Issue 606 (Week ending 18/10/2023)

Commenting on the Q3 figures, Christine Cullen, Managing Director of CRIFVision-net said:

'Examining the third quarter of this year against last year presents a peculiar picture. Despite the presence of several global challenges, the determination of local entrepreneurs remains unwavering, showing a robust willingness to invest in new ventures.

The persistent nature of inflation however has emerged as a notable factor contributing to the elevated insolvency rates. Inflation persistence has prompted challenges for businesses, particularly around areas like repayments, given the backdrop of elevated prices and the rising interest rate environment. This interplay between inflation and interest rates has undoubtedly had an influence on the insolvency landscape.

Looking ahead to the final quarter of the year and into 2024, as we prepare for the budget this week, it is increasingly crucial for the government to provide robust supports to businesses. These supports can help cushion the impact of inflation and interest rate fallout.

In the broader context, Ireland's economic outlook continues to be optimistic, as seen through the growth in startups. The resilience of its entrepreneurial spirit, coupled with a potentially improving inflationary landscape, provides reasons to be positive. While challenges persist, there's an underlying sense of confidence that Ireland's business community will continue to adapt and thrive amid the challenges, especially with supports in place.'