8 October, 1998
Inquiries: Mr Pertti Kangassalo + 358 9 1734 3598,
e-mail: pertti.kangassalo@stat.fi
Statistical Director in charge: Mr Markku
Suur-Kujala
Consumer confidence in fast economic growth weaker in September
Consumers' estimates of Finland's future economic development declined in September. 18 per cent of consumers believed the economic situation would deteriorate in the next 12 months and 28 per cent expected the economy to improve. In August the corresponding figures stood at 10 and 39 per cent. The data are based on Statistics Finland's Consumer Survey, for which 1,660 people resident in Finland were interviewed between 21 and 28 September.
Consumer views on economic and financial conditions in Finland
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| September 1997
balance |
August 1998
balance |
September 1998
balance |
|
| Consumer confidence indicator | 15.1 | 16.9 | 13.0 |
| Economic situation of households in 12 months' time | 8.2 | 7.9 | 7.8 |
| General economic situation in 12 months' time | 18.7 | 15.0 | 4.9 |
| Unemployment in 12 months' time | -22.9 | -25.9 | -19.4 |
| Price trend over the next 12 months, % | 2.1 | 1.8 | 1.6 |
| Financial situation of households at present | 21.0 | 24.6 | 23.7 |
| Favourable time to make major purchases at present | 18.9 | 23.8 | 25.1 |
| Favourable time to save at present | -5.1 | 8.3 | 5.9 |
| Favourable time to raise a loan at present | 20.8 | 33.6 | 32.5 |
The balance figures are obtained by deducting the proportion of negative answers from the proportion of positive ones. 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.
In September the confidence indicator expressing consumer views was 13.0, that is, 3.9 points lower than in August. Consumers' estimates on the future economic development of their own households were unchanged from August. The financial situation of households was slightly better in September than a year ago. A total of 66 per cent of respondents were planning to save money in the next 12 months and 15 per cent intended to raise a loan.
Consumers' intentions to make purchases were still high in September. 6 per cent were planning to buy a dwelling in the next 12 months and 8 per cent were going to purchase a car in the next 6 months. Intentions to acquire entertainment electronics grew slightly in the year to September. More people than a year earlier intended to take a holiday abroad in the next 6 months. Consumers predicted that the rate of inflation in September 1999 would be 1.6 per cent.
Source: Consumer Survey, September 1998. Statistics Finland