EK Business Tendency Survey: Economic outlook slightly brighter – strongest growth expectations in manufacturing

According to the Business Tendency Survey carried out in October by the Confederation of Finnish Industries (EK), there has been a slight improvement in business conditions for Finnish companies in recent months after a sluggish early summer. The improvement was particularly marked in manufacturing, but according to all main sectors the current situation is still weaker than average.  

The outlook for the coming months is more positive than before. In particular, the recovery in manufacturing is forecast to continue, while the very weak situation in construction is also expected to improve slightly. Manufacturing output is expected to increase markedly, and sales in services to continue their moderate growth. The number of employees in manufacturing is already expected to start increasing slightly, while the number employed in other sectors is expected to further decline marginally. 

“I am pleased that the Business Tendency Survey is showing more encouraging signs that the business conditions of Finnish companies are starting to improve. After a subdued second quarter, the past few months have already improved somewhat, and expectations are for the improvement to continue, particularly in manufacturing. Even the very weak situation in construction could also begin to improve gradually,” says Penna Urrila, Director, Chief Economist at EK. 

The starting point, however, remains weak across much of the Finnish business sector. Despite expectations of recovery, profitability continues to face downward pressure as cost increases clearly outpace the projected development of sales prices. The weakest phase of demand appears to be over, yet more than half of all Finnish companies still report that their operations are being constrained by weak demand. At the same time, around one in ten respondents report experiencing a shortage of labour.  

“Uncertainties in the global economy and trade policy have not dissipated, which continues to create uncertainty for the investment climate and the sustainability of the economic upswing. Nevertheless, Finland’s economy appears to be getting on track for moderate growth, even though we may still have to wait for a turnaround in the labour market for some time yet,” Urrila adds. 

EK Business Tendency Survey 

The Business Tendency Survey is published four times a year by the Confederation of Finnish Industries (EK). The survey has been carried out regularly since 1966. It is part of the European Commission’s Joint Harmonised EU Programme of Business and Consumer Surveys, which is partially funded by the EU. The survey concerns activity in Finland. In October 2025, EK asked companies to evaluate their business outlook for the third quarter of 2025 and their expectations for the coming months. A total of 1,190 companies employing around 275,000 people in Finland responded to the survey.