Moville economy falls off a cliff

Posted Thursday, December 3, 2009

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Local Businesses

According to local businesses Moville's economy has fallen off a cliff in the last two weeks.

It was bad before, and November is usually a quiet month, but things have taken a big turn downward in the last two weeks.

People must be saving what they can to give their children a good time at Christmas.

What Next?

Is this the last throw of the downturn or will things be getting worse still?

Well, the Government is about to come out with a budget that will take more out of people's pockets.

If they've got less then they'll have less to spend.

Even businesses who haven't felt the pinch too much before are starting to feel the icy winds of recession.

Christmas and New Year will give them a respite but then comes the cold dark months of January and February when no one has any money after Christmas.

Sterling

One of the big problems, of couse, is the current value of sterling which is only at €1.10 to the pound compared to a range of €1.25 to €1.50 that it was trading at before.

It's not just that people from Derry etc. are not coming here to spend money as much as it is too expensive but a lot of the money spent in Moville is earned in the North and especially Derry.

That means that a lot of those still in work have a good deal less to spend now.

And then there is the money spent in Derry's supermarkets that used to be spent in Moville when there was less of a differential in price.

Recovery

One hopes that there is an economic recovery in the Spring.

However, that is hope rather than expectation and it could be that some Moville businesses may not last till the recovery comes.

That would be a great shame.

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