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Published: 29 June 2015

Rising trend of economic atmosphere petered out in June

Consumers’ confidence in the economy weakened slightly in June. In June, the consumer confidence indicator (CCI) stood at 10.8, while in May it was 15.5 and in April 11.4. Last year in June, the CCI received the value 8.7. The long-term average for the CCI is 11.8. The data are based on Statistics Finland’s Consumer Survey, for which 1,358 people resident in Finland were interviewed between 1 and 17 June.

Consumer confidence indicator (CCI)

Consumers’ confidence in all four components of the CCI weakened in June compared with May. Consumers' expectations concerning their own and Finland's economy were cautious and their views about general unemployment were gloomy. However, in comparison with the year before, expectations concerning Finland's economy and unemployment were still slightly better. Views on households' saving possibilities remained bright in June.

In June, consumers regarded the time more favourable for raising a loan than for buying durable goods or, in particular, saving. In June, employed consumers still felt personally somewhat more threatened by unemployment than average.

Consumers' own and Finland's economy

In June, 36 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 22 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 42 and 17 per cent in May and 34 and 25 per cent one year ago.

In all, 26 per cent of consumers believed in June that their own economy would improve and 15 per cent of them feared it would worsen over the year.

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

Unemployment and inflation

Altogether 41 per cent of consumers thought in June that unemployment would increase over the year, and 21 per cent of them believed it would decrease. The corresponding proportions were 36 and 26 per cent in May and 48 and 16 per cent one year ago.

Twenty per cent of employed persons reckoned in June that their personal threat of unemployment had grown over the past few months and ten per cent thought it had lessened. Twenty-three per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers estimated in June that consumer prices would go up by 1.4 per cent over the next 12 months. In June 2014, the predicted inflation rate was 2.4 per cent, and its long-term average is 2.2 per cent.

Buying of durable goods

In June, 42 per cent of consumers thought the time was favourable for buying durable goods. Just 16 per cent of consumers were going to increase and 35 per cent decrease their spending on durable goods over the next 12 months. Sixteen per cent of households were fairly or very certain to buy a car and just four per cent a dwelling during the next 12 months. Twenty-one per cent of households were planning to spend money on renovating their dwelling within a year.

Saving and taking out a loan

In June, 51 per cent of consumers considered saving worthwhile. In all, 63 per cent of households had been able to lay aside some money and 77 per cent believed they would be able to do so during the next 12 months.

In June, 64 per cent of consumers regarded the time good for raising a loan. Only eleven per cent of households were planning to take out a loan within one year.

Consumers' views of the economy

	Average 10/1995-	Max. 10/1995-	Min. 10/1995-	06/2014	05/2015	06/2015	Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4	11,8	22,9	-6,5	8,7	15,5	10,8	=
B2 Own economy in 12 months' time (balance)	8,4	14,1	2,3	7,5	8,4	6,3	-
B4 Finland's economy in 12 months' time (balance)	3,2	25,3	-27,1	2,8	11,9	5,7	=
B6 Inflation in 12 months' time (per cent)	2,2	4,6	0,6	2,4	1,2	1,4
B7 Unemployment in Finland in 12 months' time (balance)	-3,3	27,6	-51,1	-18,2	-6,6	-11,4	-
B8 Own threat of unemployment now (balance)	-1,1	7,6	-18,8	-7,3	-8,7	-6,2	-
C1 Favourability of time for purchasing durables (balance)	18,2	41,8	-14,2	7,5	16,1	9,7	-
C2 Favourability of time for saving (balance)	10,8	36,8	-19,6	3,0	2,9	2,1	-
C3 Favourability of time for raising a loan (balance)	16,9	42,0	-47,1	11,6	26,8	21,5	+
D2 Household's saving possibilities in the next 12 months (balance)	39,0	52,2	10,9	42,6	48,1	42,7	+

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 (positive) balance figure, the brighter the view on the economy.

Explanations for Outlook column: ++ 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.

The population and sample of the Survey

The population of the Consumer Survey comprises 4.4 million persons aged 15 to 84 and their 2.6 million households in Finland. The gross size of the monthly sample of the Survey is 2,350 persons. In June 2015, the non-response rate of the Consumer Survey was 42.1 per cent (sample size 2,347 persons in June). The non-response rate includes those who refused from the survey or were otherwise prevented from participating, as well as those who could not be contacted.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released on the European Commission website: European Commission, DG ECFIN, Business and Consumer Survey Results; http://ec.europa.eu/economy_finance/db_indicators/surveys/index_en.htm

Source: Consumer Survey 2015, June. Statistics Finland

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

Director in charge: Riitta Harala

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• 1. Method of the Consumer Survey (29.6.2015)

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Appendix tables

• Appendix table 1. Consumers' views and intentions (29.6.2015)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (29.6.2015)
• Appendix figure 2. Micro and macro indicators (29.6.2015)
• Appendix figure 3. Own economy (29.6.2015)
• Appendix figure 4. Finland's economy (29.6.2015)
• Appendix figure 5. Inflation (29.6.2015)
• Appendix figure 6. Unemployment (29.6.2015)
• Appendix figure 7. Favourability of time for (29.6.2015)
• Appendix figure 8. Household's financial situation and saving possibilities (29.6.2015)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (29.6.2015)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (29.6.2015)
• Appendix figure 11. Household's intentions to buy (29.6.2015)

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Updated 29.6.2015