| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Feb 22, 2011 - 7:26 AM

All-Ireland survey shows costs rising for business; Economic recovery amongst exporters likely to be jobless
By Finfacts Team
Feb 21, 2011 - 3:27 AM

Email this article
 Printer friendly page

The results of an all-Ireland business survey shows that while competiveness has improved, global cost pressures are making a difficult trading environment even tougher. 50% of businesses have witnessed an increase in supplier costs compared with 12 months ago. The survey also shows that the economic recovery amongst exporters is likely to be jobless.

The poll of more than 1,000 cross-border business managers, shows that 69% of businesses have seen an increase in energy costs, with 59% experiencing an increase in transport costs and 57% experiencing an increase in rates and taxes. Similarly, 49% have seen an increase in the cost of insurance and professional fees. In summary, 82% of business North and South do not expect any decrease in the cost of doing business over the next 12 months.

On the positive side, businesses located in the South are shopping around with 37% of businesses having switched electricity supplier. The research, which was undertaken by Perceptive Insight and Oxford Economics on behalf of InterTradeIreland over October to December, also indicates that while export companies are increasing revenues (28%), that this is not resulting in job creation, with only 7% increasing employment pointing to a jobless recovery.

On the export side, companies are twice as likely to have increased sales as those focused on the domestic market and 44% are expecting an increase in sales over the next 12 months.

InterTradeIreland was established under the terms of the 1998 Belfast Agreement, as the all-island Trade & Business Development Body, with the remit to "exchange information and co-ordinate work on trade, business development and related matters, in areas where the two administrations specifically agree it would be in their mutual interest." It is the only organisation which supports SMEs across the island to develop North/South trade and business development opportunities for the mutual benefit of both economies.

Commenting on the findings of the report, Aidan Gough, director of Strategy and Policy at InterTradeIreland said,
“Improvements in cost competitiveness are in danger of being jeopardized as companies are indicating that they are experiencing rising costs from many of their suppliers, coupled with rising energy and transportation costs. The imperative is to ensure that Ireland remains competitive especially where we have control over costs in relation to rates and taxes.

While exports will drive economic growth, it is equally disappointing to learn that this recovery is likely to be jobless, with exporters experiencing revenue growth but unlikely to increase employee numbers over the medium term. There is considerably better prospects for those companies that are exporting which points further to the need, more than ever, for increased trade between North and South.

The period under review has clearly been a challenging one for businesses across Ireland and has been one of the least optimistic that we have seen since we commenced reviewing sentiment amongst businesses across Ireland. However, this may reflect the adverse weather and the arrival of the IMF in November.”

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March