Jim Power: The Irish economy may seem to be doing well, but not so for small firms

The mood could be characterised as pretty downbeat.

Business owners and managers spoke about a very cautious consumer searching for value who is reluctant to spend, about onerous costs, staffing issues, and an inability to pass on higher prices that implies their margins are under severe pressure.

Understanding what is really going on in the Irish economy is always a challenge, and not just because of the distortions contained within the GDP metric.

On the surface, the Irish economy appears to be doing very well: Unemployment at 4.3%; employment at a record 2.7m people; tax revenues reaching record levels last year; and Vat receipts still flowing strong this year despite pressure on corporation tax revenues.