Ireland’s consumer confidence weakened for the second straight month in November, survey results from KBC Bank and the Economic and Social Research Institute showed Friday.
The consumer sentiment index fell to 103.6 in November from 104.8 in October. The reading decreased for the second month following September’s 18-month high.
The confidence weakened as a result of a slight downgrade of Irish economic prospects. The general economic outlook indicator slid to 64.8 from 68.5.
The survey showed that while consumers still view prospects positively, they remain very sensitive to any potential threats to the Irish economic recovery.
The index of current conditions rose to 121.7 from 120.5 in October. Meanwhile, the index of consumer expectations dropped to 91.5 from 94.3.
The indicator for past personal financial situation improved to 104.6 from 103.4. On the other hand, outlook for future personal financial situation dropped to 120.7 from 121.5.
The index measuring outlook for employment declined to 94.8 from 98.9. At the same time, the major purchases index climbed to 135.7 from 134.7.
“Our suspicion is that the November survey results may be linked to the impact of a national rail strike on two days during the survey period,” Austin Hughes, chief economist, KBC Bank Ireland, said.
It is possible that uncertainty in relation to Apple’s planned data centre in Galway also contributed to a slightly weaker but still clearly positive assessment of the economic outlook by Irish consumers, Hughes said.
The material has been provided by InstaForex Company – www.instaforex.com
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