The loss of 12,193 jobs in IDA-supported companies in the past year is an indication of an ever increasing jobs crisis according to Labour's spokesperson for finance, Ms Joan Burton.
The IDA announced earlier today that 2004 will be the best year since 2000 in terms of job creation, despite a net loss of 3,011 jobs this year, and said that all the indications were that the effects of the upturn in the global economy had already reached Ireland.
While 9,182 new jobs were created in IDA-assisted companies during 2003, Ms Burton rejected the IDA's optimism saying that the future looks bleak for the Irish jobs market.
"The IDA's job losses announcement reinforces the need to protect existing jobs," insisted Ms Burton.
"It is even more disturbing that the IDA's estimated projected number of jobs for the next couple of months has dropped from the higher levels experienced between 1994 and 2000."
Although admitting that 2003 was a tough year for inward investment, the IDA reports an improvement from the results of 2002 - which were better than the low point of 2001.
This year 64 projects were negotiated and secured, compared with 55 in 2002. Ireland has increased its share of the inward investment into Europe for which it now competes at the higher end of skills and value, the review reported.
But Ms Burton rejected the assessment, saying Ireland is dropping in the world's estimation as a "value for money location."
"This week's IDA report comes quick on the heels of the Quarterly National Household Survey released last week, which showed a sharp rise in unemployment figures between June and August this year.
"Unfortunately, we can expect more and more jobs lost in the times ahead as the Government cutbacks kick in hitting the most vulnerable in Irish society."
She said the Government must implement proper retraining facilities for those who find themselves out of work.
Total employment is now just short of 129,000 in IDA-supported companies, 40 per cent higher than at the end of 1995. IDA supported companies now spend €14.7 billion in the Irish economy from their annual sales of €69.3 billion and exports of €65.2 billion.