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Galway people increasingly worried about economy E-mail
Written by Deirdre O'Shaughnessy   
Wednesday, 05 September 2007
New figures have revealed that Galway people are increasingly worried about the economy. The Consumer Sentiment Index, a measure of Irish people’s confidence in the economy, declined to 72 per cent in August, compared with 74.7 per cent in July.

According to David Duffy of the Economic and Social Research Institute (ESRI), which released the figures, the main issue appeared to be the labour market and employment prospects. However, he said the buying climate appeared to be improving.

“The index of current economic conditions rose marginally to 92.4 in August from 90.8 in July. This reflects consumers becoming more positive about the current buying climate. However, consumers remain concerned about their current and future household financial situation,” he said.  



The ESRI spokesman added that consumer worries have been heightened by recent media reports of downturns in the housing market and job cuts in the construction sector.

The Chief Economist with IIB Bank, Austin Hughes, said he believed this is a uniquely Irish phenomenon, adding that a political response may be necessary. “The weakening in Irish consumer sentiment of late is notably greater than that experienced in most other countries. A similarly gloomy mood enveloped Irish consumers after the previous general election. Then, lower borrowing costs came to the rescue. Is a domestic policy response needed now?” he asked.

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