2 April 2002
Inquiries: Mr Pertti Kangassalo +358 9 1734
3598, pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Consumers' confidence in the economy unchanged
The consumer confidence indicator, expressing Finnish consumers' views on the economy, stood at 13.3 in March, which is approximately the same as in this year's February and in March 2001. The lowest indicator last autumn was recorded in November when it stood at 3.5. Consumers' views on their own economy were optimistic in March, and they were also regaining their confidence in Finland's economy. The data are based on Statistics Finland's Consumer Survey, for which 1,705 persons resident in Finland were interviewed between 1 and 18 March.
Consumer views on economic and financial conditions in Finland in March 2002
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March 2002 balance |
February 2002 balance |
March 2001 balance |
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Consumer confidence indicator |
13.3 |
13.4 |
12.9 |
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Own economic situation in 12 months' time |
11.5 |
11.5 |
11.2 |
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Households' saving possibilities in the next 12 months |
40.1 |
40.8 |
39.7 |
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General economic situation in Finland in 12 months' time |
7.8 |
4.9 |
-4.9 |
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Unemployment in 12 months' time |
6.0 |
3.5 |
-5.5 |
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Price trend over the next 12 months, % |
1.6 |
1.6 |
3.0 |
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Financial situation of households at present |
25.8 |
25.3 |
27.4 |
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Favourable time to make major purchases at present |
0.3 |
-2.0 |
14.1 |
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Favourable time to save at present |
12.2 |
14.9 |
14.4 |
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Favourable time to raise a loan at present |
22.6 |
24.1 |
7.5 |
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The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The positive balance figure for unemployment means that unemployment is estimated to rise. The consumer confidence indicator is the average of the balance figures for four questions concerning the next 12 months: own and Finland's economy, household's saving possibilities and unemployment (with changed sign). The balance figures and the confidence indicator can range between -100 and 100. |
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In March, 32 per cent of consumers believed that Finland's economic situation would improve in the next 12 months, while 17 per cent thought it would deteriorate further. The respective proportions were 31 and 21 per cent in February this year and 22 and 31 per cent twelve months ago. As many as before, that is 28 per cent of consumers, believed their own economic situation would improve while only 9 per cent feared it would worsen.
In March, 35 per cent of consumers estimated that unemployment would rise in the next 12 months, whereas the respective proportions were 33 per cent in February and 24 per cent twelve months ago. Ten per cent of employed persons reckoned they might personally become unemployed within the next 12 months. Consumers predicted that the rate of inflation in March 2003 would be 1.6 per cent.
In March, 68 per cent of consumers thought the time was favourable for raising a loan and 17 per cent of households planned to take out a loan in the next 12 months. The corresponding proportions one year ago were 56 and 15 per cent. In March, 59 per cent of consumers considered saving worthwhile and 75 per cent of households believed they would be able to lay aside money in the next 12 months.
In March, 33 per cent of consumers, that is fewer than twelve months ago, thought the time was favourable for buying consumer durables. Nevertheless, consumers still had plenty of spending intentions. There were more home refurbishment plans, especially, than at the corresponding time last year. Nine per cent of households intended to purchase a car in the next six months and 7 per cent thought of buying a dwelling in the next 12 months.
As of April 2002, the results of the Consumer Survey will be made public on the last working day of the survey month. The press release concerning the April Consumer Survey will, therefore, be issued already on 30 April 2002 at 8.00 am Finnish time.
Source: Consumer Survey 2002, March. Statistics Finland