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Published: 29 October 2018

Consumer confidence weakened – confidence in own economy firm

Consumers' confidence in the economy has become most cautious in two years. The consumer confidence indicator (CCI) stood at 16.8 in October, having been 20.2 in September and 21.5 in August. The CCI received the value 23.1 in last year’s October and 15.8 in October 2016. The long-term average for the CCI is 12.6. The data are based on Statistics Finland’s Consumer Survey, for which 1,148 people resident in Finland were interviewed between 1 and 19 October.

Consumer confidence indicator (CCI)

Of the four components of the CCI, expectations concerning Finland’s economy and general unemployment development weakened clearly in October compared with September. However, consumers’ estimates concerning unemployment development were still bright, while the view of Finland's economy already seemed fairly pessimistic. Consumers' expectations concerning their own economy and saving possibilities remained almost unchanged and good in October.

Confidence in Finland’s economy and unemployment decreasing also weakened in October from last year’s corresponding period. Consumers’ views concerning their own economy and saving possibilities remained almost the same.

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

In October, consumers considered their household’s financial situation to be very good. The time was regarded very favourable for saving and good also for buying durable goods but no longer for taking out a loan. Employed consumers felt in October that their personal threat of unemployment has decreased somewhat in recent times.

Consumer confidence by major region and population group

In October, confidence in the economy was strongest in Northern Finland and in Greater Helsinki (consumer confidence indicator 20.2 and 19.4). Among population groups, upper-level salaried employees were clearly most optimistic (29.2). Pensioners (6.5) and unemployed persons (13.2) 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, October. 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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Appendix tables

• Appendix table 1. Consumers' views and intentions (29.10.2018)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (29.10.2018)
• Appendix figure 2. Micro and macro indicators (29.10.2018)
• Appendix figure 3. Own economy (29.10.2018)
• Appendix figure 4. Finland's economy (29.10.2018)
• Appendix figure 5. Inflation (29.10.2018)
• Appendix figure 6. Unemployment (29.10.2018)
• Appendix figure 7. Favourability of time for (29.10.2018)
• Appendix figure 8. Household's financial situation and saving possibilities (29.10.2018)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (29.10.2018)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (29.10.2018)
• Appendix figure 11. Household's intentions to buy, next 12 months (29.10.2018)

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Updated 29.10.2018