Home > Statistics > Consumer Confidence > 2009 > September > Consumers foresee recovery for Finland's economy

Published: 28 September 2009

Consumers foresee recovery for Finland's economy

Consumers' confidence in the economy gained strength in September. The consumer confidence indicator stood at 11.7 in September, having been 8.2 in August and 8.1 one year ago. Consumers' confidence was in September only slightly weaker than the long-term average. The data are based on Statistics Finland's Consumer Survey, for which 1,535 people resident in Finland were interviewed between 1 and 18 September.

Of the four components of the consumer confidence indicator, expectations concerning Finland's economy improved distinctly from August in September, and views on the country's economic development were the brightest since 1997.

Views about the other components remained more or less unchanged in September. Consumers regarded their own saving possibilities as good and felt some optimism about their own economic situation. By contrast, their assessments about both general and their own unemployment were still gloomy. In September, consumers regarded the time favourable for purchasing durable goods and increasingly also for raising a loan.

Consumer views on the economic and financial conditions in Finland in September 2009, balances*

	Average 10/95-	Max. 10/95-	Min. 10/95-	September 2008	August 2009	September 2009	Outlook**
Consumer confidence indicator (CCI)	12.9	21.8	-6.5	8.1	8.2	11.7	+/-
CCI components:
Own economic situation in 12 months' time	9.1	14.1	2.3	6.3	6.2	6.6	-
Households' saving possibilities in the next 12 months	36.2	52.0	10.9	50.7	47.3	47.8	+
Finland's economic situation in 12 months' time	4.1	21.7	-27.1	-16.8	10.8	19.5	++
Finland's unemployment situation in 12 months' time	2.2	27.6	-51.1	-8.0	-31.5	-27.0	- -
Others:
Inflation in 12 months' time, per cent	2.1	4.6	0.7	3.5	1.5	1.6
Own threat of unemployment at present	1.3	7.6	-18.8	2.3	-14.6	-15.2	- -
Financial situation of household at present	26.7	35.1	14.7	34.1	34.3	30.0	+
Favourable time to make major purchases at present	20.4	41.8	-14.2	-2.7	34.2	33.8	+
Favourable time to save at present	10.8	36.8	-19.6	30.5	11.0	7.4	+/-
Favourable time to raise a loan at present	18.0	42.0	-47.1	-25.7	19.7	23.1	+/-
* The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator is the average of the balance figures for the CCI components. The balance figures and the confidence indicator can range between -100 and 100 - the higher the balance figure, the brighter the view on the economy. ** ++ Outlook is very good, + Outlook is good, +/- Outlook is neutral, - Outlook is poor, - - Outlook is very poor. Deviation of balance from average has been compared to standard deviation.

In September, as many as over one-half, or 55 per cent, of consumers believed that Finland's economic situation would improve in the coming twelve months, while 16 per cent of them thought that the country's economy would deteriorate. The corresponding proportions were 45 and 21 per cent in August and pessimistic 14 and 44 per cent one year ago. In all, 25 per cent of consumers believed in September that their own economy would improve while 13 per cent of them feared it would worsen over the year.

Only 16 per cent of consumers thought in September that unemployment would decrease over the next year, while 60 per cent of them believed it would increase. Twelve months earlier the respective proportions were 25 and 39 per cent.

Just 7 per cent of employed persons believed in September that their personal threat of unemployment had lessened over the past few months, whereas 30 per cent thought it had grown. Twelve months ago, both respective shares were 12 per cent. This September, 44 per cent of employed persons thought the threat had remained unchanged and 20 per cent felt that they were not threatened by unemployment at all.

Consumers predicted in September that consumer prices would go up by 1.6 per cent over the next 12 months. The corresponding figure in September 2008 was 3.5 per cent. The long-term predicted average inflation rate is 2.1 per cent.

Fifty-five per cent of consumers considered saving worthwhile in September. Twelve months earlier the corresponding percentage was 74. Sixty-four per cent of households had been able to lay aside some money and 78 per cent believed they would be able to do so during the next 12 months.

In September, 67 per cent of consumers regarded the time good for raising a loan. One year ago the respective share was 27 per cent and, at its lowest last October, only 13 per cent. This September, 14 per cent of households were planning to take out a loan within one year.

Fifty-seven per cent of consumers thought in September that the time was favourable for making major purchases. Twelve months earlier, 34 per cent of them thought so and, at its lowest in October 2008, the respective share of consumers was 30 per cent. Consumption intentions were mostly moderate in September, but many households planned to spend money on, for instance, hobby equipment, travel or basic home repairs during the next six months. Fourteen per cent of households were fairly or very certain to buy a car and 8 per cent a dwelling in the next twelve months. In last year's September the corresponding proportions were 17 and 9 per cent.

Consumer confidence indicator (CCI) 10/1995-9/2009

Consumers' expectations concerning their own and Finland's economy in 12 months' time 10/1995-9/2009

Deviation of CCI from country average in EU member states, August 2009

* Calculated from seasonally adjusted series. Average: 10/1995-. Data for Ireland missing.
Source: European Commission, DG ECFIN, Business and Consumer Survey Results, August 2009
http://ec.europa.eu/economy_finance/db_indicators/db_indicators8650_en.htm

Source: Consumer Survey 2009, September. Statistics Finland

Inquiries: Pertti Kangassalo (09) 1734 3598, kuluttaja.barometri@stat.fi

Director in charge: Ari Tyrkkö

Consumer Confidence 2009, September (pdf 420.2 kB)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

---

Last updated 28.9.2009