The results of a wide-ranging questionnaire survey commissioned by Tesi analyses the problems faced by Finnish SMEs sector by sector.
State-owned investment company Tesi has charted the impacts of the Corona pandemic on Finnish SMEs with a survey based on collaboration amongst a broad spectrum of experts. The survey was conducted between 3 April and 5 May 2020. Altogether 1,639 companies with annual net sales less than €200m and personnel of 5-250 people participated. The first results of the survey were published on 24 April 2020. Now the survey is supplemented with data from twice the original number of companies. The survey will be repeated at monthly intervals. The aim is to form a broad-based and neutral overview of SMEs’ current situation from a range of perspectives: external factors, internal procedures, and the impact of intervention to support SMEs.
“Disrupted supply chains, shortened order books and deferred investments are worrying signs of the problems industry is facing. Possible changes in global demand will be reflected in order books for a long time yet. The first respondents to our survey were not able to assess the impact of the crisis on investments. As we move towards summer, it is clear that the volume of investments has contracted. The deferral of investments has multiplier effects that spread the impacts of the crisis from one sector to another. The IT and construction sectors, for example, suffer if other sectors refrain from investing. For this reason, a reduction in investment is bad news for all Finland’s economy,” says Tesi’s Chief Digital Officer Henri Hakamo.
About the survey
The questionnaire survey commissioned by Tesi was prepared and compiled by Helsinki GSE, Finland’s Ministry of Economic Affairs and Employment, Professor Vihriälä’s working group, Business Finland, Finnvera, and other experts from both the public and the private sectors. The aim is to provide a real-time and sector-specific overview of Finland’s economy, thus making up-to-date information available to policymakers to target correctly-timed measures for mitigating Corona impacts. The survey will be repeated at monthly intervals.
The sectors chosen for the survey focus on: industry; wholesale & retail trade; professional, scientific and technical activities; information & communications; hospitality & catering, construction; transport and warehousing, and administrative & auxiliary activities.
“Tesi aims to help Finnish companies and public authorities by offering financial instruments and by providing timely market data. A positive aspect of the crisis is the extremely pleasing opportunity to observe the wide-ranging collaboration between academia, private companies and government ministries. Everyone has a genuine desire to work in close collaboration to find the best solutions,” says Henri Hakamo.
Henri Hakamo, Chief Digital Officer, Tesi
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Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.3 billion euros. Ambition for ownership and success www.tesi.fi | www.dtg.tesi.fi | @TesiFII