Consumer confidence in Finland's economy at rock bottom in April – expectations concerning inflation highest ever
release | Consumer confidence 2022, AprilThe balance figure of the consumer confidence indicator (CCI) stood at -11.7 in April, having been -10.5 in March and 0.5 in February. Last year in April, the CCI received the value 3.8. The long-term average for the CCI since 1995 is -1.7. Consumer confidence has been weaker than in April only in April 2020 and at the end of 2008. The data are based on Statistics Finland’s consumer confidence survey, to which 1,009 persons resident in Finland responded between 1 and 18 April.
Key selections
- In April, expectations concerning consumer's own and Finland's economy were very pessimistic, views concerning Finland's economy gloomiest in the measuring history 1995 to 2022. Assessments about own economy at present were also subdued.
- Only expectations concerning own economy improved slightly, while other views on the economy weakened slightly. Compared to last year, all estimates were considerably gloomier.
- Very little intentions to spend money on durable goods in April. Intentions to buy diminished especially from twelve months back.
- Estimates and expectations concerning inflation rose ever more above their long-term averages. In April, expectations concerning inflation were highest ever in the measuring history.
EU results
The (seasonally adjusted) survey results concerning economic expectations for all EU countries are released monthly on the European Commission website.
Concepts
The balance figures (balances) are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator (CCI/A1) is the average of the balances for the CCI components. The components of the CCI are: consumer's own economy now (B1), consumer's own economy in 12 months (B2), Finland's economy in 12 months (B4) and consumer's spending money on major purchases in the next 12 months compared to the past 12 months (E1). The balances and the CCI can range between -100 and +100 – the higher balance or CCI, the brighter the view on the economy.
Data set for the statistics
In April, in all, 1,009 responses were gained. Of responses, 77 % came from the web questionnaire (of the sample 36 %). The non-response rate of the survey was 53.7 %. This includes those who refused from the survey or were otherwise prevented from participating, as well as those who could not be contacted. Possible over-coverage (dead, inmates of institutions, moved abroad, etc.) is also included in non-response here.
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