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Consumer confidence in Finland hits record low in Dec

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Helsinki, Dec 28 (Ajit Weekly News) Consumer confidence in Finland hit a record low in December this year, mainly because consumers’ estimates of their own finances are on the decline, according to the country’s statistical agency.

Statistics Finland said the consumer confidence indicator (CCI) stood at -18.5 in December, having been -16.9 in November and -17.6 in October, reports Xinhua news agency.

The figure for December is the weakest since records began in Finland in 1995.

Meanwhile, Finnish consumers’ perception of the state of their country’s economy is the gloomiest on record.

In December, consumers had record-low intentions of spending money on durable goods during the next 12 months.

Up to 53 per cent of consumers plan to reduce their spending on durable goods over the next 12 months.

However, the Confederation of Finnish Industries (EK) also announced Tuesday that the recent decline in commercial confidence had halted in December this year.

“Overall, the decline in business confidence came to a halt in December thanks to a rise in confidence in services. Manufacturing was flat, while construction came in slightly down. The biggest drop was in retail trade,” said Sami Pakarinen, director of EK.

Pasi Kuoppamaki, Danske Bank’s chief economist, told Finnish daily Helsingin Sanomat that surging inflation, rising interest rates, concerns over the energy crisis, the war in Ukraine, and general uncertainty about the future have worried both consumers and companies.

–Ajit Weekly News


News Credits – I A N S

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