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Ireland: Consumer confidence deteriorates in August

Christian Fernsby |
The KBC Bank Ireland/ESRI consumer confidence index came in at 58.9 in August, down from July's 62.6 and marking the first drop in confidence in three months.

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Topics: IRELAND   

Consequently, the index moved further below the 100-threshold separating pessimism from optimism among consumers, Focus Economics reports.

August’s decline reflected a broad-based deterioration across indicator components, owing to renewed concerns over stricter coronavirus measures and rising fears over the re-imposition of restrictions.

Moreover, consumers’ outlook for unemployment turned more pessimistic compared to the previous month, while their expectations regarding their personal financial situation deteriorated further.

FocusEconomics Consensus Forecast panelists project private consumption to contract 9.8% in 2020, which is down 0.7 percentage points from last month’s forecast.

For 2021, the panel sees private consumption expanding 5.7%.

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