Consumer sentiment drops to four-year low

CONSUMER sentiment has dropped to its lowest level in almost four years, as concern about the housing market and the construction sector mounts.

The IIB Bank/ESRI consumer sentiment index fell to 74.7 in July, compared to a figure of 83.2 in June and 90.9 for July last year.

Chief economist with IIB Bank Austin Hughes said: “The July sentiment results suggest that a spate of gloomy forecasts for the property market and the broader Irish economy have made consumers much more nervous about economic activity.