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Financial News: Finland Consumers Less Pessimistic In May; Business Morale

Finland Consumers Less Pessimistic In May; Business Morale Improves

05/27/2024 - 03:14:00 (RTTNews)

(RTTNews) - Consumers in Finland remained slightly less pessimistic during May, survey figures from Statistics Finland showed on Monday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment remained negative, but it has improved somewhat since May.

The consumer confidence index rose to -10.3 in May from -12.6 in March. However, the score is well below the long-term average of -2.5.

The data was collected from 1,154 people between May 1 and 16.

Households' views regarding their own economy at present and expectations concerning it in 12 months' time were at a very weak level, the survey said. Expectations concerning Finland's economy were also fairly gloomy.

Purchasing intentions were generally very low, as households still regarded the time as very unfavorable for buying durable goods. In addition, intentions to buy a dwelling continued to be subdued.

The survey showed those households' concerns about consumer price inflation in one year's time rose in May and remained fairly high.

Expectations regarding the way the country's unemployment rate stayed unchanged and gloomy during the month were high, as 60 percent of consumers believed unemployment would rise.

The industrial confidence index increased to -13 in May from -17 in April, the Federation of Finnish Industries said. Nonetheless, the confidence was well below the long-term average of +1.

Among the main sectors, only the manufacturing sector signaled an increase in May.

Production is expected to increase slightly in the coming months, while order backlogs remained thin in May, the survey said.

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