Consumer confidence in Ireland is at its highest level since October 2007, new finance figures have shown.
The statistics, compiled by bank, KCB Ireland, and the Economic and Social Research Institute (ESRI), reveal that the consumer sentiment index increased to 67.9 in June this year, from 65.3 in May and is approaching double the all-time low it plunged to in July 2008, of 39.6.
Chief economist for KBC Ireland, Austin Hughes, credited a weaker euro exchange rate and the probability of ECB interest rates staying lower for longer with the rise, and said it was all adding much-needed optimism to the prospects of the Irish economy.
"The June survey results suggest that Irish consumer sentiment continues to head in the right direction," said Hughes, adding that an element of caution does remain, but that household spending is a modestly positive trajectory.
Concern remains about the employment outlook over the next 12 months and the authors of the report warned that it would not equate to a sudden rise in spending in the coming months.
David Duffy from the ESRI highlighted that the improved reading on the index pointed to a more positive assessment of both the current outlook on the economy and also the forward-looking assessment components of the index.
The index measuring current conditions saw a rise to 88.4 compared with 82.5 in May and the expectations index increased to 54.1 from 53.7.
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