Almost a quarter of Irish enterprises have temporarily stopped trading as a result of the COVID-19 pandemic, according to a survey carried out by the Central Statistics Office (CSO) to assess the impact of the crisis on businesses.

The CSO’s online survey of just under 1,000 businesses found, however, that only 0.6% of firms that responded had gone out of business permanently, while 76% were continuing to trade.

Turnover

Almost 70% of the firms have put some form of remote working arrangements in place in response to the virus.

Almost half of the firms surveyed have availed of the temporary wage subsidy scheme introduced in response to the pandemic, but almost 35% have let staff go temporarily and 32% have reduced working hours.

Not surprisingly, more than 70% of businesses said their turnover had been hit by COVID-19.

Differences

CSO statistician Colin Hanley said COVID-19 had impacted sectors differently, with 70.8% of construction businesses and 88% of those in the accommodation and food services sector halting trading either temporarily or permanently.

In contrast, the figures for industry and services were 17.7% and 20.3% respectively.

The statistics body cautions, however, that the level of non-response to the survey – which was sent to 3,000 businesses – may have been due to the impact of COVID-19, and that this may have affected the figures.

Manufacturing

The CSO plans to conduct surveys of business every fortnight to assess the impact of the virus.

Earlier this morning, figures from AIB Ireland showed a record fall in activity in the country’s manufacturing sector in April, with 40% of firms in the sector cutting staff numbers.