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Home BUSINESSConsumers’ confidence in economy weakens in July
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Tue, 30 Jul, 2013 12:01:16 AM
FTimes Report, July 30
Consumer confidence indicator (CCI), Source - Statistics Finland.
The indicator of the consumer confidence in the country’s economy has dropped to 5.0 in July from 8.1 in June though it is slightly higher than the corresponding period of the previous year, according to the data revealed by the Statistics Finland.
 
A Consumer Survey of the Statistics Finland, for which 1,393 residents in Finland were interviewed between July 1 and 19, revealed the data.
 
The consumer confidence in July was higher than one year ago by 0.1 but it is below the long-term average of 12.4.
 
Consumers’ expectations of Finland’s economic situation and, in particular, on the development of unemployment were more pessimistic in July than had been in June.
 
Views on households' saving possibilities also weakened somewhat compared to June but still remained relatively bright. By contrast, consumers’ views concerning their own economy remained unchanged, still being cautious.
 
Consumers' expectations concerning their own and Finland's economy in 12 months' time, Source - Statistics Finland.
Employed consumers felt in July that their personal threat of unemployment had not changed much from the situation in June. In addition, consumers regarded raising a loan more worthwhile, in contrast to their views on saving or purchasing durable goods.
 
Some 26 per cent of the consumers believed that Finland’s economic situation would improve in the coming twelve months, while 32 per cent of them thought that the country’s economy would deteriorate. In June, the corresponding proportions were 29 and 28 per cent and in last year's July it was 16 and 47 per cent.
 
In all, 24 per cent of consumers believed in July that their own economy would improve while 14 per cent of them feared it would worsen over the year. One year ago the respective proportions were 22 and 17 per cent.
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