Ireland’s fast rate of business growth may be entering a more mature phase of growth, according to figures published today by business and credit risk analyst Vision-net. The number of new business and company start-ups decreased by -7% in the first three quarters of 2018 (1 January-30 September).
Limerick was the only county in the top five to record an increase of more than +0.5% in the first nine months of the year, with company start-ups increasing by +15% (632 vs 549). Dublin, while the most popular county for new start-ups, recorded only a small increase of less than +0.5% (7,659 vs 7,635).
In the third quarter of 2018 alone, new business and company start-ups decreased by -10% on the third quarter 2017 (10,343 vs 11,520).
Commenting on the figures, Managing Director of Vision-net, Christine Cullen said, "While the slowdown in new business and company start-ups may come as a surprise to some, when combined with the decrease in insolvencies, the trend suggests that Ireland’s economy is in fact reaching a mature growth phase."
She added, "New companies that survived the post-recession bounce-back are now established and operating well in their markets. Our European-level data suggests the rate of new start-ups is now on a par with high performing economies such as Switzerland and is even ahead of Germany, the EU’s largest economy."