The number of new restaurants grew by almost a third last year despite the worsening economic climate, a survey revealed today.
Expansion was linked to changes in Irish consumption patterns, increased expenditure on food and the growth in food retailers throughout the country, the Bank of Ireland said.
Economists reported 18,740 new companies in all industries formed in 2007, many in Dublin satellite towns in Louth and Kildare, with the growth in new business remaining strong.
Experts are warning of tougher times ahead, however, due to increased competition, stringent legislation and high energy costs. Overall, there was a 2 per cent decline in the number of new businesses.
Construction and real estate remain the most popular start-up business sectors, though they are down a quarter on 2006. There were 6,996 new businesses registered in Dublin last year. Counties Galway and Limerick both experienced a slowdown, while Cork was second in popularity to the capital.