Five companies a day went out of business in the second month of 2012, according to statistics from InsolvencyJournal.ie.

The total figure of 166 is up by 23% on the totals when compared to January of this year and the figures show a 20% increase for the first 2 months when compared with January and February of last year.

Some 301 companies collapsed in first 2 months of 2012 compared to 249 for the same period last year

Regionally, Leinster continues to be the worst hit area in February, accounting for 61% of the overall total. Munster saw an increase, particularly in Cork, and accounts for 25% of the overall totals. Ulster was the least affected region with Connaught following.

The statistics released by insolvencyjournal.ie show a marked increase in business closures. There is no doubt that small businesses are finding the answers themselves, but these numbers show that they still need help. A year into power for Fine Gael and the same problems which dogged the previous government persist in this one. Exports are all well and good but what good is that if your domestic economy is in reverse? The economy can not get better on two different speeds.