The Irish business community is the most confident in Europe of its prospects for next year, a survey by Europe's chambers of commerce has found. Asked if they thought 1998 would be favourable or unfavourable for turnover in their business, a massive 78 per cent majority of Irish respondents were upbeat.
Overall, almost 92 per cent of Irish respondents said that prospects were favourable, 5 per cent, likely to be unchanged, and 3.6 per cent, unfavourable.
In Europe as a whole, the net positive response was only a quarter greater than the negatives.
Questioned about turnover in 1997, a net balance of 73 per cent of Irish companies reported an increase and a 78 per cent majority predict an increase in 1998. Manufacturers experienced less growth than services-based firms, a trend that is expected to be confirmed in 1998.
A four-to-one majority expects a domestic sales increase next year, while a 59 per cent majority expects exports to rise.
The survey confirms a continued growth in employment, with 45 per cent of companies saying they expect to increase their workforce in 1998 - up from one in four in last year's survey. Fifty seven per cent expect their investment to increase.
The overall EU survey predicts a significant upswing next year, with growing optimism most marked in France, Luxembourg and Spain, but also in Germany and Greece.
The number of those who expect turnover to increase exceeds those who expect a decline by 40 per cent, up a third on last year.
But the survey records a "disappointingly weak" improvement in the investment climate.
Of Germany the survey reports a "remarkable" improvement in the mood of entrepreneurs, though warning that the economic growth would be stronger if the tax burden could be reduced.
Business confidence in Britain remains high although growth appears to be slackening and export efforts remain dogged by the high value of sterling. In France, although business's confidence shows a major boost, investment and employment plans remain cautious.
The annual survey by Europe's national chambers of commerce is based on responses last autumn from 100,000 companies throughout the 15 member states.
