Financial News: Finland Consumer Sentiment Strongest In 14 Months; Busines

Finland Consumer Sentiment Strongest In 14 Months; Business Confidence Deteriorates

04/27/2023 - 09:00:00 (RTTNews)

(RTTNews) - Finland's consumer confidence hit the highest level in more than a year in April, while manufacturing sentiment reached the lowest since late 2020, separate survey results showed on Thursday.

The consumer sentiment index advanced to -7.9 in April from -10.8 in March, data from Statistics Finland revealed. This was the strongest since February 2022. Nonetheless, the score was weaker than the long-term average of -2.2.

The survey was conducted among 1,020 people between April 1 and 18.

Consumers' expectations regarding own economic situation improved to the average level. Expectations concerning the overall economy also improved clearly in April.

The survey showed that the assessment of the current situation regarding own economy weakened from a year ago and also remained very low. At the same time, intentions to spend money on durables remained scarce.

Inflation expectations for the coming year continued to fall slightly. Consumer prices are estimated to go up by 4.9 percent over the next year.

Further, consumers' own financial situation and saving possibilities were assessed as reasonable.

Elsewhere, survey published by the Confederation of Finnish Industries showed that the manufacturing sentiment index slid to -12.9 in April from -12.2 in the previous month.

This was the weakest reading since November 2020, when the score was -13.3. Manufacturing output is forecast to weaken in the coming months and order backlogs continued to thin out.

Confidence in construction declined sharply in April. The index slid to -28.4 from -17.6 in March. The reading was also well below the long-term average of -7.

Sentiment among service providers dropped only slightly in April. The services sentiment index slid to 4.4 from 5.3.

On the other hand, in retail, confidence rose to -5.5 in April. The balance figure was four points higher than in the previous month.

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