Minimum rates of pay for workers in the construction sector are set to rise by 5.4% while rates in the electrical sector will increase by 2.7%.

Chemists, electrical goods retailers and hardware outlets are the big winners from a continued rise in consumer spending levels over the past three months, while pubs and bars largely lost out.

The business body says recent increases are costing small companies over €20,000.

It says there's been too much focus on foreign direct investment from multinationals, despite the fact that small homegrown businesses account for 98% of companies here.