Staff spending dropped 20% as SMEs scaled back investment when Covid struck

The level of investment declined sharply in sectors hit particularly hard by the public health restrictions such as hotels and restaurantsSmall and medium sized enterprises scaled back capital plans as the Covid-19 pandemic struck in early 2020, as larger firms cut their level of investment by more than smaller ones with spending on staff down by as much as a fifth, according to a new report.

The proportion of investing SMEs was relatively constant between 2017 and 2019 at approximately 64 per cent or just under two-in-every three firms. The mean investment in 2020 was just over €93,000, down from €106,000 in 2019. However, it is “not clear” this can be entirely attributed to a Covid-19 effect as there was also a substantial drop between 2018 and 2019, when mean investment fell by 32 per cent from €156,000.

The level of investment declined sharply in sectors hit particularly hard by the public health restrictions such as hotels and restaurants, wholesale and retail and construction.

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