Based on an estimate of the CSO’s valuation of what our country produces,measured by GDP, in the 3rd quarter of 2009 this amounted to €32.2bn. Since the figure recorded in the same quarter of 2004 was € 30.8bn this appears to suggest our activity is down to 2004 levels. Further, the fall in GDP since 2007 has amounted to 20%, so if your own business turnover has fallen less than 20% in the last 2 years you are doing better than most.  From a survey last autumn conducted for the Department of Finance concluded that 45% of SME’s experienced a turnover fall of more than 20%. source: www.bizplus.ie. It is an interesting exercise to compare your own business results with this ‘national economic benchmark’. Michael O’Mahony FCCA

Tags: Irish business

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