|Updated: 27.2.2014 - Next update: 27.3.2014|
Consumer confidence did not strengthen further in February
The consumer confidence indicator stood at 8.3 in February, having been 9.9 in January and 7.2 in December. In last years February, the consumer confidence indicator received the value 9.6. The long-term average for the confidence indicator is 12.2. The data are based on Statistics Finlands Consumer Survey, for which 1,346 people resident in Finland were interviewed between 3 and 18 February.
Of the four components of the consumer confidence indicator, only views of households' saving possibilities improved in February from the previous month. By contrast, estimates of Finland's economy and, in particular, unemployment weakened. Consumers' expectations concerning their own economy remained almost unchanged in February compared to January.
In February, 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 February, 33 per cent of consumers believed that Finlands economic situation would improve in the coming twelve months, while 25 per cent of them thought that the countrys economy would deteriorate. In January, the respective proportions were 39 and 21 per cent and twelve months ago in February 35 and 26 per cent.
In all, 23 per cent of consumers believed in February that their own economy would improve while 12 per cent of them feared it would worsen over the year. Last year in February, the corresponding proportions were 25 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.
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.