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23% of firms cease trading temporarily due to Covid-19 – CSO

New figures from the Central Statistics Office show that 23.3% of businesses have ceased trading temporarily since the outbreak of Covid-19, while 0.6% have ceased trading permanently and 76% continue to trade.

The CSO today published the first results of its Business Impact of Covid-19 Survey, the first of a temporary fortnightly snapshot of how the coronavris crisis is affecting business in Ireland.

The online survey was sent to a sample of 3,000 businesses and the information was collected between Monday 20 and Friday 24 April. The response rate to the survey was 26.4%. 

70.8% of construction enterprises that took part in the survey had ceased trading either temporarily or permanently, while 88.1% of accommodation and food services had ceased trading.

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

Over 54% of responding enterprises also said their turnover over the five-week period from March 16 to April 19 was significantly lower than normal due to Covid-19.

16.2% of responding enterprises said their turnover was slightly lower than normal. 

A total of 70.4% of companies responded that their turnover was lower than normal, the CSO added.

The new survey also shows about a third of companies have let staff go or have introduced reduced working hours, while 69% of businesses have implemented some form of remote working.  

Today’s CSO figures to a survey of manufacturing companies by AIB today which showed that new orders, exports and jobs all fell at record rates in April. 

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