The industry made €934m worth of investments, more than any other industry sector in Finland. The mechanical and metal manufacturing industry was second with a €619m spend.

Predicted investments for 2014 are close to €700m, less than last year, although a decrease had been wrongly forecast for 2013.

The results of a new study by the Confederation of Finnish Industries (EK) show that the forest industry still does not invest enough to maintain its production equipment.

EK said an additional €1.1bn worth of investment was needed in 2012.

"However, we do know definitely that today’s figure is lower," said Penna Urrila, EK’s leading economist.