Ireland Consumer Confidence June 2016

Ireland

Ireland: Irish consumers more upbeat in June

July 4, 2016

In June, the KBC Bank Ireland/ESRI Consumer Sentiment Index rebounded May’s over-one-year low of 98.1 points to 103.4 points. June’s strong reading came on the back of a broad-based increase in all components of the index. June’s improvement was led by more optimistic employment prospects and general economic outlook. In the survey report, KBC pointed out that the survey was completed in the first two weeks of June and did not capture consumer sentiment regarding the Brexit result or the repercussions it could have on the Irish economy.

KBC also stated that, “by increasing both uncertainty and downside risks to the economic outlook, Brexit is likely to weigh on Irish consumer sentiment in coming months. How strong these effects might be or how long they might dominate the survey results is unclear. Uncertainty has increased notably further in the wake of last month’s UK vote and a clear picture of the implications for Irish households of the UK’s departure from the EU may not emerge for some considerable time.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 3.6% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, the panel sees private consumption increasing 2.9%.


Author: Jean-Philippe Pourcelot, Economist

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Ireland Consumer Confidence June 2016

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


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