General Industry News

‘Rapid acceleration’ in Covid-19 insolvencies awaits tourism sector

The Irish Times – 02.12.2020

The tourism sector faces a “rapid acceleration” in insolvencies after Christmas as the impact of the pandemic continues to place severe pressure on businesses, the Government will be warned on Wednesday. Failing to support firms in the sector would “abandon balanced regional development and self-sustaining rural communities”, according to Paul Kelly, Fáilte Ireland’s Chief Executive. He will tell the Oireachtas committee that while tourism will recover, the speed at which it does so “will be primarily determined by how many tourism businesses have received the support they require to stay solvent”. 

Irish services activity shrinks faster ahead of economy reopening

Irish Examiner – 03.12.2020                                           

Irish services activity contracted faster in November, ahead of the reopening of large parts of the sector, a business survey showed. Ireland became one of first European countries to re-impose tough Covid-19 restrictions in late October when the Government shut non-essential retail and limited pubs and restaurants to takeaway services. The AIB IHS Market Purchasing Managers' Index (PMI) for services slid to 45.4 from 48.3 in October, the third successive monthly fall but far from the record low of 13.9 in April when the economy was under a much stricter lockdown. The Irish survey is the latest to suggest nowhere near as much damage was done to the economy this time around compared with the first lockdown.