Last updated 18/06/2020 - 07:59
Consumers’ expectations for the Finnish economy are currently very low
In the April Consumer Survey conducted by Statistics Finland, most consumers both in the Helsinki Metropolitan Area and the entire country expected that in 12 months Finland’s economic situation would be worse than it is currently. The balance figure for consumer expectations was -25.2 for the Helsinki Metropolitan Area and -30.8 for the entire country. Expectations for the Finnish economy are at their lowest since 1996 and roughly at the same level as during the 2008 financial crisis. Problems caused by the coronavirus explain most of the perceived decline but a slow decline in expectations started already two years ago when the balance figure was +18. During the last three months, the balance figure has declined approximately 15 points both in the entire country and in the Helsinki Metropolitan Area.
Statistics Finland renewed the data collection method of the consumer confidence indicator in May 2019, and the figures are therefore not comparable with previous figures. The age categories of interviewees were altered a little bit and the sample size was reduced somewhat. The data content is also more limited, and all questions now concern the person themselves, not their household. The components of the new confidence indicator are: the consumer’s own current finances, the consumer’s own finances in 12 months, Finland’s economy in 12 months and the consumer’s spending on consumer durables in the next 12 months compared to the previous 12 months.