9 February 2000
Inquiries: Mr Pertti Kangassalo +358 9 1734
3598, pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Finnish consumers' confidence in the economy stronger in January
In January, the consumer confidence indicator stood at 18.3, which is higher than in November-December. Consumers' views on both their own and the country's economy have improved. In addition, purchasing consumer durables was thought more worthwhile in January. The data are based on Statistics Finland's Consumer Survey, for which 1,526 persons resident in Finland were interviewed between 10 and 26 January.
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Consumer views on economic and financial conditions in Finland in January 2000 |
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November-December 1999 balance |
January 2000 balance |
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Consumer confidence indicator |
15.6 |
18.3 |
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Economic situation of households in 12 months' time |
10.6 |
12.0 |
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General economic situation in 12 months' time |
12.7 |
15.3 |
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Unemployment in 12 months' time |
-23.1 |
-24.0 |
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Price trend over the next 12 months, % |
2.3 |
2.4 |
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Financial situation of households at present |
25.3 |
28.1 |
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Favourable time to make major purchases at present |
26.0 |
30.9 |
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Favourable time to save at present |
5.1 |
5.2 |
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Favourable time to raise a loan at present |
25.7 |
27.1 |
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The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The negative balance figure for unemployment means that unemployment is estimated to go down. The consumer confidence indicator is the average of the balance figures for the following questions: Finland's past and future economic development, past and future economic development of the respondent's own household, and whether it was a favourable time to make major purchases at present. The balance figures and the confidence indicator can range between -100 and 100. |
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In January, 39 per cent of Finnish consumers expected that the country's economic situation would improve further this year. Thirty per cent of consumers were confident that their own economy would improve. Fifty-seven per cent of consumers believed that unemployment would continue to fall further. In addition, consumers estimated that inflation would be 2.4 per cent in January 2001.
At the time of the interview, 53 per cent of consumers regarded the time favourable for making major purchases. Intentions for making different purchases continued strong in January. Consumers were planning holiday trips and dwelling renovations, in particular. Ten per cent of households were considering buying a car in the next six months, and 6 per cent were thinking of buying a dwelling in the next 12 months.
In January, 74 per cent of consumers viewed the time favourable for raising a loan and 15 per cent of households planned to do so in the next 12 months. Fifty-five per cent of consumers considered saving was worthwhile. The financial situation of households has improved, and 70 per cent of households were confident they would be able to lay aside some money this year.
In January, the only EU Member States where consumers were more confident about economic development than in Finland were the Netherlands and Ireland. The average confidence indicator of the EU Member States went up to 1 in January, thus reaching its all-time high.
Source: Consumer Survey 2000, January. Statistics Finland
NB The data collection method for the Consumer Survey was changed from January 2000 onwards. Therefore the data for January were above compared only to the data obtained with the November-December pilot survey made with the same method.