Home > Statistics > Consumer Confidence > 2016 > June > Consumers believe Finland’s economy will improve

Published: 27 June 2016

Consumers believe Finland’s economy will improve

Consumers’ confidence in the economy continued to strengthen in June. In June, the consumer confidence indicator (CCI) stood at 14.9, while in May it was 12.5 and in April 9.8. Last year in June, the CCI received the value 10.8. The long-term average for the CCI is 11.6. The data are based on Statistics Finland’s Consumer Survey, for which 1,194 people resident in Finland were interviewed between 1 and 16 June.

Consumer confidence indicator (CCI)

Consumers’ expectations especially concerning Finland’s economy improved from May to June and compared to last year. Expectations concerning the development of unemployment and one’s own economy improved slightly. Views on one’s own saving possibilities remained unchanged.

In June, consumers’ views on their own economy were still cautious but views on Finland’s economy were very bright. Expectations concerning saving possibilities were good and views on general unemployment were close to the long-term average.

In June, consumers regarded the time favourable for taking out a loan and also for buying durable goods but not for saving. In June, the personal threat of unemployment experienced by employed consumers was at the long-term average level.

Consumers' own and Finland's economy

In June, 47 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 18 per cent of them thought that the country’s economy would deteriorate. The corresponding proportions were 39 and 22 per cent in May and 36 and 22 per cent one year ago in June.

In all, 26 per cent of consumers believed in June that their own economy would improve and 13 per cent of them feared it would worsen over the year.

Consumers' expectations concerning their own and Finland's economy in 12 months' time

Unemployment and inflation

Altogether 25 per cent of consumers thought in June that unemployment would decrease over the year, while 35 per cent of them believed it would increase. The corresponding proportions were 23 and 38 per cent one month ago and 21 and 41 per cent one year ago.

Thirteen per cent of employed persons reckoned in June that their personal threat of unemployment had lessened over the past few months, while 20 per cent thought it had grown. Twenty-five per cent of employed persons felt that they were not threatened by unemployment at all.

Consumers estimated in June that consumer prices would go up by 1.3 per cent over the next 12 months. The predicted long-term average inflation rate is 2.2 per cent.

Buying of durable goods

In June, 49 per cent of consumers thought the time was favourable for buying durable goods. Last year in June, the corresponding proportion was 42 per cent. Fifteen per cent of households were fairly or very certain to buy a car and five per cent a dwelling during the next 12 months. In June, 22 per cent of households were planning to spend money on renovating their dwelling within a year.

Saving and taking out a loan

In June, 53 per cent of consumers considered saving worthwhile. In all, 66 per cent of households had been able to lay aside some money and 78 per cent believed they would be able to do so during the next 12 months.

In June, 69 per cent of consumers regarded the time good for raising a loan. Thirteen per cent of households considered raising a loan within one year.

Consumer confidence by major region and population group

In June, consumers' confidence in the economy was strongest in Northern Finland. Among population groups, upper-level salaried employees were clearly most optimistic. Pensioners, unemployed persons and students had the gloomiest expectations concerning economic development.

Prevalence of modern equipment in households in May

In May, as many as 87 per cent of households with persons aged 15 to 84 had a home computer and Internet connection at their disposal. Fifty-one per cent of households owned a tablet. Seventy-six per cent of households owned at least one smartphone and 14 per cent some type of wearable technology like an activity tracker or smartwatch.

Twenty-six per cent of households were watching a smart TV in May. Twenty-nine per cent of households had a game console and two per cent even a remote-controlled camera copter. Seventy-nine per cent of households owned a car in May. More information about the prevalence of equipment can be found in Appendix figures 12 to 15 and in the database tables.

Consumers' views of the economy

	Average 10/1995-	Max. 10/1995-	Min. 10/1995-	06/2015	05/2016	06/2016	Outlook
A1 Consumer confidence indicator, CCI = (B2+B4+B7+D2)/4	11,6	22,9	-6,5	10,8	12,5	14,9	+
B2 Own economy in 12 months' time (balance)	8,3	14,1	2,3	6,3	6,6	7,4	-
B4 Finland's economy in 12 months' time (balance)	3,1	25,3	-27,1	5,7	7,0	13,8	++
B6 Inflation in 12 months' time (per cent)	2,2	4,6	0,6	1,4	1,3	1,3
B7 Unemployment in Finland in 12 months' time (balance)	-4,1	27,6	-51,1	-11,4	-9,4	-7,1	=
B8 Own threat of unemployment now (balance)	-1,4	7,6	-18,8	-6,2	-1,9	-2,0	=
C1 Favourability of time for purchasing durables (balance)	18,2	41,8	-14,2	9,7	18,7	26,0	+
C2 Favourability of time for saving (balance)	10,5	36,8	-19,6	2,1	-0,7	4,3	-
C3 Favourability of time for raising a loan (balance)	17,1	42,0	-47,1	21,5	28,9	27,0	+
D2 Household's saving possibilities in the next 12 months (balance)	39,3	52,2	10,9	42,7	45,8	45,4	+

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 (positive) balance figure, the brighter the view on the economy.

Explanations for Outlook column: ++ 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.

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released on the European Commission website: European Commission, DG ECFIN, Business and Consumer Survey Results; http://ec.europa.eu/economy_finance/db_indicators/surveys/index_en.htm

Source: Consumer Survey 2016, June. Statistics Finland

Inquiries: Pertti Kangassalo 029 551 3598, Tara Junes 029 551 3322, consumer.survey@stat.fi

Director in charge: Jari Tarkoma

Publication in pdf-format (491.9 kB)

Reviews

• 1. Method of the Consumer Survey (27.6.2016)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Consumers' views and intentions (27.6.2016)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.6.2016)
• Appendix figure 2. Micro and macro indicators (27.6.2016)
• Appendix figure 3. Own economy (27.6.2016)
• Appendix figure 4. Finland's economy (27.6.2016)
• Appendix figure 5. Inflation (27.6.2016)
• Appendix figure 6. Unemployment (27.6.2016)
• Appendix figure 7. Favourability of time for (27.6.2016)
• Appendix figure 8. Household's financial situation and saving possibilities (27.6.2016)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (27.6.2016)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (27.6.2016)
• Appendix figure 11. Household's intentions to buy, next 12 months (27.6.2016)
• Appendix figure 12. Prevalence of equipment and connections in households, May 2016 (27.6.2016)
• Appendix figure 13. Television equipment in households 2/2000 - 5/2016 (15 to 74-year-old target persons households) (27.6.2016)
• Appendix figure 14. Information technology in households 2/2000 - 5/2016 (15 to 74-year-old target persons households) (27.6.2016)
• Appendix figure 15. Telephones and car in households 2/2000 - 5/2016 (15 to 74-year-old target persons households) (27.6.2016)

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Updated 27.6.2016