Consumers' expectations concerning the Finnish economy for the next 12 months

Last updated 18/03/2021 - 12:37

Expectations for the Finnish economy are growing sharply

Finns’ trust in the Finnish economy has strengthened clearly since the turn of the year. The balance figure describing consumers’ expectations related to their financial development grew to -2.8 in the Helsinki Metropolitan Area (the average for September–December 2020 was approximately -12) and in the entire country to -2.5 (average for September–December was -18). It is clear expectations have improved from the figures seen last autumn. Overall, financial expectations seem to follow the progress of COVID-19. Good news regarding COVID-19 causes expectations to be positive while bad news turns them negative. It is obvious that the COVID-19 pandemic is the most notable factor impacting financial development.

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.