5 June, 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 unchanged
In May, 35 per cent of Finnish consumers expected that the country's economic situation would improve further in the next 12 months. Twenty-nine per cent of consumers were confident that their own economy would improve. Salaried employees had the most confidence in the economy, pensioners the least. In May, the consumer confidence indicator was 14.0, or almost the same as in April or a year ago. The data are based on Statistics Finland's Consumer Survey, for which 1,619 persons resident in Finland were interviewed between 2 and 18 May.
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Consumer views on economic and financial conditions in Finland in May 2000 |
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May 2000 balance |
April 2000 balance |
May 1999* balance |
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Consumer confidence indicator |
14.0 |
13.5 |
13.9 |
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Economic situation of households in 12 months' time |
11.2 |
10.6 |
9.9 |
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General economic situation in 12 months' time |
10.3 |
10.8 |
12.0 |
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Unemployment in 12 months' time |
-15.0 |
-17.1 |
-20.5 |
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Price trend over the next 12 months, % |
2.7 |
2.6 |
1.6 |
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Financial situation of households at present |
24.8 |
26.0 |
20.5 |
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Favourable time to make major purchases at present |
18.8 |
15.0 |
25.0 |
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Favourable time to save at present |
11.8 |
14.9 |
-4.2 |
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Favourable time to raise a loan at present |
15.4 |
20.8 |
36.9 |
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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. * The data collection method for the Survey changed from January 2000, for which reason older data are not fully comparable. |
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Regardless of good economic outlooks, fewer than before, or 45 per cent of consumers believed that unemployment would decline in the next 12 months. In addition, consumers estimated that inflation would be 2.7 per cent in May 2001.
In May, 61 per cent of consumers considered the time favourable
for saving. Sixty-eight per cent of households were confident they
would be able to lay aside some money in the next 12 months and 22
per cent of households intended to invest money in quoted shares or
other securities.
Thirteen per cent of households intended to take part in various
insurance savings schemes.
Sixty-four per cent of consumers viewed the time favourable for raising a loan and 14 per cent of households planned to do so in the next 12 months, but only very few intended to use loan money for purchasing securities.
In May, 45 per cent of consumers considered the time favourable
for making major purchases, and households' consumption intentions
were still strong. Eleven per cent of households intended to buy a
car in the next six months and 6 per cent were thinking of buying a
dwelling in the next
12 months.
Source: Consumer Survey 2000, May. Statistics Finland