The Q1 2025 Economic Trends survey gathered insights into Cork Chamber members’ experience of doing business across January, February and March 2025, prior to the announcement of US tariffs. Sponsored by PTSB, this edition focused on international trade, asking members about their experience of trading internationally and the challenges they face in growing their business globally.
The majority of businesses surveyed do not foresee any major barriers to growing their level of international trade, with an encouraging 21% of respondents expecting their level of trade to grow in 2025.
81% expressed concern about the impact of geopolitical developments on their ability to trade internationally.
The European Union emerged as the preferred trading location, closely followed by North America. The UK also remains an important trading partner, referenced by 12% of respondents.
When it comes to trading within the EU Single Market, 96% of respondents reported experiencing no challenges. Of the 4% who did experience barriers, a lack of supports and difficulties overcoming legislative fragmentation at national level were cited as challenges.
74% of respondents expressed confidence in the Irish economy in Q1 2025, on a par with the last quarters of 2024.
There was a slight decrease in the number of respondents projecting an increase in employee numbers over the next 12 months, down from 52% in Q4 2024 to 45% this quarter. 44% expect employee numbers to remain the same, while 11% predict a decrease.
Of the 41% of respondents with vacancies advertised at present, 27% reported difficulties with filling vacancies (i.e. remaining vacant for three months or more following initial advertisement).
The number of respondents reporting an increase in turnover fell from 63% in Q4 2024 to 49% this quarter. Those reporting an increase in net profit fell to 33%, down from 47% in Q4 2024. There was a slight decrease in the number of firms predicting an increase in turnover in the next quarter, down from 66% in the last quarter to 53% this quarter. 40% expect an increase in net profit in Q2 2025, down from 52% in the last quarter.
