Ireland: Consumer confidence reaches highest point in over 6 years
November 1, 2013
The KBC Bank Ireland/ESRI Consumer Sentiment index rose 3.1 points over the previous month to 76.2 points in October, which followed the 6.3 point jump observed in September. The index reached its highest point in six and a half years in October. According to the survey report, "the results hint at an emerging view that the Irish economy is now clearly past the worst even if there is little expectation that dramatically stronger conditions are set to take hold."
Consumers have become more upbeat about their financial situations at present and about their ability to purchase durable goods, as the strong increase in October's current economic conditions index reflected. The consumer expectations index rose moderately over the previous month; consumers see improvements in unemployment and the general economy over the 12 months.
FocusEconomics Consensus Forecast panelists expect private consumption to rise 0.9% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees private consumption increasing 0.7%, which is up 0.1 percentage points from last month's projection.
Author: Carl Kelly, Economist