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Published: 27 April 2010

Consumer confidence gained strength in April

The consumer confidence indicator stood at 17.9 in April, having been 15.4 in March and 15.9 in February. Consumer confidence was clearly higher in April than one year ago and also stronger than the long-term average. The data are based on Statistics Finland's Consumer Survey for which 1,373 persons resident in Finland were interviewed between 1 and 20 April.

Of the four components of the consumer confidence indicator, expectations concerning unemployment and Finland's economic situation improved in April compared with the previous month. Belief in Finland's economy was the strongest since 1994. Consumers' views about their own economy and saving possibilities remained almost unchanged and bright. In addition, their estimates concerning personal threat of unemployment improved. Consumers thought in April that the time was favourable for raising a loan and for buying durable goods.

Consumer views on the economic and financial conditions in Finland in April 2010, balances¹⁾

	Average 10/95-	Max. 10/95-	Min. 10/95-	April  2009	March 2010	April 2010	Outlook2)
Consumer confidence indicator	13.0	21.8	-6.5	1.0	15.4	17.9	+
CCI components:
Own economic situation in 12 months' time	9.1	14.1	2.3	3.4	10.1	10.2	+/-
Household's saving possibilities in the next 12 months	36.7	52.0	10.9	45.3	46.4	45.2	+
Finland's economic situation in 12 months' time	4.8	24.2	-27.1	-2.7	22.0	24.2	++
Finland's unemployment situation in 12 months' time	1.4	27.6	-51.1	-42.0	-17.0	-7.9	-
Others:
Inflation in 12 months' time, per cent	2.1	4.6	0.7	1.4	2.0	2.3
Own threat of unemployment at present	0.4	7.6	-18.8	-15.1	-4.4	0.9	+/-
Financial situation of household at present	26.9	35.1	14.7	31.6	32.1	30.7	+
Favourable time for buying durable goods	21.0	41.8	-14.2	31.3	30.5	31.9	+
Favourable time for saving	10.8	36.8	-19.6	6.8	10.5	12.8	+/-
Favourable time for raising a loan	18.3	42.0	-47.1	9.0	21.2	27.0	+
1) The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers. The consumer confidence indicator is the average of the balance figures for the CCI components. The balance figures and the confidence indicator can range between -100 and 100 - the higher the balance figure, the brighter the view on the economy. 2) ++ Outlook is very good, + Outlook is good, +/- Outlook is neutral, - Outlook is poor, - - Outlook is very poor. Deviation of balance from average has been compared to standard deviation.

In April, 57 per cent of consumers believed that Finland's economic situation would improve in the coming twelve months, while 11 per cent of them thought that the country's economy would deteriorate. Twelve months earlier the respective proportions were 35 and 34 per cent. In all, 27 per cent of consumers believed in April that their own economy would improve and only 9 per cent of them feared it would worsen over the year. Twelve months ago the corresponding proportions were 21 and 15 per cent.

Altogether 26 per cent of consumers thought in April that unemployment would decrease in Finland over the coming year, while 39 per cent of them believed it would increase. The corresponding proportions were 20 and 49 per cent in March and very gloomy 10 and 75 per cent one year ago.

Sixteen per cent of employed persons believed in April that their personal threat of unemployment had lessened over the past few months, whereas 17 per cent thought it had grown. The corresponding proportions were 13 and 21 per cent in March and gloomy 8 and 32 per cent one year ago. In April, 44 per cent of employed persons thought the threat had remained unchanged and 22 per cent felt that they were not threatened by unemployment at all.

Consumers predicted in April that consumer prices would go up by 2.3 per cent over the next 12 months. The long-term predicted average inflation rate is 2.1 per cent.

Altogether 59 per cent of consumers considered saving worthwhile in April. Sixty-five per cent of households had been able to lay aside some money, and 77 per cent believed they would be able to do so during the next year.

In April, 70 per cent of consumers regarded the time good for raising a loan. One month ago the respective proportion was 65 per cent and one year ago 56 per cent. In April, 14 per cent of households were planning to take out a loan within one year.

In April, 55 per cent of consumers thought the time was favourable for buying durable goods. Consumption intentions were mostly moderate, but many households had plans to spend money on, for instance, travel, dwelling repairs and buying of vehicles during the next six months. In the next twelve months, 17 per cent of households were fairly or very certain to buy a car and 9 per cent a dwelling. In April last year the respective proportions were 14 and 8 per cent.

Consumer confidence indicator (CCI) 10/1995-4/2010

Consumers' expectations concerning their own and Finland's economy in 12 months' time 10/1995-4/2010

Deviation of CCI from country average in EU member states, March 2010¹⁾

¹⁾Calculated from seasonally adjusted series. Average: 10/1995-. Data for Ireland missing.
Source: European Commission, DG ECFIN, Business and Consumer Survey Results, March 2010
http://ec.europa.eu/economy_finance/db_indicators/surveys/index_en.htm

Source: Consumer Survey 2010, April. Statistics Finland

Inquiries: Pertti Kangassalo +358 9 1734 3598, kuluttaja.barometri@stat.fi

Director in charge: Ari Tyrkkö

Consumer Confidence 2010, April (pdf 206.0 kB)

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Last updated 27.4.2010