Economists Foresee Continued Economic Improvement for Irish Citizens in the Coming Year..
DUBLIN: Economic analysts anticipate a further improvement in Ireland’s economy next year, driven by a trifecta of factors: reduced energy costs, lower inflation rates, and decreased interest rates. This positive outlook also signals the potential for increased disposable income. The recent Credit Union Consumer Sentiment (CUCS) survey conducted by Inc. reinforces this optimistic forecast. However, the lingering absence of evidence suggesting a definitive end to inflation remains a cause for concern among survey respondents.
Economist Austin Hughes, the compiler of the survey, notes that the majority of individuals surveyed expect a decline in the overall cost of living, encompassing medical expenses and household finances. Hughes interprets this uptick as a positive indicator that the pressures associated with the cost of living are gradually abating.
Hughes further observes a diminishing apprehension regarding household financial situations, indicating a cautious yet optimistic consumer sentiment. Notably, this level of caution registers lower than the 28-year average recorded in the survey. The survey highlights a reduction in people’s anxiety about the upcoming year, reflecting a more sanguine outlook.
According to the survey report, a staggering 76 percent of consumers in the country identify the cost of living as their foremost concern, with a collective desire for resolution. Despite this, 43 percent of respondents remain sceptical about an improvement in the cost of living. Hughes attributes this scepticism to prevailing consumer caution.
Simultaneously, the survey underscores the challenges faced by Dublin residents, particularly in relation to making ends meet. Cost of living concerns are notably consistent among women and individuals aged 35 to 44, who also exhibit a lower level of optimism. The survey pinpoints healthcare and housing issues as the predominant sources of distress for these demographic groups.
For the first time in six years, the December sentiment survey results exhibit a positive year-on-year trend. These findings underscore the enduring challenges experienced by Irish consumers in recent years.
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