Ireland's consumer confidence weakened at the sharpest pace in twenty-four year survey history in April, survey data from the KBC Bank Ireland showed on Thursday.
The consumer confidence index fell to 42.6 in April from 77.3 in March. In February, the reading was 85.2.
The latest monthly decline was the sharpest in the twenty four year history in April reflecting a dramatic change both in the economic conditions and household financial circumstances as a result of COVID-19 and the associated health related shutdown of substantial elements of business and social activity, KBC Bank Ireland Chief Economist Austin Hughes said.
The fall in consumer confidence was equivalent to about half the decline seen in sentiment through the period when the economy moved from boom to bust, Hughes added.
"The April reading suggests a sea-change in Irish consumers' thinking about their economic circumstances in response to the Coronavirus," Hughes added.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155352/
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