In June, against May, the percentage of those expecting an improvement in the country’s economic situation in the coming 12 months increased from 20 to 22%. 29% of the population expected the situation to deteriorate (in May, 30%).
30% of the population expected to make at least some savings in the coming 12 months, while 28% did not expect to make any some savings (in May, 31 and 30 per cent respectively).
The expectations of residents about changes in their household’s financial situation were slightly more pessimistic than a month ago: although the percentage of those expecting an improvement in their household’s financial situation remained unchanged (18%), the percentage of those expecting it to deteriorate increased from 19 to 22%.
Compared to the previous month, the expectations of residents about changes in the number of the unemployed remained almost unchanged. As in May, 22% of the population expected the number of the unemployed to decrease in the coming 12 months, while each third resident (33%) expected it to increase (in May, 34%).
Consumer confidence indicator in urban rural areas
Consumer confidence indicators in urban and rural areas differed by 2 percentage points (pp): in urban areas, the consumer confidence indicator stood at minus 11, in rural areas – at minus 13. Against the previous month, the consumer confidence indicator in urban areas remained unchanged, in rural areas – increased by 2 pp.
The expectations of the rural population for making at least some savings in the coming 12 months, changes in the number of the unemployed and the country’s economic situation were slightly more optimistic, while expectations about changes in their household’s financial situation – more pessimistic than in May.
More pessimistic expectations of the urban population about changes in their household’s financial situation, the number of the unemployed and possibility to make at least some savings in the coming 12 months were counterbalanced by more optimistic expectations for changes in the country’s economic situation.
Consumer confidence indicator, against the same period of the previous year
Over the year (June 2017, against June 2016), the consumer confidence indicator decreased by 5 pp. This was determined by more pessimistic expectations for all its components. The percentage of the population expecting the country’s economic situation to deteriorated in the coming 12 months increased from 23 to 29%, of those expecting a deterioration in their household’s financial situation – from 16 to 22%, while the percentage of those expecting to make at least some savings in the coming 12 months – decreased from 36 to 30%. The percentage of the population expecting an increase in the number of the unemployed over the year increased from 30 to 33%.
Assessment of changes in the last 12 months and the current situation
Against May, the percentage of residents who stated that their household’s financial situation deteriorated in the last 12 months increased from 40 to 42%; 12% indicated an improvement (in May, 13%).
In June, as in May, as regards the current financial situation of their family, each third resident (33%) indicated that their household made some savings, 11% stated that he/she had to be spending his/her savings or borrow money.
In June, 27% of the population planned on spending more on such purchases as furniture or household equipment in the coming 12 months, 20% – less than in the past 12 months (in May, 24 and 19% 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 Population 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).
