Finland's consumer confidence hits rock bottom in September: statistics

  • World
  • Wednesday, 28 Sep 2022

HELSINKI, Sept. 27 (Xinhua) -- Finland's consumer confidence sank to a new record low in September, Statistics Finland said in a press release issued on Tuesday.

The balance figure of the consumer confidence indicator (CCI) sank to -18.3 in September from -14.9 in August and -15.9 in July. The September figure is the lowest since 1995 when measurements began. This is the third time this year that confidence in the country's economy has hit a record low.

Finnish consumers' views of the country's economy clearly weakened in September compared to the previous month and particularly compared to one year earlier. Consumers' expectations concerning their own and Finland's economy in 12 months' time were gloomier than ever before.

In September, 86 percent of consumers believed that Finland's economy was worse off than a year ago, while only three percent felt the contrary.

Consumers estimated that consumer prices in September have risen by 7.9 percent from September 2021 and would go up by 6.7 percent over the next year.

Altogether 86 percent of consumers thought consumer prices had risen much or fairly much over this year, and 66 percent of them expected prices to rise at least at the same rate over the coming months as well.

September was not the time for taking out a loan or even for saving. Only 15 percent of consumers regarded the time favorable for taking a loan and just 37 percent considered saving worthwhile.

However, Jukka Appelqvist, chief economist at Finland Chamber of Commerce, said that even though consumers' own savings and the purchasing power of wages were clearly dropping, there were no signs of a deeper recession in Finland just yet.

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