SFA report decline in Irish economy

THE Irish economy has taken a turn for the worse in the past three months and many businesses are consolidating or retrenching, according to new research from the Small Firms Association.

In its Autumn Economic Outlook, the SFA says there was clear evidence that the business climate was not improving with a significant decline in investment with corporate spending at a ten year low.

SFA director Pat Delaney says the change in economic climate has brought a number of problems out, particularly the competitiveness of Ireland. He said high inflation, wage rate increases outstripping productivity and the strong euro are all harming Irish business.