8 April 1999
Inquiries: Mr Pertti Kangassalo +358 9 1734 3598,
e-mail: pertti.kangassalo@stat.fi
Director in charge: Mr Markku Suur-Kujala
Consumer confidence in the country's economy stronger in March
Finnish consumers' confidence in the continuation of fast economic growth strengthened after a dip in February. In March, 79 per cent of consumers expected that the country's economic situation would remain unchanged or improve during the next 12 months, and only 14 per cent believed it would deteriorate. Almost every second consumer believed that unemployment would decline. The consumer confidence indicator stood at 11.7 in March, i.e. slightly higher than in February. The data are based on Statistics Finland's Consumer Survey, for which 1,720 persons resident in Finland were interviewed between 22 and 29 March.
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| Consumer views on economic and financial conditions in Finland | |||
| March 1998
balance |
February 1999
balance |
March 1999
balance |
|
| Consumer confidence indicator | 15.6 | 10.3 | 11.7 |
| Economic situation of households in 12 months' time | 7.7 | 9.9 | 8.4 |
| General economic situation in 12 months' time | 16.8 | 1.8 | 7.0 |
| Unemployment in 12 months' time | -27.6 | -10.1 | -17.7 |
| Price trend over the next 12 months, % | 1.8 | 1.4 | 1.3 |
| Financial situation of households at present | 21.3 | 22.8 | 22.3 |
| Favourable time to make major purchases at present | 23.3 | 24.5 | 24.0 |
| Favourable time to save at present | 1.1 | 5.4 | -5.5 |
| Favourable time to raise a loan at present | 27.0 | 34.1 | 36.1 |
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 March, 24 per cent of consumers believed that their own
economy would improve during the next 12 months, while only nine
per cent estimated that it would worsen. One in two households was
able to lay aside some money and two in three believed they would
be able to save money in the next 12 months. However, fewer than
before, or 45 per cent of consumers, thought saving was worthwhile.
Seventy-four per cent of consumers considered the time favourable
for raising a loan and 16 per cent of households intended to do so
within the next 12 months.
The intentions of consumers to make purchases continued strong
in March. Forty-five per cent of consumers viewed buying consumer
durables favourably. Six per cent of households considered buying a
dwelling in the next 12 months and 9 per cent were thinking of
purchasing a car in the next six months. More households than ever
before were planning to take a holiday in Finland or abroad.
Consumers predicted that the rate of inflation in March 2000 would
be 1.3 per cent.
In March, as many as three in four households had a mobile
phone, two in five owned a PC and every fifth had their home PCs
connected to the Internet.
Source: Consumer Survey 1999, March. Statistics
Finland
(All figures presented in this press release
have been weighted against the total population of the survey.
Therefore, the data for the reference months differ from the
unweighted figures in the old press releases. The differences are,
however, mainly very small. Weighting improves the statistical
accuracy of the data.)