Irish start-up figures continue to grow despite Brexit uncertainty
Latest figures from business and credit risk analyst CRIF Vision-net show that Ireland’s economy continues to grow, despite mounting Brexit uncertainty.
The new quarterly figures published today, reveal a growth of 5,010 new companies in Q3 2019, bringing the total number of start-ups in Ireland to 17,160.
An average of 55 new companies were formed every day in the first nine months of the year, with Dublin (7,127 start-ups, 41.5%), Cork (1,498, 8.7%), Galway (602 start-ups, 3,5%), Limerick (514 start-ups, 3%) and Kildare (489 start-ups, 2.8%) experiencing the highest levels of growth.
According to Christine Cullen, Managing Director of CRIF Vision-Net:
“Current environments are undoubtedly taking their toll on businesses as we experience an increase in insolvencies. Insolvencies are particularly acute amongst businesses six years old or less. Year on year, insolvencies amongst these early stage companies account for close to a third of all insolvencies. Budget 2020 included some positive measures for Irish SMEs toward navigating the uncertainty of Brexit, however the lack of new supports for entrepreneurship represented a missed opportunity. To this end, we must ask are Irish policymakers doing enough to support and incentivise these early stage businesses.”
Read more on www.crif.ie