Half of CEOs believe economic growth in Ireland will decline

More than half (53%) see changes in regulation impacting profitability followed by labour/skills shortages

More than half of Irish CEOs believe economic growth in Ireland will decline over the next 12 months while 85% are confident about their own company’s prospects for revenue growth. 

According to PWC's annual CEO survey, just a third of company heads believe Ireland’s economy will improve in the year. Changes in regulation impacting profitability followed by labour shortages, technology disruptors and changing customer demand were the main challenges to profitability. 

In response to the current economic climate, Irish CEOs are looking to cut costs and spur revenue growth. 78% have already cut operating costs or are considering doing so in the year ahead while 75% have already raised prices of products or services or are considering doing so.

Feargal O’Rourke, Managing Partner, PwC Ireland, said that despite the many uncertainties and risks impacting our economy, the survey suggests that Irish CEOs are confident about their own businesses. “And while there are headwinds, Ireland’s economy remains in a good position," he said.

"With strong fiscal returns, continued foreign direct investment flows, a thriving export sector, high employment levels and indications that inflation may be easing, there are solid reasons why Irish CEOs have a more positive outlook than many of their global peers.

“For business leaders, striking the right balance between mitigating immediate threats and reinventing their businesses for the future will be a key ingredient for sustainable business growth.”

The study reveals that Irish CEOs are seeing multiple direct challenges to profitability within their own industries over the next 10 years. More than half (53%) see changes in regulation impacting profitability followed by labour/skills shortages (51%), technology disruptors (advanced tech, AI, metaverse, blockchain etc) and changing customer demand/preferences (49%).