- Business confidence drops by 5%.
- Brexit and economic uncertainty biggest issue for SMEs
- 28% of businesses have inadequate broadband.
- 58% of businesses expect to increase wage rates.
- 83% of businesses report an increase to their motor insurance.
The results of the ISME Quarterly Business Trends Survey for Q2’18 released today (14th August) show a slight improvement on Q1’18. 7 out of 12 confidence indicators showed declines, an improvement on 10 out of 12 in the previous quarter. Business Confidence continues to decline dropping by a further 5% this quarter. Brexit remains the biggest concern for SMEs followed by Economic Uncertainty.
The Trends report also captures data on employee pay, broadband services and business and motor insurance costs in the SME sector. Today’s report highlights the continued rise in insurance premiums and the latest pay expectations in the SME sector.
Commenting on the results, ISME CEO, Neil McDonnell said “Today’s results show a slight improvement on Q1’18. Business Confidence and Profitability Expectations are down 5% and 11% respectively on last quarter, while Exports show an increase of 11%. Today’s report demonstrates the need for government to investment more in our indigenous economy, and put SMEs first. Budget 2019 must boost the domestic economy”
“Our report also shows the negative impacts of Brexit, inefficient broadband services and the continued extortionate cost of insurance premiums. We reiterate the need for the Central Bank to publish transparent, granular cost data on insurance companies similar to that historically provided by its ‘Blue Book’”.
“On the positive side, 58% of businesses expect to increase wages, showing that when businesses are in a position to increase pay, they will.”
Full report can be found here
For further information, please contact
Neil McDonnell, Chief Executive
T: 01 6622755,
M: 087 2995658