Business sector in Ireland is set to recover from COVID-19 collapse; Figures show that new start-ups are emerging in the country

DUBLIN: Indications are that the business sector is recovering from the collapse of the COVID-19 pandemic. Credit risk analyst CRIFVision-net shows reveals that new startups are emerging in the country despite the crisis.

The growth of Irish start-ups is showing signs of recovering from the pandemic. This analysis also gives hope that the days of progress and recovery are ahead.

The country saw a significant drop in new startup registrations in the second quarter of the year as a result of COVID-19. However, figures show that the company’s start-ups increased by 37% in the third quarter of 2020.

A total of 5,482 new companies were registered in the three months from July to September. This is an increase of 3% over the previous year. However, despite this increase, the analysis shows that the total number of startups this year is down 12% compared to 2019.

Most of the new company startups are related to law, accounting and business. A total of 990 new registrations were made. This is 14% less than last year.

Wholesale and retail sales also grew in the third quarter of this year, with 682 new start-up registrations compared to 460 in 2019. This is an increase of 48% over the previous year.

There were 127 new companies in the agriculture sector, 110 in the education sector and 12 in the fisheries sector. The overall insolvency levels for year to date are down compared to 2019 – 419 compared to 481.

But in the third quarter, the rate increased. It was 153 in the third quarter last year and 179 this year. CRIFVision-net says this is due to the reopening of the courts. Christine Cullen, Managing Director of CRIFVision-net, said that the SME sector in Ireland has played a crucial role in the recovery of the economy in a post COVID world.