"Consumers’ confidence in the economy strengthened in March and is at a good level", says the Finnish statistical office. The consumer confidence indicator (CCI) stood at 16.1 in March, having been 15.5 in February and 17.2 in January. In last year’s March, the CCI received the value 24.7. The long-term average for the CCI is 12.7.
The data are based on Statistics Finland’s Consumer Survey, for which 1,205 people resident in Finland were interviewed between 1 and 19 March.
Consumer confidence in the Finnish economy does not quite settle. In the last six months it has alternated falls with upswings, as the following graph shows.
Source: Statistics Finland
Of the four components of the consumer confidence indicator, consumers’ expectations concerning both their own and Finland's economy improved in March from February. Views on their own economy were at a good level, while views on the future of Finland’s economy were slightly pessimistic despite strengthening.
The estimate of general development of unemployment weakened slightly but was still at a confident level. Expectations concerning their own saving possibilities remained unchanged and were very optimistic.
Compared with the corresponding period last year, only views on saving possibilities improved in March. Apart from one's own economy, other components weakened clearly in a year.
Household's financial situation
Consumers considered their household’s financial situation very good in March. Employed consumers felt that their personal threat of unemployment has clearly decreased further. The time was regarded favourable for saving and for raising a loan, but not particularly good for buying durable goods. Intentions to spend money on durable goods within one year weakened in March compared to February and the previous year.
In March, confidence in the economy was strongest in Western Finland (consumer confidence indicator 17.6) and Greater Helsinki (17.1). Confidence was weakest in Eastern Finland (9.9). Among population groups, upper-level salaried employees (24.3) and entrepreneurs (24.2) were most optimistic. Pensioners (4.6) and unemployed persons (9.9) had the gloomiest expectations concerning economic development.
