Finland Times

 

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

Consumers’ general confidence in the country’s economy has remained almost unchanged from the previous month in July with the consumer confidence indicator standing at 9.4 in July against 8.7 in June and in May.

 

According to the Statistics Finland, the confidence indicator received the value 5.0 and its long-term average is 12.1 in last year's July.

 

The data are based on Statistics Finland’s Consumer Survey, for which 1,217 people resident in Finland were interviewed between July 1 and 19.

 

Of the four components of the consumer confidence indicator, expectations concerning Finland’s economy and general unemployment development improved in July from the previous month and the previous year. Views on unemployment remained gloomy, however.

 

By contrast, consumers' view on the economic situation in Finland was for a change brighter than the long-term average. In July, consumers' expectations concerning their own economy and saving possibilities weakened slightly.

 

In July, consumers thought that the time was more favourable for raising a loan than for saving or buying durable goods. In July, employed consumers still felt personally somewhat more threatened by unemployment than usual.

 

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

In July, 35 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 23 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 34 and 25 per cent in June and 26 and 32 per cent one year ago.

 

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. Both one month and one year earlier, the respective proportions were 25 and 14 per cent.

 

Altogether 18 per cent of consumers thought in July that unemployment would decrease over the year, while 45 per cent of them believed it would increase. The corresponding proportions were 16 and 48 per cent in June and 11 and 59 per cent one year ago.

 

In July, 13 per cent of employed persons believed that their personal threat of unemployment had lessened over the past few months, whereas 24 per cent thought it had grown.

 

Twenty-four per cent of employed persons felt that they were not threatened by unemployment at all.

 

Consumers estimated in July that consumer prices would go up by 2.7 per cent over the next 12 months. One month earlier, the predicted inflation rate was 2.4 per cent, and its long-term average is 2.3 per cent.

 

Consumers' views of the economy

	Average 10/1995-	Max. 10/1995-	Min. 10/1995-	07/2013	06/2014	07/2014	Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4	12,1	22,9	-6,5	5,0	8,7	9,4	-
B2 Own economy in 12 months' time (balance)	8,5	14,1	2,3	6,2	7,5	6,3	-
B4 Finland's economy in 12 months' time (balance)	3,5	25,3	-27,1	-5,0	2,8	5,3	=
B6 Inflation in 12 months' time (per cent)	2,3	4,6	0,6	2,9	2,4	2,7
B7 Unemployment in Finland in 12 months' time (balance)	-2,4	27,6	-51,1	-26,5	-18,2	-15,0	-
B8 Own threat of unemployment now (balance)	-0,6	7,6	-18,8	-4,9	-7,3	-6,0	-
C1 Favourability of time for purchasing durables (balance)	18,4	41,8	-14,2	4,1	7,5	5,0	--
C2 Favourability of time for saving (balance)	11,2	36,8	-19,6	2,7	3,0	4,3	-
C3 Favourability of time for raising a loan (balance)	16,9	42,0	-47,1	11,7	11,6	11,7	-
D2 Household's saving possibilities in the next 12 months (balance)	38,8	52,2	10,9	45,3	42,6	40,8	=