|Updated: 27.3.2014 - Next update: 28.4.2014|
Consumers views on the economy unchanged in March
The consumer confidence indicator stood at 8.5 in March having been 8.3 in February and 9.9 in January. In last years March, the consumer confidence indicator received the value 10.2. The long-term average for the confidence indicator is 12.2. The data are based on Statistics Finlands Consumer Survey, for which 1,365 people resident in Finland were interviewed between 3 and 19 March.
There were only slight changes in all four components of the consumer confidence indicator in March compared to February. Consumers views concerning Finlands and their own economy were cautious and expectations concerning unemployment were still gloomy. By contrast, views on own saving possibilities remained good.
In March, consumers still thought that the time was more favourable for raising a loan than for saving or buying durable goods.
Consumers' own and Finland's economy
In March, 31 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.
In all, 23 per cent of consumers believed in March 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.