5 June 2001
Inquiries: Mr Pertti Kangassalo +358 9 1734
3598, pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Consumers' confidence in the economy recovered slightly in May
The consumer confidence indicator expressing consumers' views on the economy rose in May to 6.8 from April's 4.8. One year ago the views were brighter, however. Estimates of Finland's economy improved slightly in May, and consumers' confidence in their own economy was still strong. Saving and raising a loan were also considered more worthwhile than before. The data are based on Statistics Finland's Consumer Survey, for which 1,549 persons resident in Finland were interviewed between 7 and 25 May.
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Consumer views on economic and financial conditions in Finland in May 2001 |
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May 2001 balance |
April 2001 balance |
May 2000 balance |
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Consumer confidence indicator |
6.8 |
4.8 |
14.0 |
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Economic situation of households in 12 months' time |
10.7 |
10.2 |
11.2 |
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Households' saving possibilities in the next 12 months |
36.2 |
39.9 |
32.0 |
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General economic situation in 12 months' time |
-2.0 |
-8.1 |
10.3 |
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Unemployment in 12 months' time |
-7.3 |
-4.2 |
-15.0 |
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Price trend over the next 12 months, % |
2.9 |
3.1 |
2.7 |
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Financial situation of households at present |
26.5 |
25.6 |
24.8 |
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Favourable time to make major purchases at present |
10.9 |
13.8 |
18.8 |
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Favourable time to save at present |
17.0 |
13.7 |
11.8 |
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Favourable time to raise a loan at present |
12.0 |
8.5 |
15.4 |
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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 May 22 per cent of consumers believed that Finland's economic situation would improve further in the next 12 months, while 26 per cent thought it would deteriorate. The corresponding proportions were 17 and 32 per cent in April. Twenty-eight per cent of consumers were confident that their own economic situation would improve, which is approximately as many as before. Just 10 per cent of consumers thought their own economy would worsen.
In May 37 per cent of consumers believed that unemployment would decline further in the next 12 months, whereas 34 per cent of consumers thought so in April. Consumers estimated that inflation would be 2.9 per cent in May 2002.
In May 63 per cent of consumers considered saving worthwhile. Forty per cent thought the time was favourable for making major purchases, while 60 per cent believed it was favourable for raising a loan. The financial situation of households was good. Of households, 71 per cent thought they would be able to lay aside some money in the next 12 months and 15 per cent intended to take out a loan.
Households still had several consumption intentions in May. Intentions to buy a dwelling or a car were slightly stronger than in the early part of the year. Nine per cent of households contemplated buying a car in the next six months and 7 per cent thought of buying a dwelling in the next 12 months.
Two per cent of households already had a digital set-top box or a digital television in May. Of households, 51 per cent had a computer and 34 per cent an Internet connection. Ninety per cent of households used a mobile phone.
Source: Consumer Survey 2001, May. Statistics Finland