Around 97% of Irish SMEs are planning to invest in their businesses over the next twelve months, according to new research from Bibby Financial Services Ireland.
The organisation's report shows that this investment will include up-skilling existing staff (77%), sales and marketing (63%), IT and digital technology (63%), and recruitment (60%).
Almost two-thirds (57%) of Irish small and medium businesses have seen sales increase in the past 12 months, while 30% said that sales have remained the same, and 13% cited a decline in sales.
Looking ahead, 58% of SMEs said that they are expecting sales to grow over the next year, and 31% are anticipating that sales will remain the same.
Economic Outlook
The report suggests that Irish SMEs are more confident in the strength of the domestic economy than the global one, with 67% describing the Irish economy as performing well, compared to 22% with respect to the global situation.
"In the face of global economic and political uncertainty, Ireland remains a stable, competitive and pro-business economy," said Mark O'Rourke, head of business at Bibby Financial Services Ireland.
“All economic indicators point to a strong economy and one that is primed for additional growth throughout the remainder of 2017 and 2018, whatever challenges are encountered."
Although 69% of respondents said that Brexit was the top threat to global economic growth in 2017, 92% said they were confident that the Irish economy will stay the same or improve over the next 12 months.
"In terms of the economic outlook, primary risks to the Irish recovery are external," added O'Rourke.
"In particular, Brexit will have an, as yet, unknown long-term impact. For the moment, the main impact is via the value of sterling. At the same time, there are positive developments externally, with the global economy, including the Eurozone, picking up momentum, which in turn is likely to boost Irish exports."
© 2016 - Checkout Magazine by Sarah Harford
