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Half of all Irish firms in "survival mode"

12-20-2011 11:27 BJT

DUBLIN, Dec. 19 (Xinhua) -- One in every two Irish businesses is in survival mode, according to a survey from InterTradeIreland, a trade promotion organization, published on Monday.

The business monitor survey also showed the growth plans of one in three enterprises are restricted by a lack of access to finance. Meanwhile, only one in 10 businesses approached their banks for funding.

The survey said businesses have seen a decline in sales and cash flow, with a perceived lack of access to finance from the banking system.

Director of strategy and policy at InterTradeIreland, Aidan Gough, said that businesses are experiencing a vicious circle of decline; a decline in customers, a fall in confidence and a contraction in cash.

Smaller businesses, with 10 or fewer employees are having the hardest time, according to the survey, with 48 percent saying there has been a decline in demand.

Almost half of the small businesses surveyed said that they were either struggling to survive, shrinking, or winding up entirely.

Meanwhile, just six percent said they would be hiring new staff in the near future.

Retail, leisure and services sectors are continuing struggle, with retail businesses reporting a substantial drop in footfalls.

Just 4 percent of businesses say that the economic downturn has had a positive impact on their business while 36 percent report it has had a moderate adverse impact and 53 percent have been severely affected.

 

Editor:Zhang Pengfei |Source: Xinhua

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