Helsinki: Finland’s consumer confidence hit rock bottom in September, the lowest since 1995 when record keeping began, the national statistical institution said.
In a statement issued on Tuesday, Statistics Finland said the balance figure of the consumer confidence indicator (CCI) sank to -18.3 in September from -14.9 in August and -15.9 in July, reports Xinhua news agency.
This is also the third time this year that confidence in the country’s economy has hit a record low.
Finnish consumers’ views of the country’s economy clearly weakened in September compared to the previous month and particularly compared to one year earlier.
Consumers’ expectations concerning their own and Finland’s economy in 12 months’ time were gloomier than ever before, the institution said.
In September, 86 per cent of consumers believed that Finland’s economy was worse off than a year ago, while only 3 per cent felt the contrary.
Consumers estimated that consumer prices in September have risen by 7.9 per cent from September 2021 and would go up by 6.7 per cent over the next year.
Altogether 86 per cent of consumers thought consumer prices had risen much or fairly much over this year, and 66 per cent of them expected prices to rise at least at the same rate over the coming months as well.
September was not the time for taking out a loan or even for saving, says Statistics Finland.
Only 15 per cent of consumers regarded the time favourable for taking a loan and just 37 per cent considered saving worthwhile.