Consumer confidence in the Finnish economy remains negative

Finnish consumers remain pessimistic about the future of the economy. However, expectations regarding their personal economic situation are more moderate.

According to Statistics Finland's data, the consumer confidence indicator (CCI) stood at -4.5 in February, having been -4.6 in January and -4.2 in December 2019. In last year’s February, the CCI received the value -2.4.

The data are based on the answers provided between 1 and 18 February by 1,041 people living in Finland.

Of the four components of the CCI, consumers’ views of their own economy at present and in the near future weakened somewhat in February compared to January. Expectations concerning the near future of Finland's economy remained unchanged, but their views of spending money on durable goods improved somewhat.

Compared with the corresponding period last year, the components of the consumer confidence indicator weakened apart from intentions to spend money, which remained more or less unchanged.

Weak development

In February, consumers estimated that Finland’s economic development was weak. Views of their own economy were moderate.

Consumers’ views on the development of the unemployment situation in Finland improved to a good level. The personal threat of unemployment experienced by employed consumers remained on the long-term average level.

Consumers considered their own financial situation to be fairly good. The time was regarded favourable for saving and for raising a loan, but not particularly favourable for buying durable goods.

In February, consumer confidence in the economy was strongest in Greater Helsinki (CCI -3.3) and weakest in Eastern Finland (-7.5).

Among population groups, upper-level salaried employees were most optimistic (1.1). Pensioners (-13.2) and unemployed people (-12.4) had clearly the gloomiest expectations concerning economic development in February.