News & Events 2017

SEMRU has published its latest figures on Ireland’s Ocean Economy, Thursday 28th June 2018

NUI Galway’s Socio-Economic Marine Research Unit (SEMRU) has released its latest update on Ireland’s Ocean Economy as part of their ongoing process of collection and analysis of marine socio-economic data in Ireland. This work has involved revising the previous 2015 estimates with the latest released data for that year from the Central Statistics Office, fisheries and aquaculture data from Bord Iascaigh Mhara, shipping and cruise information from the Irish Maritime Development Office as well as SEMRU’s own survey data with 2017 estimates.

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.

Summary for 2017
• The ocean economy had a turnover of €5.49 billion in 2017.
• The indirect economic value in 2017 amounted to €1.75 billion, with a total direct and indirect gross value added (GVA) value of €3.71 billion, which represents 1.85% of GDP.
• The ocean economy provided employment to over 32,500 individuals, full-time equivalents in 2017.  
• Established Marine Industries had a turnover of €5.1 billion and provided employment to 30,000 full-time equivalents in 2017, representing 92% of the total turnover and 93% of total employment in Ireland’s ocean economy in 2017. 
• Emerging Marine Industries had a turnover of €398 million and provided employment to over 2,000 full-time equivalents representing 8% of the turnover and 7% of employment in Ireland’s ocean economy in 2017.

Harnessing Our Ocean Wealth – An Integrated Marine Plan for Ireland, published in July 2012, outlines a number of specific targets which seek to expand Ireland’s ocean economy. One of those targets aims to double its value to 2.4% of GDP by 2030. This 2.4% figure was based on a total estimate (both direct and indirect Gross Value Added) in 2007 for the Irish Ocean economy that amounted to 1.2% of GDP at that time. The latest marine industry statistics from SEMRU indicate that the total direct and indirect value of the Irish ocean economy is €3.71 billion which represents 1.85% of GDP in 2017.

For more information on the latest figures, please see Ireland's Ocean Economy Infographic