30 April 2008

Irish Consumer Confidence at a record Low

The Irish Consumer Sentiment Index (CSI), compiled every month by the IIB Bank and Ireland's Economic and Social Research Institute (ESRI) in Dublin, fell to a record low of 56 in April, down from 63.3 in March. The CSI measures the general mood among Irish consumers.

David Duffy of the ESRI blames the drastic fall on concerns about job losses, rising prices and the gloomy outlook for the property sector.

The Index of current economic conditions also dropped - from 83 to 75.1 - while the forward-looking index, which covers expectations about the coming months, was down from 50 in March to 43.1 in April.

IIB Bank's economist Austin Hughes said the survey details indicated that people were more worried about the general economic climate than about their own personal finances.
"This may suggest that consumers have braced themselves for a difficult period, but are not experiencing acute problems," he added and explained that 88% of those surveyed expected unemployment to rise in the coming year, the highest figure in the survey's history.

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