Irish Consumer Sentiment Soars in November as Risks of No-Deal Brexit Fade
Consumer sentiment in Ireland posted a remarkable improvement during November over rising expectations that a no-deal Brexit could be averted. The KBC Bank Irish consumer sentiment index soared to 77.1 in November from 69.5 in October, rising at the fastest pace in four years.
Ireland boasts the Eurozone’s fastest growing economy, but has weathered considerable strain in the face of rising Brexit uncertainties, especially over the possibility of Britain leaving the EU without a deal in place. However, PM Boris Johnson’s efforts to secure a new deal with the EU and getting an extension till January 31, 2020 to get his Brexit Bill passed in the Parliament has boosted the sentiment among Irish consumers as well.
The survey also reveals that Irish consumers are feeling more optimistic about general economic outlook, unemployment, their personal finances and are also feeling more upbeat about making major purchase decisions than they did a month ago. Heading into the holiday season, the positive feeling among consumers is likely to help boost overall economic growth in Ireland during Q4 2019.
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