Consumer confidence less gloomy in May

The mental image that the Finns have about the economic situation improved slightly in May compared to the previous month, although it is still quite pessimistic.

According to Statistics Finland's Consumer Confidence survey, in May the consumer confidence indicator (CCI) stood at -9.0 in a scale in which any negative value means pessimism. In April it was even worse (-13.9) and in March -7.1. In last year’s May the CCI received the value -1.8.

All four components of the CCI improved in May from the previous month. However, compared with the corresponding period last year, all the components weakened.

In May, consumers' views on Finland's economic development were still gloomy and close to the historical all-time low in 2008 to 2009, Statistics Finland says.

By contrast, consumers' assessments of their own economic situation and especially of its near future were only a little below the long-term average in May. In addition, intentions to spend money on durable goods already returned to their average level in one month.

Source: Statistics Finland.

Consumers' expectations concerning the development of the unemployment situation also improved, but the expectations were still on a gloomy level. The same applied to the personal threat of unemployment experienced by employees and self-employed people. 

In May confidence in the economy was less bad in Southern and Western Finland (CCI -6.7 and -7.3). Students (1.2) were the most optimistic population group.

Pensioners clearly had the most pessimistic views concerning economic development (-20). The CCI received the value -15.2 among self-employed persons.