Consumer confidence in economy weakens in October

Consumers' confidence in the economy has become most cautious in two years, according to Statistics Finland.

The consumer confidence indicator (CCI) stood at 16.8 in October, having been 20.2 in September and 21.5 in August.

The CCI received the value 23.1 in last year’s October and 15.8 in October 2016. The long-term average for the CCI is 12.6.

The data are based on Statistics Finland’s Consumer Survey, for which 1,148 people resident in Finland were interviewed between 1 and 19 October.

Of the four components of the CCI, expectations concerning Finland’s economy and general unemployment development weakened clearly in October compared with September.

However, consumers’ estimates concerning unemployment development were still bright, while the view of Finland's economy already seemed fairly pessimistic. Consumers' expectations concerning their own economy and saving possibilities remained almost unchanged and good in October.

Confidence in Finland’s economy and unemployment decreasing also weakened in October from last year’s corresponding period.

Consumers’ views concerning their own economy and saving possibilities remained almost the same.

In October, consumers considered their household’s financial situation to be very good. The time was regarded very favourable for saving and good also for buying durable goods but no longer for taking out a loan. Employed consumers felt in October that their personal threat of unemployment has decreased somewhat in recent times.

In October, confidence in the economy was strongest in Northern Finland and in Greater Helsinki (consumer confidence indicator 20.2 and 19.4). Among population groups, upper-level salaried employees were clearly most optimistic (29.2). Pensioners (6.5) and unemployed persons (13.2) had the gloomiest expectations concerning economic development.