By: Sara Rančigaj / Nova24tv
The Organisation for Economic Co-operation and Development (OECD) has developed a new tool, the OECD Consumer Barometer, that exploits and visualises consumer confidence data. The OECD has recently noted that consumer confidence across OECD countries continues to deteriorate, and in December, a positive outlook was only recorded in a few countries – one of them being Slovenia. “Consumer confidence across OECS countries continues to deteriorate, with only Hungary, Latvia, Slovenia and the United States registering a positive outlook in December,” the OECD wrote on Twitter.
The OECD has developed a new tool, the OECD Consumer Barometer, that exploits and visualises consumer confidence data. The indicator, expressed as the monthly growth rate of the normalised consumer confidence indicator (CCI), has been designed with a view to clarity and reactivity in our presentation of measures of consumer sentiment. By showing the evolution over the past six months, the OECD Consumer Barometer synthesises and visualises developments in countries’ consumer confidence.
Following the definition given by the EC Joint Harmonised EU Programme of Business and Consumer Surveys, the CCI is computed as the arithmetic average of the seasonally adjusted net balances (share of positive and negative replies) of the four questions that consumers are asked. The latter are asked what their financial situation was like over the past 12 months, what is their expected financial situation for the next 12 months, what is the expected generic situation for the next 12 months, and what are their expected major purchases for the next 12 months.
Following the evolution of the normalised consumer confidence over the past six months for all countries for which data are available, the OECD Consumer Barometer summarises and visualises the development of consumer confidence. This tracking makes it possible to assess how consumer confidence is changing across countries over different months. The positive growth in consumer confidence was most widespread last September but began to decline in October. The data thus indicate a deteriorating financial situation of consumers, worsening economic conditions and delays in major purchases.
Consumer confidence in general is declining; however, it is growing in Slovenia
The OECD has also recently noted that consumer confidence in OECD countries is declining, and the indicator is positive only in a few countries, including Slovenia. “Consumer confidence across OECS countries continues to deteriorate, with only Hungary, Latvia, Slovenia and the United States registering a positive outlook in December,” the OECD wrote on Twitter.
