Ireland's economic confidence remains the highest in Europe reflecting the strong post Covid recovery and the prospect of further economic growth this year according to ACCA’s latest Global Economic Conditions Survey.
The professional accountancy body said that the further re-opening of the economy along with the continued strong export performance has played a significant role in maintaining the high levels of economic confidence amongst businesses.
The report, jointly published by ACCA and Institute of Management Accountants, revealed that while Irish economic confidence experienced a marginal dip of 1%, it still remains close to the record levels seen in Q2 of 2021.
That consistent economic confidence continues to outperform neighbouring regions and countries with the UK seeing confidence fall by 11.5% in Q3 and the Western European region falling by 12%.
Whilst confidence levels remain high in Ireland, the report warns of mounting challenges in the months ahead as global supply chain issues persist and costs continue to rise along with the ongoing presence of the delta variant.
Caitriona Allis, Head of ACCA Ireland said, "The robust economic confidence in Ireland is reflective of the resilience of Irish businesses, their prudent approach to addressing the challenges of the pandemic and navigating supply chain issues which continue to hamper operations."
"With confidence remaining close to the record levels seen in Q2 of 2021, the economic outlook for the rest of the year remains promising and the measures put in place by the Government in the budget such as the extension of the wage subsidy scheme will further support businesses."
"However, with the optimism comes caution as many businesses will be impacted by continued supply chain disruption and rising utility costs this winter which may temper economic confidence and growth."
