Irish consumer and business sentiment higher in March

Irish consumer and business sentiment improved in March on the prospect of a slight easing of Level 5 restrictions early next month.

The Bank of Ireland Economic Pulse came in at 73.7 in March. The index, which combines the results of the consumer and business pulses, was up 5.0 on last month and 3.2 higher than a year ago.

“The Economic Pulse posted a 13-month high in March as consumers and businesses look to the reopening of the economy and society. While Level 5 restrictions and vaccine supply issues are causing frustration, there appears to be a growing sense that the setbacks of late are delaying rather than derailing the recovery,” said Loretta O’Sullivan, Bank of Ireland’s chief economist.

“The forward looking components of the index were key to the move higher this month, with one-in-two households expecting the economy to get better over the coming year and 44 per cent of firms expecting business activity to increase in the next three months. And while there is further to go, it is encouraging to see that the Economic Pulse has now recovered three quarters of its Covid-related losses.”

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The consumer pulse rose for a second consecutive month. It was 2.6 higher on February but 8.8 lower than a year ago. The business pulse also increased for the second month in a row. It came in at 74.6 in March, up 5.6 on the prior month and 6.2 higher than a year ago.

The Economic Pulse surveys are conducted by Ipsos MRBI on behalf of Bank of Ireland with 1,000 households and about 2,000 businesses on a range of topics including the economy, financial situation, spending plans, house price expectations and business activity.