December 29, 2022
1 min read

Consumer confidence in Finland hits record low in Dec

The figure for December is the weakest since records began in Finland in 1995. Meanwhile, Finnish consumers’ perception of the state of their country’s economy is the gloomiest on record…reports Asian Lite News

Consumer confidence in Finland hit a record low in December this year, mainly because consumers’ estimates of their own finances are on the decline, according to the country’s statistical agency.

Statistics Finland said the consumer confidence indicator (CCI) stood at -18.5 in December, having been -16.9 in November and -17.6 in October.

The figure for December is the weakest since records began in Finland in 1995. Meanwhile, Finnish consumers’ perception of the state of their country’s economy is the gloomiest on record.

In December, consumers had record-low intentions of spending money on durable goods during the next 12 months. Up to 53 per cent of consumers plan to reduce their spending on durable goods over the next 12 months.

However, the Confederation of Finnish Industries (EK) also announced Tuesday that the recent decline in commercial confidence had halted in December this year. “Overall, the decline in business confidence came to a halt in December thanks to a rise in confidence in services. Manufacturing was flat, while construction came in slightly down. The biggest drop was in retail trade,” said Sami Pakarinen, director of EK.

Pasi Kuoppamaki, Danske Bank’s chief economist, told Finnish daily Helsingin Sanomat that surging inflation, rising interest rates, concerns over the energy crisis, the war in Ukraine, and general uncertainty about the future have worried both consumers and companies.

ALSO READ-Finland cuts GDP growth forecasts for 2023, signalling recession

Previous Story

‘Country may see spike in Covid cases mid-January’

Next Story

Twitter web suffers major outage

Latest from -Top News

Von der Leyen Faces Twin No-Confidence Votes

The two bids have one common thread which is criticism over the European Union-US trade deal and the disfavourable terms it has placed on European exporters….reports Asian Lite News European Commission President

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has
Go toTop

Don't Miss

Turkey to freeze Finland, Sweden’s NATO bids

NATO’s 30 member states signed accession protocols for Sweden and

Finland Bans Entry of Russia-Registered Passenger Cars

With this move, Finland complies with the guidelines of the