Survey finds 90 per cent of businesses experiencing decline in revenue

Galway Chamber calls on Government to give businesses and self-employed 'a lifeline immediately'

A Chambers Ireland network survey, which included responses from 200 businesses located in Galway, has found that 94 percent of businesses see their revenue declining over the coming three months.

Galway Chamber, as part of the Chambers Ireland network, launched a survey which nationally had more than 1,100 responses, and was conducted between the afternoon of March 19 and the morning of March 23. The results will inform the advocacy of Galway Chamber and the broader Chamber network, on the support business will need through the coronavirus crisis.

Apart from the headline figure of 94 percent of businesses seeing their revenue decline over April, May, and June, other key findings in the survey were: 73 percent of businesses expect revenue to decline by more than 25 per cent; while cashflow, revenue, and staffing are the areas of most concern.

Cashflow and revenue are of greatest concern to sole traders, and micro-businesses - a sector which accounts for more than 92 per cent of businesses and 69 per cent of jobs in the workforce; while staffing is of concern to the digital, agrifood, transport, and retail sectors.

“The impact of COVID-19 on the business community in Galway has been severely felt, with more than 90% experiencing reduced cash-flow and reduced revenue," said Galway Chamber chief executive, Kenny Deery. He added that the new set of further restrictions announced by the Government this week "will further impact the business community".

Mr Deery is calling on the Government to give businesses and the self-employed "a lifeline immediately", and that when the coronavirus threat passes, to ensure that businesses are supported through further State interventions. "For jobs to be restored following the crisis, our members will need as much support as possible to reboot the economy," he said. "Under-reacting to this crisis is now the greatest risk. This crisis will pass, our economy will recover, but we cannot afford a chaotic recovery."

 

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