Financial News: Finland Consumer Confidence, Business Morale Weakens In Oc

Finland Consumer Confidence, Business Morale Weakens In October

(RTTNews) - Consumers in Finland expressed a more pessimistic attitude in October, survey figures from Statistics Finland showed on Monday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment turned negative and came in slightly below the long-term average of 0.

The consumer confidence index dropped to -7.6 in October from -6.6 in September. Moreover, the score is well below the long-term average of -2.7.

The data was collected from 1,128 people between October 1 and 19.

Consumers' views on their economy at present weakened, while expectations regarding both their and Finland's economy in 12 months remained unchanged and at a subdued level.

In October, consumers considered the time very unfavorable for buying durable goods along with raising a loan, and plans to buy a dwelling continued to stay very low.

Concerns regarding the general unemployment situation in the country also intensified, and consumers estimated in October that consumer prices would go up by 3.8 percent over the next year.

The manufacturing confidence index worsened to -4.0 in October from 2.0 in September, the Federation of Finnish Industries said. The confidence was below the long-term average of 0.

Production is expected to increase in the coming months, though they have become more cautious, and the order backlog remained unchanged from September, the survey said.

Business confidence weakened slightly in the construction and retail spheres, while it was seen as stable in the service sector.

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