The costs of doing business for tourism enterprises in Ireland have a significant influence on how competitive we are internationally. The National Competitiveness Council has just published its latest report which benchmarks the main costs facing Irish businesses. The report considers key business costs across approximately 70 indicators. It concentrates on the primary costs that impact on enterprise including labour costs; property costs; transportation; utility costs; and the costs of capital and taxes.
Despite welcome improvements in Ireland’s standing in international competitiveness rankings, safeguarding Irish cost competitiveness is vital to sustain economic growth particularly for tourism businesses. A number of short and medium term downside risks have been identified in the report that risk undermining national competitiveness. Cost pressures are evident in key areas such as property, credit and business services and upward labour cost pressure is evident across the economy.
Particularly in light of Brexit challenges it is vital that Ireland remains competitive in order to minimise any downturn from the UK tourism market and be in a position to grow business from other tourism source markets. The National Competitiveness Council report – entitled The Costs of Doing Business in Ireland 2017 – can be accessed by CLICKING HERE or by clicking on the image below.