Irish consumer sentiment drops to near two-year low in July

DUBLIN (Reuters) -Irish consumer sentiment fell to a near two-year low in July as concerns about the cost of living and tariffs on European Union exports to the U.S. weighed, a survey showed on Friday.

The Credit Union Consumer Sentiment Survey slipped to 59.1 in July from 62.5 in June, nearing April's two-year low of 58.7. The reading is below the 70.5 level posted in July 2024 and far lower than the long-term survey average of 83.9.

The drop in Irish sentiment contrasted with improvements elsewhere. Consumer sentiment in the U.S. returned to its best level for five months in July, while consumer confidence in the euro zone also increased slightly this month.

The components in the Irish survey that focused on household finances and spending were notably weaker, which its authors said likely reflects cost-of-living concerns and government hints that there will be fewer offsetting measures in October's budget.

The threat of a 30% tariff on EU exports to the U.S. also weighed, despite positive domestic economic data, including robust tax revenues and job creation.

Ireland is among the countries most exposed to President Donald Trump's sweeping economic policies, with a significant proportion of employment, tax receipts and exports dependent on a cluster of mainly tech and pharmaceutical U.S. multinational companies.

(Reporting by Graham Fahy, editing by Padraic Halpin)

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