|Updated: 28.11.2016 - Next update: 27.12.2016|
Consumer confidence strongest in over five years – doubts about own economy
The consumer confidence indicator (CCI) stood at 17.6 in November, having been 15.8 in October and 14.4 in September. Confidence in the economy was last this strong in spring 2011. In last years November the CCI received the value 4.7. The long-term average for the CCI is 11.7. The data are based on Statistics Finlands Consumer Survey, for which 1,230 people resident in Finland were interviewed between 1 and 18 November.
Of the four components of the CCI, expectations concerning general unemployment and households' saving possibilities improved in November from the previous month. Views concerning one's own and Finlands economy remained essentially unchanged. Compared with the corresponding period last year, all the components improved clearly in November.
In November, consumers' views were optimistic about Finland's economy and for the first time in a long time about unemployment development as well. In turn, expectations concerning consumers' own economy were fairly subdued. Consumers nevertheless considered their household's saving possibilities good over the next 12 months.
In November, consumers regarded the time favourable for buying durable goods and especially for taking out a loan but not for saving. The personal threat of unemployment experienced by employed consumers decreased slightly in November compared with October and one year ago.
Consumers' own and Finland's economy
In November, 42 per cent of consumers believed that Finlands economic situation would improve in the coming twelve months, while 16 per cent of them thought that the countrys economy would deteriorate. Twelve months previously, the corresponding proportions were 30 and 29 per cent in November.
In all, 26 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. One year ago the respective proportions were 23 and 13 per cent.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.