Denmark’s consumer confidence deteriorated to the lowest since October 2008 amid a sharp fall in economic expectations, survey data from Statistics Denmark showed on Wednesday.
The consumer confidence index fell steeply to -14.4 in January from -3.2 in February. The average for the past six months was 3.3.
The latest survey was conducted from February 23 to March 20 and thus coincided with Russia’s invasion of Ukraine.
The reading was the lowest since October 2008, when it was -16.6.
The latest decline was mainly due to sharp fall in four of the five indicators.
The index measuring consumers’ view regarding the future personal financial situation decreased markedly to -5.8 in March from 4.3 in the preceding month.
The indicator was negative for the first time in the period from mid-2007, the statistical office said.
The measure reflecting the past personal financial situation fell to -5.7 in March from 2.4 in the prior month.
Households’ assessment regarding the general economic situation of the country over the next year decreased to -26.0 in March from 0.5 in February. The reading was the lowest since mid-2007.
The index reflecting the view on the past general economic situation weakened to -18.4 from -6.1 February.
Consumers were less negative towards the big purchases in February as the index reading fell to -16.1 from -17.0 in the previous month.
Households expect unemployment to rise over the next year, for the first time in almost a year.