Consumer confidence down slightly

Confidence among consumers was down slightly in May, while businesses were more optimistic about the economy.

People walking on the street.
Consumers are more optimistic about their own economic prospects than about Finland's. Image: Henrietta Hassinen / Yle
  • Yle News
  • STT

Consumer confidence weakened slightly in May compared to April, according to the latest figures from Statistics Finland.

People's expectations for their own finances, however, brightened a little. Some 31 percent of respondents expect their own finances to improve slightly this year, while 16 percent are expecting things to worsen for them.

Expectations for the economy as a whole are less positive. Just 19 percent of respondents believe that Finland's economic situation will improve this year.

Trade wars create uncertainty

Companies' confidence in the economy remained pretty much at the same level as in April, according to the survey from the confederation of Finnish Industries EK.

Firms in industrial sectors were slightly less optimistic, while those in services saw things a little more brightly.

EK's Chief Economist Penna Urrila says that industry has felt the impact of uncertainty in the operating environment and trade policies.

United States President Donald Trump has announced and then retracted plans for tariffs on imports from many countries, including the EU, in the last few months.