According to the 2012 International Business Report from Grant Thornton, Ireland is the only country in Europe where business sentiment has improved in the past year. Approximately 72pc of Irish businesses expect profitability, revenue and selling prices to improve in 2012, indicating a positive outlook by many for 2012.

Irish businesses are the 5th most optimistic in the EU, up from 12th place since last year. The report finds that 79pc of Irish businesses expect profitability to increase or remain the same in 2012, with 65pc expecting investment in research and development to increase or remain the same.

The unexpected optimism is thought to be due to the fact that Irish businesses have been dealing with the downturn for a number of years now, while many other EU countries are only beginning to feel the effects of the recession.

To read the full report, click here.