Business confidence soars this month after November dip
The outlook among Irish businesses soared this month, according to a new survey. The Bank of Ireland Economic Pulse published this morning shows that business sentiment jumped 7.9 points to 93.1 in December.
The performance is a sharp reversal of the decline seen in November, when business sentiment measured by the survey tumbled 9.7 points to 85.2.
The overall Bank of Ireland Economic Pulse figure - which measures sentiment among both businesses and consumers - stood at 92.4 in December. That was 6.6 points higher than in November.
The November figure of 85.8 represented an 8.6 point decline on October.
And the index has ended 2016 lower than where it stood at the start of the year, when it was 100.
Consumer sentiment measured by the survey rose only marginally in December - by 1.2 points to 89.5.
"Households were more upbeat about the outlook for the economy and their own finances this month, though buying sentiment was unchanged," noted the survey findings.
It added that 35pc of consumers believe it is a good time to buy big ticket items such as furniture and electrical goods.
"While sentiment picked up in December, developments over the course of 2016 have taken their toll and the Economic Pulse ended the year below where it started at," said Bank of Ireland group chief economist Loretta O'Sullivan. Housing sentiment rose slightly to 108.7 in December from 108.1, the latest figures show. One-third of consumers expect house prices to increase by more than 5pc in the coming year. In Dublin, 47pc of consumers expect to see that increase in 2017.