The latest quarterly Business Monitor (July – September 2013) from InterTradeIreland has revealed signs of a broadening recovery across the island. Results also show a steep rise in the percentage of businesses that are reporting increased sales in both Ireland and Northern Ireland, with this quarter’s percentage being the highest since 2007 (31%). Furthermore, 26% of businesses are in growth mode, with more businesses in Ireland (28%) reporting that they are in growth position than those in Northern Ireland (21%), which is a reversal in recent trends.
This quarter’s report also highlights that there are fewer businesses indicating that a reduction in demand for goods and services and business and consumer confidence are an issue. However, more companies are reporting that the recruitment of appropriate skills is an issue.
Commenting on the Q3 2013 Business Monitor findings, Aidan Gough, strategy and policy director at InterTradeIreland said: “It is encouraging that firms across the island across a wide range of sectors are experiencing an improved business performance. Over the last few quarters, we have seen signs of economic improvement with more firms moving into stabilisation. This quarter we observe a broadening recovery with more businesses moving from stabilisation to a position of growth.”
Businesses in Ireland are also showing increased optimism with a more positive outlook than NI firms with regards to increasing employment and sales levels over next 12 months.
Interviews are conducted with business owner’s from 750 SMEs in Northern Ireland and Ireland.