MOSES lead partner SEMRU publishes its latest figures on Ireland’s Ocean Economy that shows in 2017 the direct economic value of the ocean economy was €1.97 billion representing a 22% increase on 2015
This work has involved revising the previous MARNET estimates with the latest released data for that year from the CSO; fisheries and aquaculture data from Bord Iascaigh Mhara and shipping and cruise information from the Irish Maritime Development Office (IMDO) as well as SEMRU’s own survey data. SEMRU also provide estimates for 2017 in this release. The updated figures indicate that in 2017, the direct economic value of Ireland’s ocean economy was an estimated €1.97 billion or approximately 1% of gross domestic product (GDP), which represents a 21% increase on 2015 figures. The 2017 estimates also suggest that our ‘blue economy’ continues to grow at a faster pace than the general economy.
“The latest figures indicate that Ireland’s ocean economy continues to see substantial growth across both established and emerging marine industries. While 2016 saw a large increase in activity in the oil and gas industry on the back of Corrib coming on line, more recent growth in 2017 is being driven by strong performances in the aquaculture, sea fisheries, shipping and marine tourism industries as well as continued growth in the emerging ocean industries”, reports Dr Stephen Hynes, coordinator of the EU Interreg MOSES project.
Commenting on the figures, the Minister for Agriculture, Food and the Marine, Michael Creed T.D., welcomed the positive growth trends in Ireland’s Blue Economy and outlined the Government’s continued commitment to the ongoing implementation of Ireland’s Integrated Marine Plan – Harnessing Our Ocean Wealth.