Ireland Consumer Confidence August 2020

Ireland

Ireland: Consumer confidence deteriorates in August

August 24, 2020

The KBC Bank Ireland/ESRI consumer confidence index came in at 58.9 in August, down from July's 62.6 and marking the first drop in confidence in three months. Consequently, the index moved further below the 100-threshold separating pessimism from optimism among consumers.

August’s decline reflected a broad-based deterioration across indicator components, owing to renewed concerns over stricter Covid-19 measures and rising fears over the re-imposition of restrictions. Moreover, consumers’ outlook for unemployment turned more pessimistic compared to the previous month, while their expectations regarding their personal financial situation deteriorated further.

FocusEconomics Consensus Forecast panelists project private consumption to contract 9.8% in 2020, which is down 0.7 percentage points from last month’s forecast. For 2021, the panel sees private consumption expanding 5.7%.


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Ireland Consumer Confidence August 20 20

Note: The KBC Bank Ireland/ESRI Consumer Sentiment Index.
Source: The Economic and Social Research Institute (ESRI).


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