The Travel Agency and Tour Operator sector in Finland experienced significant fluctuations from 2013 to 2023. The Gross Value Added (GVA) began at 222 million euros in 2013. It saw a notable drop in 2014, followed by a recovery phase peaking at 269 million euros in 2018. The GVA saw a sharp decline from 2020 due to the pandemic, hitting a low of 53 million euros in 2021, but began to recover slowly, standing at 127 million euros by 2023.
Analyzing the year-on-year growth for recent years, we observe a recovery phase post-2021 crash. In 2022, there was a significant year-on-year growth of 137.74%, and in 2023, a modest increase of 0.79%. The last 5-year CAGR stands at a negative 13.94%, reflecting the adverse impact of the pandemic and the subsequent slow recovery.
Future trends to watch for:
- The forecast indicates a steady, albeit slow, recovery with a 5-year CAGR of 0.46% from 2024 to 2028, reaching 131 million euros by 2028.
- Attention should be paid to mitigating factors that could either enhance or impede growth, such as global economic conditions, changes in travel regulations, and advancements in digital transformation within the travel industry.
