Business confidence at highest point of 2009

BUSINESS confidence has risen despite the recession, a new survey has found.

It has climbed to its strongest point since the start of 2009, with 64% of businesses surveyed feeling confident about the future of their business from a financial perspective, compared to 52% in the first quarter.

And a higher percentage of companies said they do not expect to shed jobs in the next 12 months compared to previous quarters.

Almost 200 small and medium enterprises, as well as leading multi-national corporations based in the region, were surveyed as part of the Cork Chamber economic trends survey for Q3.

The results show a clear improvement in sentiment about the business environment, despite trading conditions remaining difficult, chamber president Ger O’Mahoney said.

“It is also encouraging to note that with regards to obtaining credit, our survey shows that fewer businesses feel they are being curtailed by credit restrictions compared to nine months ago,” he said.

“Only a quarter of companies feel they need more credit, compared to over 40% in Q1.

“Things are moving in the right direction.”

Generating business continues to be highlighted as the single biggest challenge facing companies.

The survey showed that 78% of companies surveyed recorded a decrease in turnover over the last 12 months.