|Updated: 27.11.2013 - Next update: 27.12.2013|
Consumers confidence in the economy gained some strength in November
The consumer confidence indicator stood at 6.4 in November, having been 3.8 in October and 6.3 in September. Confidence in the economy was still weaker in November than the long-term average (12.2). The data are based on Statistics Finlands Consumer Survey, for which 1,389 people resident in Finland were interviewed between 1 and 19 November.
Of the four components of the consumer confidence indicator, expectations concerning Finlands economy and development of unemployment strengthened slightly in November from the previous month. By contrast, consumers views about their own economy and saving possibilities remained more or less unchanged in November.
In November, consumers considered the time more favourable for saving and, on the other hand, also for raising a loan than for buying durable goods.
Consumers' own and Finland's economy
In November, 33 per cent of consumers believed that Finlands economic situation would improve in the coming twelve months, while 26 per cent of them thought that the countrys economy would deteriorate. Twelve months earlier the corresponding proportions were 21 and 38 per cent.
In all, 25 per cent of consumers believed in November that their own economy would improve and 13 per cent of them feared it would worsen over the year.Statistical release
Statistics Finland / Consumer survey
Description of indicator
The Consumer Survey is a telephone interview survey by means of which it is possible to measure Finns’ images of the general economic development and the financial situation of one's own household and intentions to make major purchases, save money or take out a loan.
The consumer confidence indicator is the average of the balance figures for the CCI components. The balance figures and the confidence indicator can range between -100 and +100 – the higher (positive) balance figure, the brighter the view on the economy.
For the analysis of growth prospects, it is important to know how citizens perceive their own and the country’s economic situation and how citizens are preparing for the future through, among other things, their consumption habits and savings plans. The consumer survey provides diverse information about households’ willingness to consume or save, forecasts retail and price trends, and enables an evaluation of the current economic policy’s national legitimacy. Confidence indicators provide a broad knowledge base for forecasting both the development of the national economy and growth in household demand.
Finland’s economic policy objective is increase confidence in the economy by delivering stable and sustainable economic growth. Demand stimulus and fiscal balance are promoted particularly through job-creating labour market solutions and business-activating measures. Confidence in the economy is also increased by fairly implemented adjustment measures in central government finances, which over the long term safeguard the sustainability of general government finances and the funding of the welfare state.