Ireland’s ocean economy grew its turnover by 17 per cent last year, while the number of jobs in the sector rose by 19 per cent, according to a report by the Marine Institute. The 2023 Ocean Economy Report provides an update on Ireland’s ocean economy for 2022 across three main economic indicators: turnover, gross value added (GVA), and employment.

It found the ocean economy generates approximately €7 billion in turnover, and has a direct economic contribution, as measured by GVA, of €2.85 billion. It employs about 33,500 people.

The report noted that 2022 saw the return of the cruise liners to Irish ports, following two years of little or no visits due to Covid-19 restrictions on travel. The 2022 data shows that eight Irish ports and harbours provided berths for cruise liners.

The top destination in 2022 was Cork Harbour, with over 80 vessels carrying in excess of 115,000 passengers to the harbour.

The report found tourism and leisure to be one of the key sectors contributing to Ireland’s ocean economy. In 2022, the industry was estimated to have increased by 61 per cent to €1.23 billion.

GVA was also estimated to have grown by 39 per cent to €536 million, with an increase in employment of 34 per cent to 18,325.

Marine Institute Report

The Marine Institute, in collaboration with the Socio Economic Marine Research Unit (SEMRU) in the University of Galway, has published an update on the performance of Ireland’s Ocean Economy. The 2023 Ocean Economy Report provides an update on Ireland’s ocean economy for 2022 across three main economic indicators: turnover, gross value added (GVA) and employment.

The report estimates the annual trends across all sectors as well as commentary on 5-year, 10-year and post-Covid recovery (where evident). The report also provides information on the relative contribution of each marine industry to the ocean economy, an overview of direct and indirect impact of Ireland’s ocean economy, and trends since 2010.

The 2023 Ocean Economy report shows that Ireland’s ocean economy, in nominal terms:

• generates over €7 billion in turnover;
• has a direct economic contribution, as measured by Gross Value Added, of €2.85 billion; and
• employs approximately 33,500 Full-Time Equivalents.

The methodology used to value Ireland’s ocean economy was also presented by the Marine Institute and University of Galway at a recent workshop organised by the OECD as part of their ongoing work on ocean economy measurement, innovation and foresight. Discussions were held with the OECD and other International practitioners from Portugal, US, Korea and Norway on how best to measure the value arising from our oceans, and the challenges in incorporating spatial information, as well as the importance of the inclusion of non-market values to get a more holistic value of our blue economy and the ecosystem services it provides.

The report and accompanying dashboard is available on the Marine Institute’s website: Ireland’s Ocean Economy Dashboard | Marine Institute

Link to Ireland’s Ocean Economy Report 2023

Links to news story in the Irish Times and Marine Institute.