• Finnish firms are leading in innovation, with investments focused on introducing new products, processes or services.
  • The survey highlights a negative shift in the investment outlook, with more firms expecting a decrease in investment rather than an increase.
  • EIB Group signed €992 million in new commitments for projects in Finland in 2023.

The EIB Investment Survey 2023 reveals that Finnish firms are leading the way in innovation amongst peers in the rest of the European Union. Half of Finnish firms developed or introduced new products, processes or services as part of their investment activities, exceeding the EU average of 39%.  Moreover, 81% of companies have adopted advanced digital technologies, significantly higher than the EU average of 70%. These companies are at the forefront of utilising digital platforms, automation via robotics, and big data/AI. 

According to the survey results, a higher percentage of Finnish firms (94%) reported making investments compared to the EU average (85%). However, the survey also uncovers a concerning shift in firms’ investment expectations. Contrary to the EU average, firms operating in Finland hold a pessimistic investment outlook, on balance, reflecting concerns about the economic climate and short-term business prospects. The survey highlights the availability of skilled staff and uncertainty about the future as the most frequently mentioned long-term barriers.

An encouraging finding from the survey highlights that almost all firms in Finland are taking action to reduce greenhouse gas emissions. 71% of firms polled in Finland have already invested in tackling the impacts of weather events and reducing carbon emissions, while 72% of respondents in our survey said that they are planning to invest in these areas in the future. These figures are significantly higher than the EU averages of 56% and 54% respectively. 

The full investment survey can be found here.

"Through innovation and digital transformation, Finnish firms are setting a new standard for investment performance, outperforming the EU average,” said EIB Vice-President Thomas Östros. ”Their dedication to introducing new solutions and adopting advanced technologies positions them as leaders in their industries. Despite a negative shift in investment outlook, Finnish companies remain committed to sustainability and are taking action to reduce emissions. With important green transition projects in the pipeline, together we can shape a prosperous future for the business landscape."

In 2023, the European Investment Bank (EIB) Group, which also includes the European Investment Fund (EIF), pledged €992 million in financing for new projects in Finland. On the EIB’s side, the funding was targeted at R&D expenditures of large companies, industrial investments, energy-efficient buildings, and education infrastructure. As far as the EIF is concerned, fund investments amounted to €250 million and SME portfolio guarantees for financial intermediaries totalled €127 million.

EIB Group investment in Finland in 2023 accounts for 0.35% of the country’s gross domestic product (GDP), supporting investment worth nearly €4.4 billion. This is part of the nearly €8 billion of EIB Group financing provided in the country over the past five years.

Background information                     

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Agreement. The EIB Group does not fund investments in fossil fuels. It is on track to deliver on its commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in its Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects that directly contribute to climate change mitigation and adaptation, and to a healthier environment.

Approximately half of EIB financing within the European Union goes to cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

About the report

The EIB Group Survey on Investment, which has been administered since 2016, is a unique, annual survey of some 13 000 firms. Data was collected in mid-2023 from firms in all EU Member States. The survey also includes a sample of firms in the United States. The survey collects data on firm characteristics and performance, past investment activities and future plans, sources of finance, financing issues and other challenges that firms face, such as climate change, digitalisation and international trade.