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Home BUSINESSConsumers' expectations to economy dip again
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Sat, 27 Feb, 2016 12:03:48 AM
FTimes Report, Feb 27
 
Consumer confidence indicator (CCI). Source: Consumer Survey 2016, February. Statistics Finland.
Consumer’s expectations concerning general economy dipped further in February, according to Statistics Finland.  
 
The consumer confidence indicator (CCI) stood at 7.7 in February, having been 8.2 in January and 2.4 in December.
 
The CCI received the value 10.6 in February last year with the long-term average for the CCI being 11.6 as per the data based on Statistics Finland’s Consumer Survey.
 
A total of 1,223 people resident in Finland were interviewed between 1 and 17 February for the survey.
 
Expectations concerning general economy (Finland’s economy and unemployment) weakened in February from January and the previous year.
 
Especially the views on unemployment development were gloomy. Consumers' expectations concerning their own economy remained unchanged and subdued in February. By contrast, assessments concerning own saving possibilities improved and were very bright, according to the survey.
 
In February, consumers regarded the time fairly favourable for taking out a loan and a little also for buying durable goods but not for saving.
 
Employed consumers felt personally more threatened by unemployment than usual, as was the case already in January and one year ago.
 
In February, 29 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while an equal share of them thought that the country’s economy would deteriorate.
 
Consumers' expectations concerning their own and Finland's economy in 12 months' time. Source: Consumer Survey 2016, February. Statistics Finland.
In all, 25 per cent of consumers believed in February that their own economy would improve, while 15 per cent of them feared it would worsen over the year.
 
Altogether 13 per cent of consumers thought in February that unemployment would decrease over the year, while 54 per cent of them believed it would increase. In January, the respective proportions were 15 and 48 per cent and twelve months ago 16 and 50 per cent.
 
Consumers predicted in February that consumer prices would go up by 1.4 per cent over the next 12 months. The predicted long-term average inflation rate is 2.2 per cent, the data show.
 
At least 46 per cent of consumers thought the time was favourable for buying durable goods in the month.
 
Saving was considered worthwhile by 53 per cent of consumers in February. Sixty-seven per cent of households had been able to lay aside some money and as many as 82 per cent believed they would be able to do so during the next 12 months. The long-term averages for households saving are 60 and 74 per cent.
 
In February, 63 per cent of consumers regarded the time good for raising a loan. Twelve per cent households considered raising a loan within one year.
 
Greater Helsinki and Northern Finland had a brighter view of the economy than the rest of the country.
 
Among population groups, upper-level salaried employees were clearly most optimistic. Pensioners and unemployed persons had the gloomiest expectations concerning economic development in February.
 

Consumers' views of the economy

 

  Average 10/1995- Max. 10/1995- Min. 10/1995- 02/2015 01/2016 02/2016 Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4 11,6 22,9 -6,5 10,6 8,2 7,7 -
B2 Own economy in 12 months' time (balance) 8,3 14,1 2,3 8,1 6,3 6,0 -
B4 Finland's economy in 12 months' time (balance) 3,0 25,3 -27,1 4,5 3,7 -2,6 -
B6 Inflation in 12 months' time (per cent) 2,2 4,6 0,6 1,0 1,4 1,4  
B7 Unemployment in Finland in 12 months' time (balance) -4,0 27,6 -51,1 -18,8 -18,7 -23,3 --
B8 Own threat of unemployment now (balance) -1,4 7,6 -18,8 -8,5 -5,2 -6,2 -
C1 Favourability of time for purchasing durables (balance) 18,2 41,8 -14,2 21,3 25,3 19,5 =
C2 Favourability of time for saving (balance) 10,6 36,8 -19,6 0,5 3,4 4,5 -
C3 Favourability of time for raising a loan (balance) 17,0 42,0 -47,1 22,9 25,1 20,6 +
D2 Household's saving possibilities in the next 12 months (balance) 39,2 52,2 10,9 48,5 41,5 50,9 ++

Source: Consumer Survey 2016, February. Statistics Finland.

 
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