Finland’s consumer confidence weakened for the fifth straight month in October to its lowest level in two years, figures from Statistics Finland showed Monday.
The consumer confidence index dropped to 16.8 in October from 20.2 in September. The reading was the lowest since October 2016, when the score was 15.8.
Nonetheless, the latest reading was well above the long-term average of 12.6.
The sub-index reflecting household’s personal financial situation over the next twelve months weakened further to 9.8 from 10.1.
The measure showing consumers’ expectations for the national economy in 12 months’ time tumbled to 1.4 from 8.
While 39 percent of consumers expect that unemployment would decrease over the year, 21 percent of them forecast an increase.
Inflation expectations for the next 12 months increased to 2.2 percent from 2.0 percent.
In a separate report, the Confederation of Finnish Industries EK said that business confidence of Finnish manufacturing companies stayed nearly unchanged at a relatively solid level in October.
The confidence indicator came in at 9 points in October, versus a revised score of 10 in September, which was originally reported as 11.
Among sub-indices, confidence in the construction and service sectors weakened in October, while the morale was roughly unchanged in retail sector.
The material has been provided by InstaForex Company – www.instaforex.com