Irish businesses are optimistic about growing their market reach abroad in the coming 12 months in spite of ongoing concerns around Brexit.
This is according to a new report commisioned by Grant Thornton which surveyed 10,000 mid-market businesses globally across 29 economies, including Ireland, in in the second half of 2020. The figures are based on survey of 64 Irish businesses for Grant Thornton Ireland.
The research shows that almost a third (31%) of Irish businesses expect to grow their exports in the coming 12 months while just 9% of businesses surveyed said they expected their exports to decrease. In addition, 27% of businesses expect to grow their revenue from non-domestic markets with 16% of businesses also expecting to increase the number of non-domestic markets they sell to.
Speaking of the latest findings, Managing Partner at Grant Thornton Ireland, Mick McAteer said, "With more than a quarter of businesses expecting to grow their revenue in non-domestic markets, it suggests that although the UK’s exit from the EU single market will impact Irish businesses, they remain confident they can weather that storm. What’s great to see is that in addition to the businesses expecting revenue growth from abroad, their optimism for the Irish economy is also notable. Grant Thornton research shows that 61% of businesses surveyed are optimistic about the Irish economy over the coming 12 months."
He added, "Really, this data shows the resilience of Irish businesses having weathered what we hope has been the worst of the pandemic and as they face the knock-on effects of Brexit over the coming year."