Ireland: Consumer confidence shoots up to the highest level in almost six years
July 11, 2013
In June, the KBC Bank Ireland/ESRI Consumer Sentiment rose 9.4 points over the previous month to 70.6 points, which was above the 2.3-point increase observed in May, and represented the highest confidence level seen since October 2007. According to the survey, "signs of an improvement in both the jobs market and the property market of late appear to have eased consumer fears" and "the June sentiment reading may have been boosted by exceptionally good weather during the survey period".
The current economic conditions index increased in June, as consumers have become more upbeat about their current financial situation, as well as about their ability to purchase durable goods. In addition, the consumer expectations index improved over the previous month, suggesting better prospects over the next 12 months.
FocusEconomics Consensus Forecast panellists expect private consumption to remain flat in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption rising 0.7%.