Ireland: Consumer confidence decreases in August
August 30, 2013
The KBC Bank Ireland/ESRI Consumer Sentiment index fell 1.4 points over the previous month to 66.8 points in August, which was below the 2.4-point decrease observed in July. According to the survey report, the drop reflects a, "weakening in buying intentions, with summer sales over and back to school commitments looming large for many families."
Consumers have become less upbeat about their financial situations at present, as well as about their ability to purchase durable goods, as was reflected in the decline in August's current economic conditions index. In addition, the consumer expectations index decreased slightly over the previous month, suggesting that consumers remain cautious in terms of economic prospects for the coming 12 months.
FocusEconomics Consensus Forecast panellists expect private consumption to rise 0.6% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption rising 0.7%.
Author: Carl Kelly, Economist