The economy across the island of Ireland is in a healthy position, with 40% of businesses in growth mode and 54% reporting stability. This is according to the latest quarterly (Oct-Dec 2017) InterTradeIreland Business Monitor Report.

However, a breakdown of the figures reveals that significantly more firms in ROI are enjoying growth (45%) compared to 28% in NI. Despite the high levels of growth, and the fact that 85% of firms are reporting to be working at or close to full capacity, only a small number of firms reported an increase in employment, a fact that might be explained by the large number which are operating on relatively low margins.

According to the research, 98% of businesses are still saying they are not formally planning for Brexit. However, InterTradeIreland are encouraged by the fact that an increasing number of firms with cross-border sales are revealed as having started informal preparations. Over 40% have discussed Brexit impacts with other businesses and 34% have held internal meetings.

Commenting on the report, InterTradeIreland’s Strategy and Policy Director, Aidan Gough said, "Overall there is a healthy business environment on the island, with an impressive 94% of companies reporting they are in a position of either stability or growth, and 84% indicating they are working close to or at full capacity."

He added, "While this may be a harbinger of inflationary pressures to come, it could also signal an unwillingness to invest, perhaps, until the uncertainty around the future trading relationship between Britain and the EU becomes clearer."

Source: www.businessworld.ie