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Consumer confidence in Finland at five-year high

According to Statistics Finland consumer confidence is at a five-year high. The agency reports that for the first time in years, consumers were more optimistic about the unemployment situation in November.

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Image: Juha-Pekka Inkinen / Yle

Number-crunching agency Statistics Finland announced on Monday that 2011 was the last time consumer confidence levels were higher than they were in November.

The agency said that out of the four components of the consumer confidence indicator, CCI, expectations improved about overall unemployment and the potential for household savings in November, compared to a month earlier.

In November the CCI stood at 17.6, up from 15.8 in October, while it stood at 14.4 in September.

Glass half full

In November, 42 per cent of consumers believed that Finland’s economic situation would improve during the next twelve months, while 16 per cent said they thought that the country’s economy would worsen.

"In November, consumers' views were optimistic about Finland's economy and for the first time in a long time about unemployment development as well. In turn, expectations concerning consumers' own economy were fairly subdued. Consumers nevertheless considered their household's saving possibilities to be good over the next 12 months," the agency wrote in a press release on Monday.

Overall in November, 26 percent of consumers said they thought their own economies would improve while 13 percent said they feared their economic situation would worsen over the next 12 months.

A similar study by Statistics Finland a year ago found the respective proportions were 23 and 12 percent, the agency said.

Employment optimism, pessimism

Some 34 percent of consumers in November said they thought unemployment figures would decrease during the next year while 27 percent said they believed it would rise.

A year ago a much gloomier outlook prevailed, with 11 percent of respondents thinking unemployment would improve and 63 percent saying they thought unemployment would worsen.

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