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Ireland Consumer Confidence At 56-Month Low

Irish consumer sentiment weakened to a 56-month low in July, survey data from the KBC Bank showed Tuesday.

The consumer confidence index fell to 85.5 in July from 90.9 in June. This was the lowest since November 2014.

All components of the index except assessment of past personal financial situation, deteriorated in July.

The survey showed the drop in consumer confidence likely reflects tougher Brexit stance and lack of solutions from Boris Johnson.

"While the July confidence reading for the UK hints at a 'Boris bounce', it appears Irish consumer sentiment suffered a 'Boris bump'," Austin Hughes, chief economist at KBC Bank Ireland, said.

Moreover, Irish consumers were markedly more sensitive to emerging downside risks around Brexit than their UK counterparts, the survey revealed.

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