Financial News: Finnish Consumer Confidence Remains Weak; Business Morale

Finnish Consumer Confidence Remains Weak; Business Morale Rises

08/27/2024 - 03:06:00 (RTTNews)

(RTTNews) - Consumers in Finland showed negative and stable confidence in August, survey figures from Statistics Finland showed on Tuesday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment showed some resilience.

The consumer confidence index stood at -7.2 in August, unchanged from July. However, the score is well below the long-term average of -2.5.

The data was collected from 1,204 people between August 1 and 18.

Consumers' views regarding their own financial situation over the next year remained nearly unchanged in August, the survey said. Their opinion about the outlook for Finland's economy also stayed subdued.

Purchasing intentions were generally very low, as households still regarded the time as very unfavorable for buying durable goods.

The survey showed that households' concerns about consumer price inflation in one year's time were only somewhat lower, though they remained fairly high.

The industrial confidence index rose to -8 in August from -11 in July, the Federation of Finnish Industries said. Nonetheless, the confidence was well below the long-term average of +1.

Production is expected to increase slowly in the coming months, and order backlogs improved slightly, although they remained below normal.

Business confidence decreased across all other main sectors, namely construction, services, and retail, the survey said.

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