Finland Times

Consumers’ confidence in the country’s economy has strengthened slightly in June with the confidence indicator going up to 8.1, according to the Statistics Finland.

A Statistics Finland’s Consumer Survey, for which 1,387 people were interviewed between June 3 and June 19, has showed that the consumer confidence indicator stood at 8.1 in June while it was 5.0 in May and 6.4 in April.

Of the four components of the consumer confidence indicator, estimates concerning the development of unemployment improved a bit in June compared to May. No significant changes were seen in the other components of the consumer confidence indicator compared to May. Views on households' saving possibilities remained bright. Views on the other components still remained cautious.

Consumers' own and Finland's economy

In June, 29 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 28 per cent of them thought that the country’s economy would deteriorate. In last year’s June, the corresponding proportions were 21 and 40 per cent.

Altogether 15 per cent of consumers thought in June that unemployment would decrease in Finland over the year, while 50 per cent of them believed it would increase. The corresponding proportions were 12 and 59 per cent in May and 16 and 49 per cent one year ago.

Consumers estimated in June that consumer prices would go up by 3.0 per cent over the next 12 months. The long-term predicted average inflation rate is 2.2 per cent.

Buying of durable goods

In June, one-third (34 per cent) of consumers thought the time was favourable for buying durable goods while it was two-fifths (40 per cent) last year. Thirteen per cent of households were fairly or very certain to buy a car and seven per cent a dwelling during the next 12 months. In June, 19 per cent of households were planning to make renovations to their dwelling.

Saving and taking out a loan

In June, 53 per cent of consumers considered saving worthwhile. Twelve months ago the respective proportion was 61 per cent. In all, 65 per cent of households had been able to lay aside some money and 80 per cent believed they would be able to do so during the next 12 months.

In June, 59 per cent of consumers regarded the time good for raising a loan. In June, 12 per cent of households were planning to take out a loan within one year.