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Firms lack confidence in Irish economy

Thursday, October 11 10:37:08

Businesses are confident in their own futures but perceptions about the economy as a whole are not as strong, according to Dublin Chamber President, Patrick Coveney.

His comments were based upon Dublin Chamber's quarterly survey which found that the six of seven businesses expected that their levels of business will remain stable (42pc) or increase (46pc) in the next three months.

Mr Coveney was speaking ahead of his address to 1,800 business people at Dublin Chamber's Annual Dinner in the Convention Centre this evening.

"Half of businesses are expecting that their level of activity to grow next quarter," said Mr Coveney. "Yet their confidence dissipates when it comes to the economy more broadly - with less than one in five of businesses more confident about the economy today than they were three months ago. We have become more confident in our own businesses, but not yet more confident in our wider economy. Why is this?"

"The aggregate recovery is not lifting all boats. We do not have a homogenous economy. The food, pharma, and technology exporting industries are charging ahead at double digit growth levels. But for domestic businesses - in retail, in construction, in local services, in banking, in many parts of the public sector - revenues and personal incomes are nowhere near flat; they have gone back. Business will lead where we can and follow government where necessary."

One such way that business can lead, according to Mr Coveney, was a new Chamber initiative entitled 'Activating Dublin'. Where the Chamber will be working in partnership with Dublin City Council to develop a shared vision and action plan for Dublin. Mr Coveney said, "the quality of the city's infrastructure has improved enormously, with additional rail facilities, road access, the Convention Centre, the IFSC, numerous high quality sporting and cultural venues, an upgraded port, and an airport now future-proofed for 30 years. Our challenge now has moved from infrastructure provision to infrastructure activation and getting the most value from these investments to the benefit of domestic businesses. Dublin must be a good place to work, but critically in an open global economy also a great place to live and visit. We need more people to want to stay, spend, create, celebrate, do business, and advocate for Dublin."