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Consumer confidence in economy hits three year high

The Consumer Confidence Survey revealed that many people are considering buying a car or home over the next year.

Kuluttaja Kämpin Galleriassa.
According to Statistics Finland's findings, consumers in Finland are increasingly optimistic about their financial situation. Image: Sasha Silvala / YLE
  • Yle News

Consumer confidence in the Finnish economy is at its strongest level for three years, according to preliminary data released by Statistics Finland.

The number-crunching agency also noted that employment estimates are looking increasingly brighter.

Statistics Finland uses the consumer confidence indicator (CCI) to measure consumers' expectations regarding the national economy as well as their own financial situation over the coming year.

In June, the CCI stood at 4.6, up from 2.7 in May, and much more favourable than the score of -3.9 recorded in June last year.

The 12-month average of the indicator currently stands at -1.8 points.

The rise in confidence has translated into a spike in home and car purchase plans. The month of June was considered an especially favourable time for saving up in addition to taking out loans and purchasing durable goods.

The Confederation of Finnish Industries also found that business confidence has continued to rise in all main industries. The lifting of coronavirus restrictions has helped the situation in the service sectors especially, for example tourism and hospitality. Confidence has also improved in the construction and retail industries.

Statistics Finland's data are based on the Consumer Confidence Survey, which 956 people living in Finland responded to between 1 and 17 June.