Economy

Two in five workers expect a pay increase in 2017, survey finds

One in four likely to buy a car this year, according to Economic Pulse survey

The survey found 37 per cent of firms were planning to increase basic pay in the next 12 months. Photograph: Roy Botterell/Getty

Mon Jan 30 2017 - 05:00

Two in five Irish people expect a pay increase in 2017, while one in four are likely to buy a car, according to the latest Economic Pulse survey from Bank of Ireland.

Consumer confidence strengthened in January, it found, as households upgraded their assessment of the economy and their personal finances.

Business sentiment was little changed on the previous month, but the bank said “hard Brexit” rhetoric from the UK and the protectionist policy actions in the US since the survey was carried out were “unlikely to provide much comfort” to businesses.

The bank found 37 per cent of firms were planning to increase basic pay in the next 12 months, while 40 per cent of workers were expecting a pay rise.

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“The January survey results indicate that one in four is likely to buy a car in the next 12 months. This bodes well for new sales in 2017, though the continued weakness of the pound may see further used imports from the UK,” said Bank of Ireland group chief economist Loretta O’Sullivan.

The Economic Pulse surveys are conducted by Ipsos MRBI on behalf of Bank of Ireland with 1,000 households and more than 2,000 businesses asked about a range of topics including the economy, their financial situation, spending plans, house price expectations and business activity.

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