Ireland: Consumer confidence approaches over-nine-year high in August
September 2, 2015
In August, the KBC Bank Ireland/ESRI Consumer Sentiment Index inched up from July’s 99.7 points to 101.1 point, bringing the index close to June’s print, which had marked the best reading in over nine years. August’s improvement mainly reflected that consumers assessed the current economic conditions more positively, while they were more negative regarding the economic prospects in the next 12 months. Three of the five subcategories that comprise the index rose compared to the previous month. While consumers were more upbeat about their personal financial situation in the next 12 months, they were less positive about their financial situation over the past 12 months. In addition, consumers assessed the general economic outlook more positively than in July and were slightly more optimistic regarding major purchases. Conversely, their assessment of the outlook for unemployment was somewhat worse compared to July.FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.4% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees private consumption increasing 2.6%.