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Published: 27 February 2019

Consumers believe in saving and the decrease of unemployment

Consumer confidence in the economy weakened for a change in February but is still at a good level. The consumer confidence indicator (CCI) stood at 15.5 in February, having been 17.2 in January and 16.1 in December. In last year’s February, the CCI received the value 25.8. The long-term average for the CCI is 12.7. The data are based on Statistics Finland’s Consumer Survey, for which 1,183 people resident in Finland were interviewed between 1 and 18 February.

Consumer confidence indicator (CCI)

Of the four components of the CCI, expectations of one’s own and Finland’s economy weakened in February compared to January. The views on one’s own economy still remained reasonable, whereas the views on Finland’s economy were fairly gloomy. At the same time, the assessment about the development of unemployment improved slightly and was at a confident level. In February, expectations on consumers’ own saving possibilities remained almost unchanged and very bright.

Compared with the corresponding period last year, only the views on saving possibilities improved in February. The other components weakened clearly over the year.

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

In February, consumers considered their household’s financial situation to be very good. Employed consumers felt that their personal threat of unemployment has decreased significantly in recent times. The time was regarded very favourable for saving and, for a change, also good for taking out a loan but not so much for buying durable goods. In February, intentions to spend money on durable goods showed some signs of picking up compared to last year and especially to January.

Consumer confidence by major region and population group

In February, confidence in the economy was strongest in Western Finland (consumer confidence indicator 18.0). Among population groups, upper-level salaried employees were most optimistic (23.5). Only pensioners had gloomy expectations concerning economic development (5.5).

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 2019, February. 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 (27.2.2019)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.2.2019)
• Appendix figure 2. Micro and macro indicators (27.2.2019)
• Appendix figure 3. Own economy (27.2.2019)
• Appendix figure 4. Finland's economy (27.2.2019)
• Appendix figure 5. Inflation (27.2.2019)
• Appendix figure 6. Unemployment (27.2.2019)
• Appendix figure 7. Favourability of time for (27.2.2019)
• Appendix figure 8. Household's financial situation and saving possibilities (27.2.2019)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (27.2.2019)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (27.2.2019)
• Appendix figure 11. Household's intentions to buy, next 12 months (27.2.2019)

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Updated 27.2.2019