Irish consumer sentiment rebounded in May on optimism about employment and future growth in the economy, a survey showed today.
The KBC Ireland/ESRI Consumer Sentiment Index improved to 59.4 from 57.9 in April, reversing a fall registered a month earlier. It was the fourth rise in the past five months.
"There appears little prospect of a marked improvement in the circumstances facing the average Irish consumer, but these results suggest an increasing confidence in their ability to adapt to tough times," said Austin Hughes, chief economist KBC Bank Ireland.
Optimism about future economic prospects has surged, according to a consumer expectations sub-index, which improved from 42.3 to 50.8. A second sub-index that measures perceptions of current conditions slipped from 81.0 to 72.1.
KBC said there was evidence that consumers remained sluggish in spending their build-up of savings, but that consumers appear to be getting used to the "new normal" situation of low growth.
"Consumers appear to be drawing comfort from the absence of regular negative surprises that were a feature of the Irish economy through the past couple of years," KBC said in a statement.
Reuters
