Consumer confidence on the rebound

As Covid restrictions are being phased out, consumer confidence is starting to get back on track.

After remaining steady for about four years prior to the pandemic, the so-called consumer confidence index (CCI) went down from 32 in January 2020 to 16 in June 2020.

It has now bounced back up to 29.

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The CCI is an economic indicator that measures future developments of household consumption and savings, based on answers regarding consumers’ expected financial situation, their feelings regarding the general economic situation, unemployment and capability of saving.

“People in the Faroe Islands are sensing brighter times ahead, which means consumer spending is increasing, and that will create a snowball effect across the national economy,” says Fróði Magnussen, chairman of the Economic Council.

Read the Faroese version of this article here.

More Faroese News in English.