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Financial News: Finland Consumers Less Pessimistic In January, Business Mo

Finland Consumers Less Pessimistic In January, Business Morale Rises

01/29/2024 - 02:53:00 (RTTNews)

(RTTNews) - Finland's consumer confidence remained negative in January, though it improved somewhat from a month ago, survey figures from Statistics Finland showed on Monday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment rose to an 8-month high in January.

The consumer confidence index increased to -9.1 in January from -13.3 in December. However, the score is well below the long-term average of -2.4.

The data was collected from 1,290 people between January 1 and 18.

Estimates of one's own economy today remained quite low, while projections for one's own economy over the next 12 months became more optimistic, the agency said.

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 January.

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

Expectations regarding the way the country's unemployment rate continued to be gloomy, even though they slightly improved.

The industrial confidence index rose to -13 in January from -19 in December, the Federation of Finnish Industries said. Nonetheless, the confidence was well below the long-term average of +1.

All main industries improved in January, except construction.

Production is expected to decrease in the coming months, and order backlogs have continued to fall, the survey said.

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