The first economic trends survey of 2019 reports on member experiences during January, February and March. This quarterly survey gathers information across a range of metrics to assess business confidence, the operating landscape, skills and the overall perspectives of business at the commencement of the year. The Q1 survey included a focus on international market diversification and the influence of trade agreements on SME business practices.
INTERNATIONAL TRADE / ACCESSING NEW MARKETS
The Q1 survey asked business about their engagement with international policy and trade agreements and whether these are influencers of strategy and decision making, 50% of responding businesses indicated their proactive engagement, with 34% indicating no influence.
“We encourage businesses to increase engagement with EU policy and Trade Agreements especially in light of Brexit. Internationalisation outside of the UK is key and as a nation we are now acutely aware of the benefits to strong and diverse markets. CETA, the EU trade agreement between the EU and Canada is an excellent example of offering cuts in tariffs and making it less cumbersome to export goods and services."
Katherine Fitzpatrick, Director of International Relations
BUSINESS CONFIDENCE
Q1 reports a rise in business confidence, from 92% in Q4 2018 to an even healthier 96%. This is reflective of the earlier Q3 2018 sentiment.
“The Q1 2019 shows a rise in business confidence to a very healthy 96% from the Cork business community, with 80% of businesses expecting an increase in turnover over the next 12 months. With the construction activity increasing in the city there is consistently strong sentiment here as our city grows at pace."
Respondents also reported on their recruitment forecasts. Over Q1 2019, 39% of businesses indicated an increase in employee numbers with 53% indicating an increase over the next 12 months.
Currently, 51% of business have vacancies advertised, 34% of these remaining unfilled for greater than 3 months since the initial advertisement. These vacancies are mostly in the engineering and surveying, hospitality and finance sectors.
“Brexit remains the number one threat to business. We need to prepare for the possibility
of a hard Brexit, even with the talk of further extensions. It is critical that we increase our preparedness and take this as an opportunity to do just that.”
Katherine Fitzpatrick, Director of International Relations
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