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*
|Consumer confidence indicator (CCI)||12.9||21.8||-6.5||8.1||8.2||11.7||+/-|
|Own economic situation
in 12 months' time
|Households' saving possibilities
in the next 12 months
|Finland's economic situation
in 12 months' time
|Finland's unemployment situation
in 12 months' time
in 12 months' time, per cent
|Own threat of unemployment
|Financial situation of household
|Favourable time to make major purchases
|Favourable time to save
|Favourable time to raise a loan
|* 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
** ++ 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
Source: Consumer Survey 2009, September. Statistics Finland
Inquiries: Pertti Kangassalo (09) 1734 3598, firstname.lastname@example.org
Director in charge: Ari Tyrkkö
Consumer survey 2009, September (pdf 20 pages 420.2 kB)
Tables in databases
Last updated 28.9.2009