Saturday. 28.01.2023
ECONOMY

Finnish consumer confidence strongest in over two years

The confidence indicator received the value -5.0 among self-employed persons in January.
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According to Statistics Finland, the consumer confidence indicator (CCI) rose in January above its long-term average, -1.8.

The CCI stood at -0.9, having been -4.6 in December and -4.8 in November, on a scale where any negative value means pessimism. In last year's January, the CCI received the value -4.6.

Consumer confidence in the economy has last been stronger in October 2018, when the CCI stayed at 0.1.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,065 persons resident in Finland responded between 1 and 19 January.

Consumers’ confidence improved in January from December in all four components of the CCI. Expectations about Finland’s economic development strengthened most. Compared to the corresponding period last year, only estimates concerning consumers’ own economy at present weakened slightly.

The other CCI components also improved within the year, expectations concerning Finland's economy most clearly.

Consumers’ expectations of their own economy were very bright in January and they had a good deal of intentions to spend money on durable goods. Estimates concerning consumers’ own economy at present and expectations of Finland's economic development were in January on the long-term average level.

Unemployment

Consumers' expectations concerning the development of the unemployment situation in Finland also improved in January but were still on a gloomy level.

Views continued to be dismal about the personal threat of unemployment or lay-off experienced by employed consumers, that is, wage and salary earners and self-employed persons, at the time of the survey.

Consumers' estimate of the growth rate of consumer prices in the coming months remained unchanged in January and clearly below its average.

Consumer's own situation

In January, consumers considered their own financial situation to be still excellent. The time was again regarded as good for saving and also moderate for buying durable goods and for taking out a loan. In addition, very many were going to take out a loan in January. Consumers still had plenty of plans of buying a dwelling.

Consumer confidence in the economy was strongest in Greater Helsinki (CCI 2.6) and weakest in Eastern Finland (-7.4).

Of population groups, workers were most optimistic (5.0). Pensioners had the most pessimistic views concerning economic development (-8.0). The confidence indicator received the value -5.0 among self-employed persons in January.

Finnish consumer confidence strongest in over two years
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