2023.03.2708:29:00UTC+00Finland Consumers Slightly Less Pessimistic; Business Morale Weakens

Finland's consumer confidence continued to improve marginally in March but still remained gloomy, survey figures from Statistics Finland showed on Monday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment fell to a more than two-year low at the end of the first quarter.

The consumer confidence index rose slightly to -10.8 in March from -11.9 in February. The latest score was also well below the long-term average of -2.2, the agency said.

Further, this was the highest score since March 2022, when it was -10.5.

The data was collected from 1,026 persons between March 1 to 16.

Consumers' expectations concerning Finland's economy in the next twelve months have improved somewhat since February, though they remain fairly gloomy.

The assessment of the present situation and expectations concerning one's own economy weakened and were at a very low level, the agency said.

Households considered the time very unfavourable for making large purchases. Predictions for inflation in a year's time were nearly unchanged at a lower level.

The industrial confidence index dropped to a 28-month low of -12 in March from -6 in February, the Confederation of Finnish Industries said.

Production is expected to decrease in the coming months and order backlogs have continued to thin out.

The construction confidence indicator improved slightly to -17 in March from -21 in January.

Similarly, the retail sector confidence index rose to -10 in March, and the service sector confidence indicator strengthened to 5.