Irish start-up figures have increased by 37 per cent during the third quarter of 2020.
An additional 1,487 start-ups registered between July and September compared to the second quarter of this year.
In total, 5,482 new companies registered in the three-month period, representing a 3 per cent year-on-year increase.
This year-on-year increase was also seen in 19 counties across the country. Offaly noted the largest jump in new registrations (45 per cent), with Laois in second (37 per cent), followed by Carlow (34 per cent) and Wexford (21 per cent).
Dublin noted a year-on-year decline of 2 per cent but remained the largest contributor to the quarter-on-quarter increase, totalling 2,539 new companies.
Cork recorded 501 new registrations in the three-month period, while Limerick has 157 and Galway had 215.
Year-on-year fall
Despite the positive figures, overall registrations this year are down by 12 per cent compared to 2019. Insolvencies were also up on last year, with a 17 per cent increase.
Wholesale and retail marked the biggest year-on-year increase (48 per cent), followed by agriculture (37 per cent), education (34 per cent) and fishing (33 per cent).
Meanwhile, the legal, accounting and business sector was the largest contributor to the Q3 increase with 990 new companies registered but showing a 14 per cent decrease on the sectors 2019 Q3 figures.
Christine Cullen, managing director of CRIFVision-net said the Q3 growth was a clear indication that the economy is starting to find its feet again despite the pandemic.
“As Minister Donohoe outlined in his recent budgetary speech, the SME sector in Ireland has a crucial role to play in facilitating the recovery of the economy in a post Covid world.
“It is particularly encouraging to see the start-up sector in Ireland begin to rebound following what a very difficult start to the year – where new company start-up registrations reached a five-year low,” Ms Cullen said.
“The ever-changing landscape of Covid-19 will continue to be unpredictable and the key to mitigating damage in the coming months will rely on an agile and adaptable approach by businesses and Government,” she added.
