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The Role of the Event Industry in the Finnish Economy

Author

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  • Ali-Yrkkö, Jyrki
  • Pajarinen, Mika

Abstract

In this study, we analyse the size and role of the Finnish event industry by utilising both industry- and firm-level data. Furthermore, we study the impacts of the Covid-19 crisis on companies operating in the event industry. Based on our results, the event industry accounts for 1.2% of the Finnish GDP. It should be noted that in addition to companies, the event industry consists of associations, foundations and other non-profit organisations. Depending on the definition, the Finnish event industry included in 2019 approximately 8,354–9,126 companies with 15,200–19,500 employees (full-time equivalent), which corresponds to 0.9–1.2% of the employment of all companies. The companies operating in the event industry generated EUR 800–1,200 million value added, corresponding to 0.6–0.9% of the value added of all companies. The turnover decreased between 2019 and 2020 for 70% of these companies. In every fourth of the companies, turnover decreased by at least 50%. Due to update delays of the firm-level data, these shares are probably downward biased because we were not able to take into account the role of companies that that ceased operations.

Suggested Citation

  • Ali-Yrkkö, Jyrki & Pajarinen, Mika, 2021. "The Role of the Event Industry in the Finnish Economy," ETLA Reports 116, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:report:116
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    More about this item

    Keywords

    Event industry; Event; Significance; Covid-19; Impact; Role; Definition;
    All these keywords.

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L8 - Industrial Organization - - Industry Studies: Services
    • L84 - Industrial Organization - - Industry Studies: Services - - - Personal, Professional, and Business Services

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