Prior to the recent slump, the growth performance of the Finnish economy had been among the best in the OECD in recent years. At the same time, the economy has undergone fundamental changes. Partly as a result of its EU membership since 1995, it has become more integrated with the rest of the world, increasing the need to adjust quickly to developments abroad. Liberalisation and privatisation have facilitated adjustment, with market mechanisms now operating to a greater extent. Furthermore, the sectoral composition of output has changed significantly, with a diminished role for the traditional metal and forest industries, while the electronic equipment industry has become the most important export sector. This change in composition made the Finnish economy less capital intensive and more knowledge-based. Finally, economic activity has become more concentrated in the Helsinki region and other growth centres. Helsinki is one of the fastest growing cities in Europe whereas eastern and northern Finland are among the EU regions with the strongest migration outflow.