Confidence In Irish Economy Trebles

Confidence in the Irish economy has almost trebled since last year, according to figures released by the Department for Jobs.

86% of Irish CEOs are positive about the outlook for Ireland's economy, up from 31% last year, while 77% are optimistic about the future prospects for their own businesses, up from 44% last year.

This optimism is evident in the fact that 77% expect revenue growth and 69% expect profit growth, up from 56% and 53% respectively on last year.

The survey said that much of the growth is fuelled by opportunities in 'existing' markets. 60% are planning expansion in existing domestic or foreign markets and 10% plan to target new geographic markets. 19% are looking to new product or service innovations and 10% see opportunities through M&As/joint ventures.

58% of respondents said their businesses were in better financial health now compared to before to the financial crisis five years ago.

Despite this, 23% feel they are in a worse position and 86% of CEOs have said increasing taxes are a burden. Other challenges include rising labour costs (81%) and the availability of key skills (69%).

Jobs Minister Richard Bruton said: "At the centre of the Government’s Action Plan for Jobs is supporting the transition from the old unsustainable economy to a new growing economy based on enterprise and innovation. This transition, which has been underway for over three years now, has been painful for many workers and businesses, but it is becoming increasingly clear that it is starting to deliver concrete results across the economy. The CEO Pulse Survey published by PwC today is a very welcome addition to our understanding of what is happening in the economy, and is the latest in a growing number of signs that the jobs recovery which has started over the last two years is set to broaden and deepen. We in Government will continue to make the changes necessary to make Ireland the best country in the world for enterprise, and support businesses to create the jobs we need."

(IT/CD)