Ireland: Consumer confidence retreats in February
March 5, 2013
In February, the KBC Bank Ireland/ESRI Consumer Sentiment fell 4.8 points over the previous month to 59.4 points, which contrasted the 14.4-point increase observed in January. According to the survey, "consumer spending power remains under pressure and there is little to suggest a dramatic improvement in Irish economic circumstances that would cause a 'feel good' factor to emerge anytime soon".
The current economic conditions index declined in February, as consumers have become more pessimistic about their current financial situation, as well as about their ability to purchase durable goods. In addition, the consumer expectations index also deteriorated over the previous month, suggesting worse prospects over the next 12 months.
FocusEconomics Consensus Forecast panellists expect private consumption to decline 0.5% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption rising 0.7%.