular among men born in the 60s-70s .
Snapchat: 4 million users – most people born in the ’00s and ’90s 
TikTok: 3.39 million users – fastest growing social media in 2023
X: 2.6 million users. X is a popular platform among Swedish men as the proportion of men who use X is greater than the number of female users.

Most important international events in Sweden in 2024

The Eurovision Song Contest 2024 – This international songwriting competition is the world’s largest live music event and will this year take place in Malmö, Sweden. The Eurovision Song Context gathers approx. 160 million viewers globally and is an important cultural event that brings together European nations every year. https://eurovision.tv/event/malmo-2024

Almedalsveckan – Almedalen week is an annual democratic and political meeting point that takes place for several days at the end of June on the Swedish island of Gotland. Here, policymakers, NGOs, lobbyists, consultants and people from various industries and backgrounds get together and debate, network, and have meetings on different societal, corporate, and social issues. https://www.almedalsveckan.info/english

The European Parliamentarian Election – Between June 6 and 9, Swedes as well as other EU member-states, are going to the polls to elect the members of the EU Parliament that will drive EU legislation for the next five years. https://elections.europa.eu/en/

Sweden by the Numbers*
Population 10.5 million
Languages spoken Swedish
Religions (% of population) Protestant (63.9%), other Christian (4.1%), Muslim (2.5%), not religious (26.8%)
GDP per capita $56,785 (2023)
(Real) GDP growth rate -0.2% (2023)
Inflation rate 2.5% (Feb. 2024)
Unemployment rate 8.5% (Feb. 2024)
Key sectors and industries (% of GDP) Services (63.62%), industry (23.95%), agriculture (1.46%), other (10.97%) – 2022
Mobile penetration (X per 100 people) 97 (2023)
Internet users (% of population) 96% (2023 – over age 16)
Corporate profit tax: 20.6 (2023)
Rate of consumer tax or VAT: 25% (2024)

* Statistical data from Ekonomifakta.se, Swedish Foreign Ministry and the Swedish Statistical Central Database (SCB).

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