OREANDA-NEWS. May 21, 2010. The consumer confidence index based on a regular survey by the Estonian Institute of Economic Research, which started to grow in March, climbed by a further six points month-on-month in May to minus five points.

Previously, the index firmed one point in March compared with February and three points March to April.

The indicator now stands at its highest level of the past year. It is also higher than the historic average value, which during the period from 1992-2010 was minus 11 points, it appears from the institute's website.

A significant improvement took place in two out of the four indicators of consumer confidence in May, or unemployment and people's assessment of outlooks of Estonia's economic development.

As regards the economic situation, 41 percent of respondents believe it will improve over the next 12 months, 28 percent believe that the present situation will continue and 20 percent that the situation will get worse.

Those believing that unemployment will grow over the next 12-month period made up 4 percent, compared with 54 percent thinking so at the bottom of the economic decline in March 2009.

Families' financial situation did not change significantly from April. Thirty-seven percent of families expect to be able to save money in the next 12 months, 51 percent expect to make ends meet and 11 are living off old savings or are chronically indebted.

Consumers' anticipations as regards inflation climbed significantly and hit a new high for the past one-and-a-half years in May.