‘Dramatic effect’ of pandemic on Irish businesses still being felt

CSO report published amid warnings that the full impact of the pandemic on businesses is only being felt this year. Photograph: iStockThe Covid-19 pandemic had a dramatic effect on Irish businesses, a new publication from the Central Statistics Office shows, with some 24 per cent of the companies responding to its surveys in April and May 2020 temporarily or permanently ceasing trading.

Its report is published amid warnings that the full impact of the pandemic on businesses is only being felt this year. Restrictions imposed to curb the spread of the virus triggered the highest seasonally adjusted monthly decrease in the volume of retail sales in April 2020, with sales falling 37.3 per cent that month. This was followed by sharp recoveries in May and June of that year as the economy reopened. The impact of restrictions on the sector was not as severe in subsequent lockdowns.

There were 291,489 active enterprises in the non-financial Irish business economy in 2020, with 1,598,643 people engaged in total, and a collective turnover of €816 billion. Services enterprises represented 37.3 per cent of this total, while industrial enterprises accounted for 36.7 per cent.

Source: News Formal (newsformal.com)

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