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Published: 27 August 2018

Consumers' confidence in the economy is still at a steady level

The consumer confidence indicator (CCI) stood at 21.5 in August, whereas in July it was 22.0 and in June 23.0. Last year in August, the consumer confidence indicator received the value 23.5. The long-term average for the CCI is 12.6. The data are based on Statistics Finland’s Consumer Survey, for which 1,138 people resident in Finland were interviewed between 1 and 17 August.

Consumer confidence indicator (CCI)

Of the four components of the consumer indicator, consumers’ expectations of the household’s saving possibilities improved clearly in August compared to July. Views concerning own saving possibilities and Finland’s economy weakened slightly, but remained at a good level.

Expectations concerning Finland’s economy weakened clearly over the one-year review period. Compared with the corresponding period last year, estimates of the country’s employment situation have weakened. However, views on one's own economy grew moderately.

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

Consumers considered their household’s financial situation good in August. The time was regarded favourable for saving, but also good for taking out a loan and buying durable goods. Employed consumers felt in August that their personal threat of unemployment has decreased somewhat.

Consumer confidence by major region and population group

In August, consumers’ confidence in the economy was strongest in Northern Finland (CCI 23.9) and weakest in Western Finland (19.2). Of population groups, self-employed persons were clearly most optimistic (31.1). Pensioners (18.4) and unemployed persons (11.7) had the gloomiest expectations concerning economic development. Men's confidence in the economy was stronger (24.9) than women's (18.2).

EU results

The (seasonally adjusted) Consumer Survey results for all EU countries are released monthly on the European Commission website: Press releases .

Concepts

The balance figures are obtained by deducting the weighted proportion of negative answers from that of positive answers (see Methodological description ). The consumer confidence indicator (CCI) is the average of the balance figures for the CCI components. The components are: own economy, Finland’s economy, general unemployment and household’s saving possibilities (all concerning next 12 months). 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.

Source: Consumer Survey 2018, August. Statistics Finland

Inquiries: Tuomas Parikka 029 551 3276, Pertti Kangassalo 029 551 3598, consumer.survey@stat.fi

Director in charge: Jari Tarkoma

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Appendix tables

• Appendix table 1. Consumers' views and intentions (27.8.2018)

Figures

• Appendix figure 1. Consumer confidence indicator (CCI) (27.8.2018)
• Appendix figure 2. Micro and macro indicators (27.8.2018)
• Appendix figure 3. Own economy (27.8.2018)
• Appendix figure 4. Finland's economy (27.8.2018)
• Appendix figure 5. Inflation (27.8.2018)
• Appendix figure 6. Unemployment (27.8.2018)
• Appendix figure 7. Favourability of time for (27.8.2018)
• Appendix figure 8. Household's financial situation and saving possibilities (27.8.2018)
• Appendix figure 9. Household's intentions to raise a loan, next 12 months (27.8.2018)
• Appendix figure10. Spending on durables, next 12 months vs last 12 months (27.8.2018)
• Appendix figure 11. Household's intentions to buy, next 12 months (27.8.2018)

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Updated 27.8.2018