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Financial News: Finland Consumer Confidence At New Record Low; Industrial

Finland Consumer Confidence At New Record Low; Industrial Morale Falls

07/27/2022 - 04:45:00 (RTTNews)

(RTTNews) - Finland's consumer confidence weakened further to a fresh record low in July, while industrial sentiment also continued its falling trend, separate survey results showed on Wednesday.

The consumer confidence index decreased to -15.9 in July from -14.3 in June, Statistics Finland said.

The latest reading was the lowest seen in the entire measuring history from 1995 to 2022, the agency said.

The data was collected from 967 persons between 1 to 18 July.

Consumers' assessments of their own current economic conditions and expectations about the future grew gloomier in July as compared to June.

Expectations concerning consumers' own economy were the gloomiest in the survey's history, while the outlook for Finland's economy was unchanged compared to June.

Current inflation estimates reached the highest in history in July. Expectations concerning future inflation decreased slightly from the record figure in June.

Separately, data from the Confederation of Finnish Industries showed that industrial confidence fell to 5 in July from 9 in June. The reading was above the long-term average of 1.

The construction confidence index continued to decline, down three points to -21 in July. The reading was above the long-term average of -6.

Meanwhile, the services confidence indicator rose one point to 11 in July. Similarly, the retail confidence indicator improved from -3 to -2.

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