Survey Results
In the third Economic Trends survey of 2022, Cork Chamber asked members about their experience in the most recent business quarter, Q3 2022 (July, August, September), on the business outlook for the fourth quarter of 2022 and on the impact of energy and inflation on business. This Economic Trends Survey captures a snapshot of business experiences and of the overall operating landscape over the summer months in a period which saw the publication of the Government’s Budget 2023 and continued challenges with the rising cost of energy and inflation.
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Responding members expressed their views on rising energy prices and measures they are taking to combat these challenges.
Emerging from these findings, Economic Trends Q3 2022 also shares a picture of how member companies are adapting to the evolving situation and the implications for employment outlook, turnover and net profit and business growth.
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Despite threats to business growth and a dip in confidence in the broader Irish Economy (to 51%), it is positive to note a high level of personal business confidence from an overall financial perspective among the Cork business community reported at 85%, although down from 90% in the last quarter Q2 2022 and a high of 91% in the same quarter last year.
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Inflation and the energy crisis are impacting confidence in the Irish economy with a marked fall in confidence.
For the first time in 2022 a majority of businesses are now not confident in the Irish economy (51%).
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Expected Changes to Employee Numbers
Over next 12 months
A tight but a possibly more stable labour market is evident in Q3 2022 with 38% of respondents reporting company employee numbers increased in Q3 2022, 53% stayed the same and 9% reported a decrease.
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Top barriers to filling vacancies
Currently Advertised
Specialist skills shortages remain the main factor affecting companies’ recruitment efforts, although down from 66% in Q2, 43% of companies were having difficulty hiring for unfilled roles in Q3.
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- Changing Consumer Spending/ Reduced Orders
- Cost of Energy and Raw Materials
- Competitiveness
‘Other’ threats include Geopolitical - war in Ukraine (8%), Cyber Attacks (5%), Stability of Capital Markets (5%), Levels of Taxation (4%), Over-Regulation (4%) and Managing Cashflow (4%).
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St Vincent de Paul is this quarter's nominated charity to receive a €200 gift card.
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