Analytics, Economics, Lithuania, Statistics

More pessimistic expectations for the changes in unemployment figures in the coming 12 months were counterbalanced by more optimistic expectations for the household’s financial situation and possibility to make at least some savings in the coming 12 months.

In August 2018, 22% of population expected their household’s financial situation to improve, 12% – to deteriorated, while 60% – to remain unchanged in the coming 12 months (in July, 21,14 and 58% respectively).

As in July, 40% of population expected to make at least some savings in the coming 12 months, while the percentage of those who did not expect to make savings decreased from 22 to 19%.

Compared to July, expectations of the population for the changes in unemployment figures slightly deteriorated: although the proportion of population expecting an increase in the number of the unemployed in the coming 12 month remained unchanged (29%), yet the percentage of those expecting a decrease in the number of the unemployed decreased from 27 to 25%.

Compared to the previous month, opinion of the population about changes in the country’s economic situation in the coming 12 months remained almost unchanged: improvement was expected by 30% (in July, 31%), deterioration – 19% (as in the previous month) of population.

Consumer confidence indicator in urban rural areas

In August, the consumer confidence indicators in urban and rural areas differed by 5 percentage points: in urban areas, the consumer confidence indicator stood at minus 1, in rural areas – at minus 6. Against the previous month, the consumer confidence indicator in urban areas increased by 1 percentage point, while in rural areas, it decreased by 2 percentage points.

Compared to July, the expectations of the rural population for the possibility to make savings and for the changes in the unemployment figures were more pessimistic, those for the changes in the household’s financial situation – slightly more optimistic.

Expectations of the urban population for the changes in the household’s financial situation and possibility to make at least some savings were more optimistic, those for the changes in the country’s economic situation – slightly more pessimistic.

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

Over the year (August 2018, against August 2017), the consumer confidence indicator increased by 6 percentage points. This was determined by more optimistic expectations for all its components. The percentage of population expecting improvement in the country’s economic situation in the coming 12 months grew from 24 to 30%, the percentage of those expecting to make at least some savings – from 33 to 40%. Expectations for the changes in the household’s financial situation and the unemployment figures were also more optimistic: the percentage of population expecting the household’s financial situation to improve in the coming 12 months grew from 17 to 22%, the number of the unemployed to decrease – from 21 to 25%.

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

Compared to July, the proportion of population who indicated an improvement in their household’s financial situation in the last 12 months decreased from 21 to 19%; as in the previous month, 27% of population stated that the situation deteriorated.

As regards the changes in the country’s economic situation in the last 12 months, 28% of population stated that the country’s economic situation improved, 28% – that it deteriorated, while 42% – that it remained unchanged (in July, 30, 31 and 38% respectively).

As regards current financial situation of the family, in August, 39% of population stated that they made some savings (in July, 41%); as in the previous month, 9% of population indicated living on savings or borrowings.

In August, 27% of population intended to increase expenditure on such purchases as furniture or household appliances in the coming 12 months, 18% – expected to spend less (in July, 31 and 16% respectively).

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.