Although Dublin accounted for the largest number of new start-ups nationwide in Q1, recording a total of 2,306 registrations, the number was still a -3% YoY contraction, falling by 77 registrations when compared with Q1 2022.

Cork saw a total of 598 new start-ups (-2%), Limerick recorded 174 (-9%), but Galway recorded 219, up 13 for the first three months of last year.

The counties to record the highest percentage YoY decrease in the period were Leitrim (-34%), Clare (-19%), Meath (-19%), Laois (-16%) and Longford (-16%).

Commenting on the Q1 figures, Christine Cullen, Managing Director of CRIFVision-net said:

"Start-ups have faced tough economic challenges in the first three months of this year, which really started to take hold in the same three period in 2022 following the invasion of Ukraine.

"Since then we have faced a combination of a rising cost of living, energy insecurity and further geopolitical uncertainty. This economic headwind has fed through to the start-up sector where the effect on bellweathers like hospitality and retail is starting to show.

"2022 was the lowest point for the number of new start-ups in Ireland in six years with a -16% change on 2021. Q1 of this year has started weaker than last year which suggests some challenging times ahead.

"But there is reason for some cautious optimism seen through the decrease in the number of dissolved companies, as well as a marginal increase in the number of new start-ups formed last month when compared with the same month last year."

To learn more, contact us by email at Solutions.vision-net@crif.com or Call Tel: 01 903 2660.