The production in the wearing apparel sector in Finland has experienced a general decline over the past decade, with values dropping from 469.9 million euros in 2013 to 400.6 million euros in 2023. The sector saw notable annual fluctuations, including significant drops in 2014 (-5.89%) and 2015 (-5.92%), and a major decrease in 2020 (-7.05%) due to global disruptions. Despite minor growth in 2017 (3.9%), the overall trend has been negative, with the value in 2023 standing at 400.6 million euros, representing a 0.1% decline from 2022. Over the last five years, the compound annual growth rate (CAGR) averaged -1.91%, indicating a persistent downward trend.
Looking at the forecast, the production is expected to continue its gradual decline, reaching 399.6 million euros by 2028. The forecasted average annual decline (CAGR) over the next five years is minimal at -0.04%, signaling a slight stabilization but persistent reduction in production levels.
Future trends to watch for include potential impacts of sustainability initiatives, technological advancements in manufacturing, and market demand shifts driven by changing consumer preferences and economic conditions.
