Consumer confidence continues to strengthen in Finland

Many Finns plan to spend money on travel, home repairs and durable goods in the next six months, according to latest survey by Statistics Finland.

Consumer confidence in the Finnish economy continued to strengthen slightly in February, according to data based on Statistics Finland's Consumer Survey. The consumer confidence indicator stood at 15.9 in February, having been 14.5 in January and 14.4 in December. Consumer confidence was also stronger in February compared to the same period one year ago, and relative to the long-term average.

The consumers' view of their own economy and particularly of Finland's national economy was bright, despite some gloom over unemployment trends. Consumers regarded February as a favourable time to purchase especially durable goods. Consumption intentions were mostly moderate, but many households had plans to spend money on, for instance, travel and home repairs during the next six months. Sixteen per cent of households were fairly or very certain to buy a car and seven per cent a dwelling during the next 12 months.

Consumers predicted in February that prices would go up by 1.9 per cent over the next 12 months. The long-term predicted average inflation rate is 2.1 per cent. Some 68 per cent of households had been able to lay aside some money and as many as 81 per cent believed they would be able to do so during the next 12 months.

The data are based on Statistics Finland's Consumer Survey, for which 1,460 people resident in Finland were interviewed between 1 and 17 February.

Source: Statistics Finland