Posts Tagged ‘EY’

Are things on the up at last?

November 25, 2013

economic crystal ball

I was really annoyed to hear the coverage that the media gave the latest Ernest & Young downgrading of their Irish Economic Forecast in their Economic Eye Winter 2013 report.

The latest All Island EY Economic Eye Winter 2013 report has revised its Gross Domestic Product (GDP) forecast for 2013 downwards in the Republic of Ireland (ROI) from 0.8% to -0.2%“.

The comprehensive report covered more than just this but it was the “downgrading” that seemed to grab the headlines.

I gritted my teeth and shouted “shut the hell up” at the radio when I heard their economic experts being interviewed on air explaining their analysis.

Jesus …we near to hear positive news, we need to hear about those businesses that are seeing growth, we near to hear about the successes and we need to start believing that things are really improving.

ConfidenceIt’s only with confidence that things will start to improve and I firmly believe that this is happening – at least from what we are witnessing in the marketplace.

Giving airtime to such negativity is only going to hold us back as it has done for the last few years. Is market performance all down to facts or is it down to sentiment?

A nice bounce will happen if we start believing ..

While I have every respect for the experts in Ernest & Young I do believe that we have every reason for optimism based on what I am seeing and hearing:

  • We are seeing positivity and real intent by our clients
  • We are seeing competitiveness for staff
  • We are seeing sectors that were dormant such as retail and fashion back engaging for the first time in years
  • Hotels are busier than before – often it’s hard to get a booking
  • The summer for the tourist sector was well up on recent years
  • Restaurants are busier and the corporate market is back in force wining and dining: “Lately Tuesday’s are like Saturday’s” one restaurateur shared with me
  • Christmas party bookings are up on last year
  • The tradesman seem to be busy again
  • New businesses are opening
  • Hotels in NAMA control are being purchased by new operators
  • Solicitors and estate agents are telling me house transactions are happening – not by investors but by genuine buyers
  • Those houses will need furniture, carpets, lighting, painting and decorating
  • Banks are finally making progress with difficult situations and progress is being made
  • Supermarkets are opening new units and fighting a war using a “Support Irish products” agenda
  • The shops seem to be busier than they have been

Of course these are just my observations and the conversations that I am hearing every day.

I genuinely feel things are on the up and I sincerely hope that this is the case – to broaden this conversation can I ask ..

What are you experiencing?

#Positivity

Greg Canty is a partner of Fuzion

Fuzion are a Marketing, PR and Graphic Design agency in Ireland with offices in Cork and Dublin