Finland has doubled its imports of defense goods during 2009–2011
London, June 6th, 2012 – The Finnish defense budget stood at US$3.93 billion in 2011 and registered a CAGR of 6.44% during the review period. Growth has since halted due to the Eurozone crisis affecting Finland. In 2012 the defense budget is estimated at US$3.87 billion, and is expected to decline at a CAGR of -1.53% during the forecast period, dropping to US$3.64 billion by 2016. The projected decline in defense expenditure is part of the ‘Economy Management Plan’ by the Finnish government with the intention of preventing the economy from being further affected by the recession (reference see graph below).
Finland has been perceived as a country with low levels of corruption. However, since 2006, three alleged instances of bribery and corruption involving the country’s defense sector have been highlighted. As a result, the country’s ranking in the Transparency International Corruption Perceptions Index has been dropping since 2007. Domestic defense industry officials are accused of handing out bribes to foreign public officials in order to win a contract for the supply of 126 armored personnel carriers to Croatia.
The Finnish defense budget deficit in 2011 stood at US$10.6 billion, due to which the country may be compelled to reduce its defense budget in the next ten years. Currently, the Ministry of Defense is contemplating reductions of US$300 million in its defense budget for 2012-13, which may eventually lead to the cancellation of defense-related projects and air defense modernization projects. A potential cut to Finland’s defense budget is an area of concern for foreign investors.
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About ICD Research
ICD Research is a full-service global market research agency and premium business information brand specializing in industry analysis in a wide set of B2B and B2C markets. ICD Research has access to over 400 in-house analysts and journalists and a global media presence in over 30 professional markets enabling us to conduct unique and insightful research via our trusted business communities. Through its unique B2B and B2C research panels and access to key industry bodies, ICD Research delivers insightful and actionable analysis. The ICD Research survey capabilities grant readers access to the opinions and strategies of key business decision makers, industry experts and competitors as well as examining their actions surrounding business priorities.
About Strategic Defence Intelligence
This report is one of a series available to subscribers of our premium research platform, Strategic Defence Intelligence. Strategic Defence Intelligence provides a stream of continuously updated customer and competitor intelligence, as well as detailed research reports providing an unrivalled source of global information on the latest developments in the defence industry.
Strategic Defence Intelligence's unique monitoring platform tracks global defence activity for over 2,500 companies and 65 product categories in real time and in a highly structured manner, giving a comprehensive and easily-searchable picture of all defence industry activity. The site features: daily updated analysis, comment and news, company and customer profiles, defence spending, tenders and contracts, product and technology intelligence, a research and analysis database providing access to industry and competitor reports to enable business and market planning, and fully customizable tools, including instant personalized report generation and custom alerts.
London, June 6th, 2012 – The Finnish defense budget stood at US$3.93 billion in 2011 and registered a CAGR of 6.44% during the review period. Growth has since halted due to the Eurozone crisis affecting Finland. In 2012 the defense budget is estimated at US$3.87 billion, and is expected to decline at a CAGR of -1.53% during the forecast period, dropping to US$3.64 billion by 2016. The projected decline in defense expenditure is part of the ‘Economy Management Plan’ by the Finnish government with the intention of preventing the economy from being further affected by the recession (reference see graph below).
Finland has been perceived as a country with low levels of corruption. However, since 2006, three alleged instances of bribery and corruption involving the country’s defense sector have been highlighted. As a result, the country’s ranking in the Transparency International Corruption Perceptions Index has been dropping since 2007. Domestic defense industry officials are accused of handing out bribes to foreign public officials in order to win a contract for the supply of 126 armored personnel carriers to Croatia.
The Finnish defense budget deficit in 2011 stood at US$10.6 billion, due to which the country may be compelled to reduce its defense budget in the next ten years. Currently, the Ministry of Defense is contemplating reductions of US$300 million in its defense budget for 2012-13, which may eventually lead to the cancellation of defense-related projects and air defense modernization projects. A potential cut to Finland’s defense budget is an area of concern for foreign investors.
Contact sales@marketreportsonline.com to order your copy of this report OR for further information.
About ICD Research
ICD Research is a full-service global market research agency and premium business information brand specializing in industry analysis in a wide set of B2B and B2C markets. ICD Research has access to over 400 in-house analysts and journalists and a global media presence in over 30 professional markets enabling us to conduct unique and insightful research via our trusted business communities. Through its unique B2B and B2C research panels and access to key industry bodies, ICD Research delivers insightful and actionable analysis. The ICD Research survey capabilities grant readers access to the opinions and strategies of key business decision makers, industry experts and competitors as well as examining their actions surrounding business priorities.
About Strategic Defence Intelligence
This report is one of a series available to subscribers of our premium research platform, Strategic Defence Intelligence. Strategic Defence Intelligence provides a stream of continuously updated customer and competitor intelligence, as well as detailed research reports providing an unrivalled source of global information on the latest developments in the defence industry.
Strategic Defence Intelligence's unique monitoring platform tracks global defence activity for over 2,500 companies and 65 product categories in real time and in a highly structured manner, giving a comprehensive and easily-searchable picture of all defence industry activity. The site features: daily updated analysis, comment and news, company and customer profiles, defence spending, tenders and contracts, product and technology intelligence, a research and analysis database providing access to industry and competitor reports to enable business and market planning, and fully customizable tools, including instant personalized report generation and custom alerts.
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