NUIG report says maritime sector is doing better than general economy

Ireland’s maritime sector or “blue economy” is performing on average better than the general economy according to a report published by the Socio- Economic Marine Research Unit based at NUI Galway. Indicators show that Ireland’s maritime economy grew by 9 per cent between 2010 to 2012, while growth in Irish GDP during the same period was only 4.75 per cent.

In the period 2012 to 2014, the maritime economy continued to outperform the national economy, with growth rates of 8 per cent. Employment has also increased, from 17,425 to 18,480 full-time equivalents.

The report provides trends across 13 marine sectors from 2010-2012 and also provides estimates for 2014. It says the direct economic value of Ireland’s ocean economy is €1.4 billion, or approximately 0.8 per cent of GDP. The sector had a turnover of €4.5 billion last year

Against this backdrop, the value of Ireland’s maritime sector and the commercial opportunity it presents will be discussed at a major marine industry conference, Our Ocean Wealth, in Cork this Friday.

More than 600 delegates from Ireland, the EU and the US will convene at the new €15 million Beaufort building for the conference.

"Ireland's blue growth shows the enormous potential of our incredible marine resources," Minister for Agriculture, Food and the Marine Simon Coveney said, "and the opportunity, highlighted in the Government's integrated marine plan Harnessing Our Ocean Wealth, to enable this sector to be a key driver in our economic recovery, providing social and cultural benefits as well as economic return for Ireland."

The European commissioner for environment, maritime affairs and fisheries, Karmenu Vella, will lead a discussion on management and governance of oceans, enhancing Europe’s maritime competitiveness, while continuing to protect the environment.

Other speakers include National Geographic chief science and exploration officer Terry Garcia, Port of Cork chairman John Mullins, Commissioners of Irish Lights chief executive Yvonne Shields and Barrie Stevens, head of the OECD's international futures programme.

As well as a panel discussion and interactive workshops on topics such as integrated marine capacity, energy from the ocean, business in marine and coastal areas and food from the sea, there will also be an exhibition of start-ups, university spin- outs and established companies led by the SFI-Funded marine research centre, Marine Renewable Energy Ireland.

The conference will form part of SeaFest, a two-day festival showcasing Ireland’s maritime resources, taking place in Cork Harbour this Friday and Saturday.