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Consumer confidence has long been depressed by weak assessments of the outlook for the Finnish economy. Changes in consumer confidence can foreshadow a turning point in the economy and they therefore attract close attention.

The Finnish, Swedish and German economies weakened almost simultaneously in March. The latest indicators show signs of a pick-up, but uncertainty will slow the recovery.

Most Finnish companies have suffered a drop in turnover as a result of the corona crisis. Service industries are hard pressed. Cost adjustments and funding arrangements have saved jobs.

The outlook for both the global economy and the Finnish economy deteriorated suddenly and sharply in the spring of the current year on account of the coronavirus pandemic. The Finnish economy is forecast to contract around 7% this year. Recovery will be gradual.