Consumer confidence in Finland hits record low in December

HELSINKI, Dec. 27 (Xinhua) -- Consumer confidence in Finland hit a record low in December this year, mainly because consumers' estimates of their own finances are on the decline, said Statistics Finland on Tuesday.

According to the statistical agency, 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 percent 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 conflict in Ukraine, and general uncertainty about the future have worried both consumers and companies.