Irish businesses are more optimistic about their economic future in 2013 than they were 12 months ago, according to the Grant Thornton International Business Report (IBR) 2013.
The latest data from the IBR, which surveys managers from 12,000 private businesses in 44 countries, shows that 36 per cent of Irish senior executives are optimistic about the country’s economic prospects. This is a 6 per cent improvement compared to 2012.
Patrick Burke, partner at Grant Thornton, believes businesses have reason to be optimistic.
“After five years of toil, Irish businesses are more cost efficient and lean, with sentiment reflecting this trend. The improving outlook on jobs and investment is particularly welcome, but we have a long way to go,” he said.
Irish businesses will continue to invest in talent, with 92 per cent of those surveyed expecting employment to increase or at least remain the same in 2013. The report indicates that Ireland remains first in the world for the availability of skilled labour for the second year running.
There was also positive sentiment regarding the Irish export market, with 36 per cent optimistic of growth in the sector. Ireland ranked fourth out of the 44 countries surveyed in this area.
However the Irish business sector still faces challenges as the Government continues to tackle the debt burden and unresolved public sector pension deficit. According to the report, higher taxes and the knock-on effect on consumer spending could hinder growth.
