31 May 2002
Inquiries: Mr Pertti Kangassalo +358 9 1734
3598, pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Consumers believe in favourable development of both their own and Finland's economy
The consumer confidence indicator, expressing Finnish consumers' views on the economy, stood at 15.6 in May, which is approximately the same as in April but higher than twelve months ago. Consumers' views on Finland's economy improved somewhat in May. Saving and raising a loan were considered worthwhile. The data are based on Statistics Finland's Consumer Survey, for which 1,634 persons resident in Finland were interviewed between 2 and 22 May.
Consumer views on economic and financial conditions in Finland in May 2002
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May 2002 balance |
April 2002 balance |
May 2001 balance |
Average 10/1995- |
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|
Consumer confidence indicator |
15.6 |
15.7 |
13.1 |
14.4 |
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|
Own economic situation in 12 months' time |
11.8 |
11.6 |
10.7 |
8.2 |
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|
Household's saving possibilities in the next 12 months |
39.9 |
40.7 |
36.2 |
25.9 |
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|
General economic situation in Finland in 12 months' time |
9.0 |
7.7 |
-2.0 |
9.3 |
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|
Unemployment in 12 months' time |
-2.0 |
-2.6 |
-7.3 |
-14.3 |
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|
Price trend over the next 12 months, % |
1.8 |
2.0 |
2.9 |
1.9 |
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|
Financial situation of household at present |
27.0 |
24.8 |
26.5 |
22.1 |
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|
Favourable time to make major purchases at present |
0.9 |
1.2 |
10.9 |
18.6 |
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|
Favourable time to save at present |
17.3 |
15.5 |
17.0 |
1.2 |
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|
Favourable time to raise a loan at present |
24.1 |
22.7 |
12.0 |
19.2 |
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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 May, 35 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. In April, the respective proportions were 33 and 17 per cent, and one year ago 22 and 26 per cent. In all, 29 per cent of consumers believed in May that their own economic situation would improve while only 9 per cent feared it would worsen.
A total of 68 per cent of consumers thought in May that the time was favourable for raising a loan and 15 per cent of households were planning to do so in the next 12 months. In May, 64 per cent of consumers considered saving worthwhile and 72 per cent of households believed they would be able to lay aside money in the next 12 months.
In May, 32 per cent of consumers, or 8 percentage points fewer than a year ago, thought the time was favourable for buying consumer durables. Nevertheless, consumers still had plenty of spending intentions, but interest in home electronics waned somewhat from the year before. In May, only 4 per cent of households contemplated purchasing a digital TV adaptor in the next six months. Nine per cent of households intended to purchase a car and 6 per cent thought of buying a dwelling in the next 12 months.
Altogether 31 per cent of consumers estimated in May that unemployment would fall, while 26 per cent of them thought it would worsen, in the next 12 months. As in April, 8 per cent of employed persons reckoned they might personally become unemployed within the next 12 months. Consumers predicted that the rate of inflation in May 2003 would be 1.8 per cent.
Consumer confidence indicator 10/1995-5/2002
Consumers' expectations concerning their own and Finland's economy in twelve months' time 10/1995-5/2002
Consumer confidence indicator in EU Member States, April
2002
Deviation of indicator from average 10/1995-*
http://europa.eu.int/comm/economy_finance/indicators/businessandconsumersurveys_en.htm
Source: Consumer Survey 2002, May. Statistics Finland