Analytics, Economics, Financial Services, Lithuania, Statistics

Changes in the consumer confidence indicator and its components
Balance

Compared to April, people were more pessimistic about prospects of the country’s economic situation and changes in the number of the unemployed, more optimistic – about prospects of their household’s financial situation.

In May, against April, the proportion of the population expecting an improvement in the country’s economic situation in the coming 12 months decreased from 23 to 20%, of those expecting it to deteriorate – increased from 29 to 30%.

Forecasts for changes in the number of the unemployed were also more pessimistic: the proportion of the population expecting the number of the unemployed to increase in the coming 12 months grew from 30 to 34%.

Meanwhile, expectations about the household’s financial situation were slightly more optimistic: against the previous month, the percentage of residents expecting their household’s financial situation to deteriorate decreased from 20 to 19%, of those expecting it to improve – increased from 17 to 18%.

Consumer confidence indicator in urban rural areas

Consumer confidence indicators in urban and rural areas differed by 4 pp: in urban areas, the consumer confidence indicator stood at minus 11, in rural areas – at minus 15. Against the previous month, the consumer confidence indicator in urban areas remained unchanged, in rural areas – decreased by 3 pp.

Rural residents were more pessimistic about the country’s economic prospects: the proportion of rural residents expecting the number of the unemployed to grow increased from 37 to 42%, of those expecting the country’s economic situation to improve in the coming 12 months – decreased from 27 to 19%. Rural residents were also slightly more pessimistic about the possibility to make savings in the coming 12 months: the proportion of rural residents expecting to make at least some savings decreased from 29 to 28%.

Increased pessimism of the urban population about prospects of the country’s economic situation and changes in the number of the unemployed was counterbalanced by more optimistic expectations about their household’s financial situation and the possibility to make at least some savings in the coming 12 months.

Consumer confidence indicator, against the same period of the previous year

Over the year (May 2017, against May 2016), the consumer confidence indicator remained unchanged.

People were slightly more pessimistic about prospects of the country’s economic situation and changes in the number of the unemployed, slightly more optimistic – about prospects of their household’s financial situation and possibility to make at least some savings in the coming 12 months.

Assessment of changes in the last 12 months and the current situation

In May, against April, the proportion of residents stating that their household’s financial situation in the past 12 months improved increased by 2 pp (from 11 to 13%), of those stating that it deteriorated – increased by the same percentage (from 38 to 40%).

In May, just as in April, 17% of the population stated that the country’s economic situation in the past 12 months improved, 47% (by 2 pp more than in April) – that it deteriorated.

In May, just as in April, speaking about their family’s current financial situation, each third household (33%) stated that they manage to make at least some savings; meanwhile, 11% stated that he/she had to be spending his/her savings or borrow money (in April, 9%).

In May, each fourth (24%) resident planned on spending more on such purchases as furniture or household equipment in the coming 12 months, 19% – less than in the past 12 months (in April, 25 and 20% respectively).

The annex to the news release contains information on changes in the consumer confidence indicator and its components (answers to questions used to compile the indicator). Respective information on other EU countries is available on the European Commission’s website.

The consumer opinion survey is conducted on the 1st–15th days of each month by interviewing 1 200 individuals randomly sampled from the Residents’ Register of the Republic of Lithuania. The consumer confidence indicator refers to the simple arithmetic mean of the balances of positive and negative answers to four questions (about changes in the financial situation of the household, the economic situation in the country, the number of the unemployed (with an opposite sign), and the probability of making savings in the coming 12 months).

The survey is partially funded by the EU.

Consumer confidence indicator, 2009–2017
Balance

Table 1. Consumer confidence indicator
Balance

Table 2. Opinion of the population about changes in the household’s financial situation in the coming 12 months
Per cent

Table 3. Opinion of the population about changes in the country’s economic situation in the coming 12 months

Per cent

Table 4. Opinion of the population about changes in the number of the unemployed in the coming 12 months
Per cent

Table 5. Opinion of the population about the probability of making savings in the coming 12 months
Per cent