Published: 27 November 2018

Consumer confidence strengthened slightly – confidence in Finland’s economy fading

Consumers’ confidence in the economy has improved slightly from last month. The consumer confidence indicator stood at 18.3 in November, having been 16.8 in October and 20.2 in September. The consumer confidence indicator (CCI) received the value 23.0 in last year’s November. The long-term average for the CCI is 12.6. The data are based on Statistics Finland’s Consumer Survey, for which 1,110 people resident in Finland were interviewed between 1 and 19 November.

Consumer confidence indicator (CCI)

Consumer confidence indicator (CCI)

Of the four components of the consumer confidence indicator, consumers’ expectations concerning Finland’s economy weakened further in November compared with October. Views on the development of Finland’s economy were poor, but expectations concerning unemployment development were brighter than before. Expectations concerning consumers’ own economy and saving possibilities improved further in November.

Compared with the corresponding period of last year, confidence in Finland’s economy and unemployment decreasing weakened in November. Views concerning their own economy and saving possibilities in turn improved over the one-year review period.

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Consumers considered their household’s financial situation very good in November. The time was regarded very favourable for saving but not for taking out a loan. The time was not regarded as either good or bad for buying of durable goods. Employed persons felt in November that their personal threat of unemployment had lessened.

Consumer confidence by major region and population group

In October, confidence in the economy was strongest in Greater Helsinki and Western Finland (consumer confidence indicator 20.8 and 18.7). Among population groups, upper-level salaried employees were clearly most optimistic (29.1). Pensioners (10.4) and unemployed persons (12.5) had the gloomiest expectations concerning economic development.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released monthly on the European Commission website: Press releases .

Concepts

The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers (see Methodological description ). The consumer confidence indicator (CCI) is the average of the balance figures for the CCI components. The components are: own economy, Finland’s economy, general unemployment and household’s saving possibilities (all concerning next 12 months). 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.


Source: Consumer Survey 2018, November. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, consumer.survey@stat.fi

Director in charge: Jari Tarkoma

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Updated 27.11.2018

Referencing instructions:

Official Statistics of Finland (OSF): Consumer survey [e-publication].
ISSN=1799-1382. November 2018. Helsinki: Statistics Finland [referred: 19.12.2018].
Access method: http://www.stat.fi/til/kbar/2018/11/kbar_2018_11_2018-11-27_tie_001_en.html