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Fast Comment FinlandConsumer confidence reached yet another record high

  1. Consumer confidence rose to 25.8 in February
  2. All four components of the CCI improved m-o-m
  3. Bright outlook for household spending despite cautious intentions to raise loans
Consumer confidence rose to 25.8 in February
Finland's consumer confidence indicator (CCI) set a new record high for the second month in a row as it increased to 25.8 in February, following a 24.2 reading in January. A year ago in February, the CCI was at 20.8. The confidence indicator’s long-term average is 12.3.
All four components of the CCI improved m-o-m
All four components of the CCI increased in February from the previous month. The increase was most notable in consumers’ expectations concerning decreasing unemployment in Finland in 12 months’ time. All four components of the CCI are currently much higher than their long-term averages.
Bright outlook for household spending despite cautious intentions to raise loans
February posted another record high for the Finnish consumer confidence. Consumer surveys have been measured in Finland since October 1995 and the current level is the highest in the measuring history. Before this latest upsurge in the indicator, the previous highest level of 22.9 was recorded in September 2010. The indicator has been above this previous high almost continuously since April 2017 (only exception is 22.8 in July 2017). Sub-indices of the CCI reveal that consumers are still exceptionally confident about Finland’s economy and the positive labour market development in Finland. In the recent months, employment growth has been very robust and this shows up in the consumer survey, with an expectation of a further improvement in the number of unemployed persons in Finland in 12 months’ time. However, concerning Finland’s economic outlook, consumers’ views on Finland’s economy in 12 months’ time have been quite stable for almost a year. Furthermore, the survey reveals that, despite the confidence about Finland’s economy and the households’ own economic situation, households are not as keen on raising loans as might be expected. Yet, households' spending intentions of durable goods still indicate a bright outlook for household spending in the first half of 2018.

 


 


 




Disclaimer

Janne Ronkanen

Senior Economist

Finland

jaro06@handelsbanken.se

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