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Finland’s financial management sector is set for further growth

20/10/2009

The financial services sector is in good shape despite the recession and offers good opportunities for new players, according to a report from Finland’s Ministry of Employment and the Economy.

The growth prospects for Finland’s financial management sector are bright, according to a recently published sector report from the Ministry of Employment and the Economy. Although they have also been affected by the recession, many companies offering financial services have also benefited from the situation because other companies require more timely information about their finances. High quality financial know-how is in demand during difficult economic circumstances, according to the report.

In 2007 the total turnover of Finland’s financial services sector was just over one billion euros. The sector as a whole and individual companies are in good shape and financially solid, according to the report. The average turnover of Finnish accountancy and bookkeeping companies has grown from EUR 130,000 in 2004 to EUR 171,000 in 2008. The sector enjoyed 6% growth in 2007-2008.

The number of companies in the sector has increased since 2003 and the number people working in the sector has risen by 23% in the period 2002-2007. In Finland accounting and bookkeeping services have traditionally been provided by relatively small companies, but large international chains of companies have also entered the sector.

One of the major challenges facing Finland’s financial services sector in the near future is a shortage of employees and entrepreneurs, as many of the current personnel are reaching retirement age. This means good opportunities for new players in the sector. Electronic filing will also affect the operations of Finnish financial services companies, which have traditionally benefited from physical proximity to their clients.



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