Ireland continues to innovate consistently, driving its efforts to stay ahead of the transformative curve through a comprehensive, multi-faceted approach. This strategy emphasises the importance of research and development, and harnesses the power of digital transformation. It also providing robust support for start-ups, and aims to modernise various industries. By intertwining these elements, Ireland is not only positioning itself as a leader in innovation but also fostering an environment that encourages growth, collaboration, and forward-thinking solutions across multiple sectors. Our businesses are certainly optimistic about applying new ways of working - and we will continue to assist when the opportunities present themselves.
Here are some powerful statistics highlighting the strong position of Ireland's small businesses: Small and medium enterprises (SMEs) constitute more than 97% of all businesses in Ireland, with around 272,531 SMEs operational as of 2020. Small businesses have surged by over 50% in the past ten years, currently providing jobs for approximately 54% of the private sector workforce outside of agriculture. In 2020, SMEs accounted for 41.9% of total business turnover and 34.5% of gross value added (GVA), underscoring their substantial economic influence. Despite facing significant challenges such as rising costs and ongoing labour shortages, an impressive 88% of small and medium-sized enterprises (SMEs) in Ireland continue to express a strong sense of optimism regarding their prospects for 2025. This positive outlook is further underscored by a notable 92% of these businesses planning to invest additional resources in their operations. Their focus is particularly directed towards enhancing their capabilities through advancements in digital technology and artificial intelligence, highlighting their commitment to innovation and growth in an increasingly competitive marketplace. The Irish economy is anticipated to expand by approximately 4% in 2025, bolstered by a robust labour market and low inflation, fostering a conducive atmosphere for the growth of SMEs. Government support through Budget 2025 includes €170 million in grants, tax reliefs, and funding to help SMEs innovate, improve energy efficiency, and adopt digital solutions. These data points, when viewed collectively, illustrate a compelling narrative that Irish small businesses are not only resilient and ambitious but also exceptionally well-positioned for growth, even in the face of various external pressures. This combination of determination and strategic planning showcases their ability to adapt and thrive in a challenging economic landscape, highlighting their potential to not only survive but also prosper as they navigate obstacles.
The Irish economy could experience a downturn even if the US tariffs previously suggested by former President Trump are averted, owing to several inherent weaknesses and external challenges. While Ireland continues to enjoy solid economic growth—with GDP projections around 4% for 2025 and strong domestic demand—there are considerable obstacles. The nation is significantly influenced by US trade policies, as nearly a third of its exports are destined for the US, rendering it especially susceptible to any trade disruptions. Even in the absence of tariffs, sluggish global growth and geopolitical uncertainties could weaken demand for Irish exports, particularly in vital sectors such as pharmaceuticals and food, which are essential for the economy.