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Financial News: Finland Consumers More Pessimistic In February, Business M

Finland Consumers More Pessimistic In February, Business Morale Remains Negative

02/27/2024 - 01:33:00 (RTTNews)

(RTTNews) - Finland's consumer confidence remained at a weak level in February, survey figures from Statistics Finland showed on Tuesday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment also showed a negative score in February, despite rising somewhat from January.

The consumer confidence index dropped to -9.5 in February from -9.1 in January.

Further, the score is well below the long-term average of -2.4.

The data was collected from 1,235 people between February 1 and 18.

Households' opinion on their own economy at present weakened slightly compared to the previous month. Their expectations concerning their own and also Finland's economy in general in 12 months' time remained unchanged.

Purchasing intentions were generally very low, as households still regarded the time as very unfavourable for buying durable goods. In addition, intentions to buy a dwelling decreased again in February.

The survey showed those households' concerns about consumer price inflation in one year's time remained unchanged and at a high level.

Expectations regarding the way the country's unemployment rate continued to be gloomy, as 58 percent of consumers believed inflation would rise.

The industrial confidence index rose slightly to -11 in February from -12 in January, the Federation of Finnish Industries said. Nonetheless, the confidence was well below the long-term average of +1.

All main industries logged weak performances in February.

Production is expected to increase slightly in the coming months, while order backlogs have continued to fall, the survey said.

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