Businesses see revenues fall even as economy reopens

Businesses in the State saw sales fall by more than 30 per cent in August, even as the economy reopened to a large part, with worse expected for the final quarter of 2020, according to a survey from business representative body Chambers Ireland.

In the fifth survey in this series, and the first since most of the economy has reopened, businesses have said they expect revenue to be 36 per cent lower in the coming quarter compared to the same period last year.

Businesses also report that they are having increasing problems in meeting their debt obligations. As many as 50 per cent of microenterprises say they are having difficulty receiving payments for outstanding invoices. Meanwhile, 47 per cent of companies that issue invoices are having difficult getting paid.

More than 860 responses were received for this survey which was conducted before any new restrictions in Dublin were imposed.

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“If we enter a phase where we swing between restrictions and relaxations the impact on the business community will be significantly worse that the outlook presented in today’s research,” noted Mr Talbot.