Ireland is better prepared for recession than most countries around the world, according to Enterprise Ireland.

The Government organization tasked with growing Irish businesses on the world stage has this morning announced record growth in exports.

The Enterprise Ireland (EI) Annual Business Review finds that companies backed by the body saw exports increase by 12% to record levels last year.

Exports increased across all territories, with exports to the Eurozone alone up 10%.

Despite the impressive results, dark clouds are looming on the global economy with many analysts predicting recession in near future.

On Breakfast Business this morning, EI Chief Leo Clancy said Ireland is better prepared than most for an economic downturn.

“Ireland isn’t immune and we’re seeing a lot of worry in business and a lot of worry in the economy so it would be foolish to ignore it,” he said.

“What I will say though is Ireland is better prepared for what is to come than most countries around the world.

“If you look at forecasts from the Central Bank or the ESRI, they are showing that Ireland is better placed than almost all out peer countries. That will stand us in very good stead.

“That combined with these record export levels and with the sectoral diversification and the geographical diversification we have of exports, means Ireland is in a really good place as we come into any downturn.”

The launch of the Enterprise Ireland Annual Business Review

The annual review finds that EI-supported companies saw exports increasing 12% to €27.29bn last year – the highest level of growth on record.

The UK remains Ireland’s largest market despite Brexit – although exports increased cross all territories.

• UK – exports up 15% to €8.43bn
• Eurozone – exports up 10% to €6.04bn
• North America – exports up 14% to €4.87bn

Mr Clancy said he was delighted with the results.

“We are announcing this morning that we have seen record growth in Irish company exports over 2021,” he said.

“That follows a flat year in 2020 and we are delighted to see this resurgence now. It’s a great statement of confidence from Irish entrepreneurs and confidence in Ireland from overseas buyers.”

Food remains Ireland’s largest export sector, accounting for €12.91bn or 47% of total exports.

Meanwhile exports from construction firms increased by almost one-quarter to €2.89bn and consumer retail exports rose by 13%.

Mr Clancy said construction was the “biggest single growth story” last year.

“With all of the construction that has happened, particularly in the industrial sector in Ireland over the last 20 years, Irish firms have been in on the ground floor of building high-tech facilities, pharma facilities, factories and the like for the largest and most demanding multinationals in the world,” he said.

“That’s now an export product. So, we are taking that construction knowhow and expertise out all across Europe and I think that is a really positive story for us.”

You can listen back to the full interview here: