Ireland: Consumer confidence rises to highest point in 6 years in September
October 1, 2013
The KBC Bank Ireland/ESRI Consumer Sentiment index rose 6.3 points over the previous month to 73.1 points in September, which contrasted the 1.4 point decrease observed in August. The index reached its highest point in 6 years. According to the survey report, "the size of the jump in consumer sentiment in September is surprising but it seems broadly consistent with a gradually improving trend in confidence of late."
Consumers have become more upbeat about their financial situations at present, as well as about their ability to purchase durable goods, as was reflected in the increase in September's current economic conditions index. In addition, the consumer expectations index rose significantly over the previous month, suggesting that consumers are seeing clear improvements in terms of economic prospects for the coming 12 months.
FocusEconomics Consensus Forecast panelists expect private consumption to rise 1.1% in 2013, which is down 0.5 percentage points from last month's forecast. For 2014, the panel sees private consumption rising 0.6%, which is unchanged from last month's projection.
Author: Carl Kelly, Economist