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Ireland consumer confidence at 16-month high

Staff Writer |
Irish consumer sentiment strengthened to a 16-month high in June, survey results from the Economic and Social Research Institute and KBC Bank Ireland showed Tuesday.

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The consumer confidence index rose to 105.0 in June from 100.5 in May. This was the highest score since February 2016 whereas the May result was the weakest since last December.

The current level of the sentiment index is reflective of a solidly improving Irish economy, Austin Hughes, KBC Bank Ireland, said. Last month's survey reading showed 52% of consumers expect the Irish economy to strengthen in the year ahead.

Sentiment on household finances also improved but large majority of consumers still not feeling improvement in their own finances.

"The scale of the improvement in sentiment in June is slightly surprising," said Hughes.

"It may reflect relief that the threat of a hard Brexit is seen as reduced because of the outcome of the recent UK election as well as reassurance from the continued strength of recent Irish economic indicators."

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