This paper provides a quantification of the relative importance of export industries in a small open economy using new data provided by input–output tables describing the Finnish economy in 1928. The Finnish analysis of the Great Depression of the 1930s has been particularly focused on the importance of foreign trade. Despite the lack of quantified evidence, it is commonly accepted that the export industries had a major role in the economic development. The basic input–output framework is extended into a production–consumption model to produce a more elaborate model that provides a quantification of changes in final demand of some key industries in the economy. Results suggest that even though the role of export industries was dominant, domestic market industries and private consumption also had a significant role in the depression.