Finland Times

 

A picture shows a coin of one Euro and banknotes of 10, 20 and 50 Euros. Photo - AFP / Lehtikuva.

The consumers’ confidence in the country has recovered from April’s downswing with the consumer confidence indicator standing at 8.7 in May having been 3.7 in April and 8.5 in March. 

 

According to the Statistics Finland, the consumer confidence indicator received the value 5.0 one year ago in May while the long-term average for the confidence indicator is 12.1. 

 

The data are based on Statistics Finland’s Consumer Survey, for which 1,305 people resident in Finland were interviewed between May 2 and May 19.

 

Of the four components of the consumer confidence indicator, views concerning Finland’s economy, Finland's unemployment development and households' saving possibilities improved in May compared to April. 

 

In contrast, views on one’s own economy remained unchanged. Consumers' views on the development of their own economy and in particular on unemployment were clearly below the average level.

 

Consumer confidence indicator (CCI). Source: Statistics Finland.

In May, consumers thought that the time was slightly more favourable for raising a loan than for saving or buying durable goods.

 

In May, the personal threat of unemployment experienced by employed consumers was at the same level as in April and as one year ago in May.

 

In May, 34 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 24 per cent of them thought that the country’s economy would deteriorate.

 

In April, the respective proportions were 28 and 30 per cent and roughly the same, 28 and 31 per cent, twelve months ago in May.

 

In all, 22 per cent of consumers believed in May that their own economy would improve and 14 per cent of them feared it would worsen over the year. Twelve months earlier the corresponding proportions were 23 and 15 per cent.

 

Altogether, 18 per cent of consumers thought in May that unemployment would decrease over the year, while 47 per cent of them believed it would increase.

 

Consumers' expectations concerning their own and Finland's economy in 12 months' time. Source: Statistics Finland.

In April, the respective proportions were 12 and 58 per cent and roughly the same, 12 and 59 per cent, twelve months ago in May.

 

In May, 10 per cent of employed persons believed that their personal threat of unemployment had lessened over the past few months, whereas 23 per cent thought it had grown. Twelve months earlier the corresponding proportions were 10 and 21 per cent. 

 

In May, 43 per cent of employed persons thought the threat had remained unchanged and 24 per cent felt that they were not threatened by unemployment at all.

 

In May, 39 per cent of consumers thought the time was favourable for buying durable goods. Fourteen per cent of households were fairly or very certain to buy a car and seven per cent a dwelling during the next 12 months. Nineteen per cent of households were planning to spend money on renovating their dwelling within a year.

 

A total of 54 per cent of consumers considered saving worthwhile in May. Twelve months ago, 49 per cent of consumers thought so.

 

In all, 64 per cent of households had been able to lay aside some money and 78 per cent believed they would be able to do so during the next 12 months.

 

In May, 54 per cent of consumers regarded the time good for raising a loan. In May, 11 per cent of households were planning to raise a loan within one year.