Unfortunately the news is hardly surprising, but Estonian consumer confidence fell in January to its lowest level in almost three years on worsening expectations about public and personal finances according to the consumer confidence index published by the Tallinn-based Institute of Economic Research today. The index fell to minus 11 this month from minus 10 in December. In January 2007, the index was at 13.
Consumer spending weakened natably at the end of last year from record level earlier in the year under pressure from rising prices, rising interest rates and stricter bank lending conditions. Economic growth in the third quarter slowed to a four-year low of 6.4 percent. Rising inflation accompanied by slowing wage increases have also served to worsen consumer's expectations.
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