Irish Consumer Sentiment Slides Lower After BoJo Becomes UK PM - Forex News by FX Leaders
No-deal Brexit hurts Irish consumer sentiment

Irish Consumer Sentiment Slides Lower After BoJo Becomes UK PM

Posted Tuesday, August 13, 2019 by
Arslan Butt • 1 min read

Boris Johnson coming to power as UK’s Prime Minister has caused consumer sentiment in Ireland to fall to its lowest in 54 months for the month of July. Johnson’s rhetoric of taking Britain out of the EU with or without a deal has dented the consumer sentiment.

The KBC Bank consumer sentiment index declined to 85.5 in July from 90.9 in June. Although Ireland has been one of the fastest growing economies in the Eurozone, it stands to lose a lot in the event of a hard Brexit.

Ireland’s GDP had grown by 2.4% in Q1 2019, but Brexit uncertainties and Johnson repeatedly raking up the issue of the Irish backstop with the EU does not bode too well for the Irish economy.

The issue of keeping the borders open between Ireland, which is a member of the EU, and Northern Ireland which will be under British control is expected to impact Irish economy to a greater extent than the British economy. A no-deal Brexit, which is becoming increasingly likely, could have several downside risks.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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