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- by Ellie Kearns on 21/02/2023
2022 saw a rapid decrease in Irish start-ups, reaching their lowest point in 6 years. This decline was a direct result of rising inflation and a cost-of-living crisis in Ireland.
The annual figures released revealed a total of 21,637 new start-ups in Ireland in 2022, which is the lowest figure on record since 2016. The 2022 figure also marks an overall decrease of 16% in new registrations when compared to 2021.
Commenting on the 2022 figure, Christine Cullen, Managing Director of CRIFVision-net said:
"Start-ups faced a different economic environment in 2022. A combination of inflation, high interest rates, geopolitical uncertainties and energy insecurity led to an uncertain economic environment.
"According to our latest figures, 2022 was the lowest point for the number of new start-up companies in Ireland since 2016, with a noticeable decline in year-on-year activity compared to 2021.
"Decreases in traditionally strong performing sectors for the Irish economy like manufacturing and leasing suggest that this period of cost increases will likely remain a challenge for some time.
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Ireland's new company start-up levels reached their lowest point in six years in 2022 due to economic uncertainty brought by rising inflation and a cost-of-living crisis.