Irish economic confidence grows despite global uncertainty

Irish economic confidence grows despite global uncertainty

Economic confidence in Ireland has continued to grow for the second successive quarter, despite global uncertainty.

A poll conducted by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) showed a surprising pick-up in confidence, even though Ireland would be one of the hardest-hit economies in the event of a hard Brexit.

"The latest GECS report found strong economic performance in Ireland, owing to a buoyant consumer sector, strong employment market and rapid wage growth," said Caitriona Allis, head of ACCA Ireland.

This picture compares favourably with the UK, which saw confidence fall sharply and is now at a record low since GECS began in 2009.

"Uncertainty over Brexit reached extreme levels and affected economic activity and confidence with business investment now on a declining trend."

Globally, economic confidence fell for the third consecutive quarter, ending the year at an all-time low.

The lowest scores were recorded in Western Europe and the Caribbean.

The least pessimistic part of the global economy was again South Asia, followed by Africa and North America.

"Economic confidence over 2018 has been turbulent, with end of calendar year results downbeat compared to the start of 2018," said Narayanan Vaidyanathan, head of business insights at ACCA.

It’s been interesting to look back at the GECS from the start of 2018, when we recorded economic confidence at its highest since the first survey was issued assessing Q1 2009.

"Last year was clearly a roller-coaster ride and the outlook for 2019 is also uncertain."

Read the suvey report in full here:

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