Finland Times

 

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

The consumer confidence has weakened in August in the country compared to that in the months of June and July.

 

According to the Statistics Finland, the consumer confidence indicator stood at 2.2 in August, whereas in July it was 9.4 and in June 8.7.

 

One year ago in August, the confidence indicator received the value 5.0.

 

The long-term average for the confidence indicator is 12.1. The data are based on Statistics Finland’s Consumer Survey, for which 1,156 people resident in Finland were interviewed between 1 and 19 August.

 

Of the four components of the consumer confidence indicator, expectations concerning Finland’s economy and development of unemployment weakened clearly in August from July.

 

These components were roughly at the same level as one year ago in August. Consumers' views on their own economy and household’s saving possibilities remained almost unchanged in August compared to July.

 

In August, consumers considered raising a loan more worthwhile than purchasing of durable goods or saving. The personal threat of unemployment experienced by employed persons was almost at the same level in August as in July.

 

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

In August, 23 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 38 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 35 and 23 per cent in July, and 25 and 35 per cent one year ago in August.

 

In all, 23 per cent of consumers believed in August that their own economy would improve and 15 per cent of them feared it would worsen’ over the year. One year ago, the respective proportions were 23 and 14 per cent.

 

Altogether, 10 per cent of consumers thought in August that unemployment would decrease in Finland over the year, while 62 per cent of them believed it would increase. The corresponding proportions were 18 and 45 per cent in July, and 12 and 61 per cent one year ago in August.

 

In August, 38 per cent of consumers thought the time was favourable for buying durable goods. Fifteen per cent of households were fairly’ or very certain to buy a car and seven per cent a dwelling during the next 12 months. Twenty per cent of households were planning to spend money on renovating their dwelling within a year.