|Updated: 27.1.2016 - Next update: 26.2.2016|
Consumer confidence in Finland’s economy strengthened in January
Consumers’ confidence in the economy has improved for a change. The consumer confidence indicator (CCI) stood at 8.2 in January, having been 2.4 in December and 4.7 in November. Last year in January, the CCI received the value 6.0. The long-term average for the CCI is 11.7. The data are based on Statistics Finland’s Consumer Survey, for which 1,240 people resident in Finland were interviewed between 4 and 19 January.
Of the four components of the CCI, expectations especially concerning Finland’s economy and general unemployment development improved clearly in January from December and the previous year. Views on unemployment still remained rather gloomy, however. Consumers’ expectations concerning their own economy improved slightly in January. By contrast, assessments concerning own saving possibilities weakened somewhat.
In January, consumers regarded the time fairly favourable for taking out a loan and, for the first time in a long time, also for buying durable goods but not for saving. In January, employed consumers felt personally more threatened by unemployment than usual, as was the case already in December and one year ago.
Consumers' own and Finland's economy
In January, 37 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 25 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 24 and 38 per cent in December and 27 and 29 per cent one year ago in January.
In all, 24 per cent of consumers believed in January that their own economy would improve and 13 per cent of them feared it would worsen over the year. The respective proportions in December were 23 and 16 per cent.
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.