CSO study reveals business impact of Covid-19 so far

Almost a quarter of businesses surveyed by the CSO have ceased trading temporarily and more than a third have let staff go. Crucially, however, 76pc of enterprises continue to trade.

The Central Statistics Office’s (CSO) Business Impact of Covid-19 Survey was sent to a sample of 3,000 businesses with a response rate of 26.4pc. The study was conducted between 20 and 24 April.

In response to Covid-19, 69pc of businesses have implemented some form of remote working.

“In construction, 70.8pc of enterprises had ceased trading either temporarily or permanently, while in accommodation and foodservices 88.1pc had ceased trading”

“The results show that of the enterprises that responded to the Business Impact of Covid-19 Survey, 23.3pc had ceased trading temporarily during the period 16 March to 19 April, 0.6pc had ceased trading permanently, and 76.0pc continued to trade,” said CSO statistician Colin Hanley.

Covid-19 has impacted sectors differently

“In construction, 70.8pc of enterprises had ceased trading either temporarily or permanently, while in accommodation and foodservices 88.1pc had ceased trading,” Hanley said.

Of the Government supports available to businesses, 47.1pc said they had utilised the Revenue Temporary Wage Subsidy Scheme, while 51.6pc stated that they had not availed of any supports.

The second wave of the CSO’s Business Impact of Covid-19 Survey is being collected next week, between 5 and 8 May.

This wave will include additional questions asking businesses for information on price changes, cashflow management, and innovations adopted as a result of the Covid-19 crisis.

Written by John Kennedy (john.kennedy3@boi.com)

Published: 1 May, 2020