The final economic trends survey of 2020 captures the sentiment of the Cork business community during October, November and December, a time when we moved into Ireland’s second level 5 lockdown, commencing in October and finishing on December 01, while also the final quarter ahead of concluding the EU-UK transition period. We report on business experiences, the outlook on the first quarter of 2021, and the overall operating landscape in the context of Brexit and Covid. Additionally, the survey explores business resilience and sustainability, and the activities being adopted to address these critical considerations.
LONG TERM RESILIENCE PLANNING
"On Brexit, 38% indicate their businesses will be affected by the increased cost of sourcing products/supplies from the UK post Brexit, or VAT charges, with the issues of customs delays now presenting as particularly challenging. Everything must be done to support businesses affected by Brexit."
“It’s been an incredibly tough 2020 on businesses in the region, and while we’re certainly not there yet, it’s very encouraging to see 83% of businesses reporting confidence, up from 68% in the previous quarter. " Paula Cogan, President Cork Chamber.
For the same quarter in 2019, 55% of respondents expected an increase to employee numbers over the coming 12 months.
Finally, 27% of respondents indicated a reduction in employee numbers in Q4 2020, while 24% noted an increase. For context, 36% of respondents in the same quarter in 2019 indicated an increase to employee numbers, with just 7% indicating a reduction.
As with the previous quarter, Covid-19 ranked as the very definitive top threat to business growth. Surprisingly, Brexit did not feature in the top 3 ranking.
Our thanks to everyone taking the time to complete this survey. Your feedback helps us build a more resilient economy for Cork. The winner of our Q4 participants prize is Don Mullins, Sales Director of National Business Machines Ltd who will receive a €100 Cork Chamber giftcard.
