Irish businesses are showing increasing uncertainty about the future but are still confident of their ability to grow, according to a survey of business sentiment from IIB Bank and the ICAI.

The survey shows that while businesses are showing more concern about the country's general economic trends, they remain upbeat about their own company's future.

About 40% of businesses have become less optimistic about the economy's prospects in the last three months, which is more than double the number that believe there will be increased prosperity.

The survey also revealed that Irish business has doubts about the spending and tax proposals that were unveiled in the run-up to the election.

One in seven firms felt the proposals were cautious or reasonable, nearly 50% said they were slightly optimistic and another 20% believed they were extremely optimistic.

The survey finds that companies are not looking for an economic quick-fix from the new government.

However, infrastructure, taxation and suitable migration policies are identified as critical issues.