Finland’s general consumer confidence indicator (CCI) was slightly lower in August (4.0) than in the previous two months, but people seem to be more confident in their personal finances than at least after 1995, when Statistics Finland started recording this data.
The number-breaking agency reported on Friday that confidence in the economy remained very strong in August, according to a consumer confidence survey.
In order to determine the Community Confidence Indicator, the Agency examines four elements in its survey, including: the consumer’s opinion of his current personal finances, what he thinks his economy will look like in 12 months, his views on Finland’s economic situation in 12 months and the consumer’s major ticket plans next year.
Statistical breakdown
According to Statistics Finland, the long-term average of the CCI was -1.7 in August, compared with -5.1 at the same time last year.
The level of consumer confidence was strongest in the Greater Helsinki area (9.1) and weakest (0.0) in Eastern Finland.
The agency noted that trust tends to decline as people age, but also tends to rise more than a person deserves. The results show that men trust the economy more than women.
Older workers were the most confident (11.9) and retirees at the other end of the spectrum (-6.7).
Statistics Finland based its August consumer confidence index on a survey of 971 residents during the first three weeks of the month.
Business confidence rose slightly
Business confidence also rose slightly in August, according to the Confederation of Finnish Industries EK.
According to the group, confidence in the construction industry rose to positive figures (5) for the first time since the Covid crisis came to Finland, which corresponds to an increase of eight points compared to the previous month.
Retailers were also becoming more confident, with the figure rising from 13 points to 18 points. According to EK, industrial confidence rose from 17 to 22.
On the other hand, the level of trust in the service sector fell from 21 per cent to 15 per cent.
Director of the EC, Sami Pakarinen, The Covid situation continued to affect the level of trust in the service sector.
"Uncertainty is certainly a concern [coronavirus-related] restrictive measures and expectations of when the crisis will end have become a new disappointment," Pakarinen said in a statement.
He said that the Finnish economy is recovering from the crisis faster than expected, but noted that there is a labor shortage in all sectors – especially in the service sector.
EK’s business surveys are part of the EU’s joint harmonized business and consumer survey program and co-funded by the EU.
Quelle: Die nordische Seite
