Forecast: Production of Clothing in Finland

The production of clothing in Finland has shown a consistent decline over the years, with a notable decrease from 374 Million Euros in 2013 to 202 Million Euros in 2023. Year-on-year variations have fluctuated, with significant drops occurring in 2020 (-22.28%) and a moderate recovery in 2021 (+12.77%), followed by consistent declines thereafter. Over the last two years, the production continued its downward trajectory with contractions noted in both 2022 (-6.84%) and 2023 (-7.34%). The 5-year Compound Annual Growth Rate (CAGR) stands at an average yearly decline of -6.19%, illustrating a prolonged reduction in production levels.

Forecasted data suggests that this declining trend will persist, with a further drop to 119.2 Million Euros by 2028. The forecasted 5-year CAGR indicates an even steeper average annual decline of -8.38%, and a cumulative decrease of -35.43% over the forecast period.

Future trends to watch for include potential impacts of sustainability initiatives, shifts in consumer preferences towards eco-friendly fashion, and the global economic conditions that may affect production costs and demand. Innovations in textile technology and changes in trade policies may also play pivotal roles in shaping the future of clothing production in Finland.