85% Of Businesses In Ireland Are Not Growing

25 May 2012 15:30 - Victoria Wedderburn

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85% Of Businesses In Ireland Are Not Growing

According to the latest Business Monitor for Q1 2012 issued by InterTradeIreland, 85% of businesses across Ireland are not growing. Only 13% of those surveyed are either growing or expanding. The survey highlights that overall sales performance figures remain negative on balance this quarter with 22% of businesses reporting an increase in sales but 37% seeing a decline. These figures show a slight improvement on the last quarter when the respective figures for sales increases stood at 18% and decreases stood at 41%.

The survey shows that businesses about the underlying reasons for the continued strain that they are experiencing. Lack of demand for their products or services is cited by almost two thirds of businesses on the island and rising costs by around four fifths. These combined issues to continue to have a knock on effect on cash flow, suggesting that the rest of 2012 is likely to be a difficult trading environment across the country. 

Aidan Gough, director of strategy and policy for InterTradeIreland, says of the findings, “The fact that after three years still only 15% of businesses are in growth mode shows the protracted nature of the current situation. Businesses however are adapting to the new economic reality and are actively reducing internal costs and pricing their products and services more keenly. Businesses believe that Government can best help the situation by reducing taxes and improving access to finance.”

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Related Links:
• InterTradeIreland
Business Monitor for Q1 2012
• Latest News
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