Businesses across Northern Ireland and throughout the island of Ireland are still struggling to tap into international trade opportunities despite more finance professionals being optimistic about economic prospects, a global survey has revealed.

Findings from the quarterly Global Economic Conditions Survey (GECS) undertaken by ACCA (the Association of Chartered Certified Accountants) and the Institute of Management Accountants (IMA) show that 69% of finance professionals across NI and ROI - up from 65% in late 2013 – were optimistic about the state of the national economy.

The GECS results show global business confidence has moved into positive territory for the first time in five years. Following a temporary slowdown in late 2013, cash flow and demand conditions improved substantially in early 2014, and are now stronger than at any time in the last three years. Similarly, prices and foreign exchange rates are at their most stable for years.

Commenting, Liz Hughes, Head of ACCA Ireland, said: “For the first time in years, respondents are expecting public spending to increase in the medium-term, and confidence in the sustainability of public spending remains high, practically unchanged since late 2013.

“But not all indicators are equally healthy. Access to growth capital improved, but remains highly volatile. Business opportunities fell in early 2014, establishing what now appears to be a year-long downward trend. There are fewer opportunities to explore new markets over the last six months which point to weakening access to international markets.”

Liz Hughes added:  “These developments have meant that businesses aren’t yet able to capitalise fully on the improved macro-economic outlook. Business confidence fell in early 2014, and is now up only marginally year on year. 36% of respondents reported confidence gains, down from 40% in late 2013, while 23% reported losses, up from 18%.” 

“However, the signs are encouraging for 2014, we are in a good position for a positive second quarter in 2014 and I forward to the findings of the next GECS report.”

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GECS Q1 2014 can be found on ACCA’s website here: http://www.accaglobal.com/gb/en/technical-activities/browse-resources/gecsr-update.html

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Notes to Editors

1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.2. There are over 20,000 members and students in Ireland.3. We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.4. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.