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the shadow of the pandemic, most businesses had hoped for a period of relative stability and recovery. However, the latest IBR data shows the impact that the war in Ukraine and associated increases in energy costs as well as market volatility has had on business sentiment and con dence.

“ is extended period of uncertainty has caused optimism levels to dip signi cantly as global economic instability shows no sign of abating and pressures mount in the economies of some of our biggest trading partners.

“Despite the overall downward trend, some solace may be found in that Irish businesses retain a level of optimism that is ahead of the average number in the EU at 43%.” said Mr McAteer.

According ,o the report, the cost of doing business is a growing concern for Irish companies. Ireland is among the top three countries globally worried about energy costs,

Up to 69% of Irish businesses now citing them as a key constraint. Labour costs are also a major concern as cited by 58% of businesses, up from 27% just two years ago.

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