Finnish Consumer Confidence Weakens, Business Confidence Rises

(RTTNews) - Consumers in Finland showed a slightly more pessimistic attitude in February amid concerns about unemployment and inflation, survey figures from Statistics Finland showed on Thursday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment strengthened somewhat but remained below the long-term average.

The consumer confidence index dropped to -9.0 in February from -8.4 in January. Moreover, the score is well below the long-term average of -2.6.

The data was collected from 1,274 people between February 1 and 18.

Consumers' views on their own economy and Finland's economy weakened slightly compared to the previous month, the survey said.

During February, the time was still regarded as very unfavorable for buying durable goods, and intentions to spend money on consumption were low. Additionally, slightly fewer than usual were planning to buy a dwelling.

Concerns regarding unemployment grew ever gloomier in February, and consumers estimated in February that consumer prices had risen by 5.5 percent from last year's February and would go up by 4.2 percent over the next year.

The industrial confidence index rose to -6.0 in February from -7.0 in January, the Federation of Finnish Industries said. Nonetheless, the confidence was well below the long-term average of 0.

Production is expected to increase slightly in the coming months, while the order backlog is still remaining below normal.

Business confidence improved in services, while morale weakened in the construction and retail sectors.