Consumer confidence in Finnish economy fading

Although the consumers’ confidence in the economy has improved slightly in November from last month, the indicator was much lower than the stipulated period of last year, according to Statistic Finland.

The consumer confidence indicator stood at 18.3 in November, having been 16.8 in October and 20.2 in September.

The consumer confidence indicator (CCI) received the value 23.0 in last year’s November.

The long-term average for the CCI is 12.6. The data are based on Statistics Finland’s Consumer Survey, for which 1,110 people resident in Finland were interviewed between November 1 and November 19.

Of the four components of the consumer confidence indicator, consumers’ expectations concerning Finland’s economy weakened further in November compared with October.

Views on the development of Finland’s economy were poor, but expectations concerning unemployment development were brighter than before. Expectations concerning consumers’ own economy and saving possibilities improved further in November.

Compared with the corresponding period of last year, confidence in Finland’s economy and unemployment decreasing weakened in November. Views concerning their own economy and saving possibilities in turn improved over the one-year review period.

Consumers considered their household’s financial situation very good in November. The time was regarded very favourable for saving but not for taking out a loan. The time was not regarded as either good or bad for buying of durable goods. Employed persons felt in November that their personal threat of unemployment had lessened.