A partially covered sign at Nokia's headquarters in Espoo, Finland.

Finland is having a hard time recovering after the downfall of Nokia

0.5%

Finland’s GDP shrank 0.5% in the second quarter, after some quarters of positive results, including a recent growth of 1.2% in the first quarter.

Published   |  Photo by Getty Images / Graham Reading / Photoshot
A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

Finland’s cumulative GDP growth since 2008

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

Much attention is dedicated to the economic problems of countries like Greece, Spain, or Portugal.

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

But as they slowly recover, Finland remains stagnant. It failed to regain its size in the decade since the financial crisis. One big reason for that is the downfall of Nokia.

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

The Finnish company used to produce four out of every 10 mobile phones in the world in the early 2000s. And at some point contributed 20% of Finland’s GDP.

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

But the company’s decline, caused in part by the advent of the iPhone and Nokia’s inability to reinvent itself, also meant a decline for the economy of Finland.

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

Global smartphone market share

A partially covered sign at Nokia's headquarters in Espoo, Finland.
0.5%

There are other reasons, including a political crisis in Finland and the impacts of a long-lasting economic crisis in Russia.

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