The survey conducted in the first week of July shows a reduction in business confidence from SME owners after the Brexit vote with a drop in ten of the twelve economic indicators tracked.

While the results to the end of March showed a drop in sentiment, the indicators in the second quarter have deteriorated even further, wiping out the gains to end of 2015.

The Brexit fallout has replaced economic uncertainty as the biggest concern for SME owners.

The indicators for Business Confidence, Profitability and Current Employment have dropped to single digit figures for the first time since Spring 2013. Sixty percent of respondents expected that Brexit would have a negative effect on their bottom line, with 32% stating ‘no change’.

According to the ISME, “Brexit is a negative event for the Irish economy and for the EU. We in Ireland will still remain one of the EU’s strongest growing economies and must do all within our power to remain so.”

“The outcome has significantly increased economic uncertainty and will dominate the economic and social agenda for years. The task now for our Government is to ensure that Irish interests are protected and in particular the SME sector which accounts for over 70% of the private sector employment.”