According to data released by the ESRI, Ireland's consumer confidence index continued its upward trend in October.
The data shows that Ireland's consumer confidence index rose to 76.2 in October, compared to 73.1 in September; the three-month moving average increased from 69.4 to 72.0.
ESRI analyst Kevin Timoney stated: “The rise in consumer confidence in October was primarily driven by the optimistic current state of the Irish economy, particularly positive data on durable goods sales.” The index for Ireland's current economic situation rose from 86.0 in September to 93.3.
Consumer confidence data indicates that the darkest period for the Irish economy has passed, although concerns about a potential economic downturn persist. The dissipation of fear regarding the economic outlook has fostered growth in domestic consumption. While purchasing power has yet to be fully unleashed, signs of improvement in the labor and real estate markets may make Irish consumers more willing to spend.
