Three out of four Irish businesses say they have a positive outlook for 2016, a new study has found.

The Regional Business Barometer Study, which was conducted last month by Amárach Research for telecoms company Magnet, found 74% of businesses were either fairly or very positive about the prospects for the coming year - up from 61% last year.

Only 5% of respondents had a negative outlook - down from 13% last year.

The survey also found that 30% of businesses here are likely to open a new premises in 2016.

However, 62% of those surveyed think the Government is not doing enough for small and medium enterprises, with only 24% saying they are doing enough.

Speaking about the findings, Magnet CEO Mark Kellett observed, "the positive outlook is welcome but what is particularly striking is the high amount of businesses that plan to open a new premises in 2016. Opening a new premises involves a real commitment to continue growing your business which is a healthy indicator for the wider economy.

"As you would expect, there are ongoing issues and challenges also worth noting as an election looms. Most decision makers still believe the Government could do more to assist SMEs, in particular to help reduce the costs of running a business," Mr Kellett added.