Menu

Ireland's sailing, boating & maritime magazine

In association with ISA Logo Irish Sailing

On Course As Ireland’s Ocean Economy to Achieve 2020 Target

11th June 2019
557 Views
Minister for Marine Micheal Creed and Dr Stephen Hynes co-author of the report and Director of SEMRU (NUIG) discussing the latest figures from the 2019 Ireland's Ocean Economy Report which was launched yesterday above at Cork City Marina. Minister for Marine Micheal Creed and Dr Stephen Hynes co-author of the report and Director of SEMRU (NUIG) discussing the latest figures from the 2019 Ireland's Ocean Economy Report which was launched yesterday above at Cork City Marina. Photo: SEMRU @ NUIG -twitter

The Socio-Economic Marine Research Unit (SEMRU) at NUI Galway has released its latest update on the performance of Ireland’s Ocean Economy.

Coinciding with the Our Ocean Wealth Summit and the Government’s Annual Review of its Integrated Marine Plan – Harnessing Our Ocean Wealth, the report presents a complete and comparable profile across thirteen marine related industries in Ireland.

The update shows that Ireland’s ocean economy has a turnover of €6.2 billion, with a direct economic contribution, as measured by GVA, of €2.2 billion or 1.1% of GDP. Taking into account indirect GVA generated from ocean related activity in Ireland total GVA is €4.2bn, representing 2% of GDP.

Dr Stephen Hynes, co-author of the report and Director of SEMRU based at the Whitaker Institute for Innovation and Societal Change at NUI Galway, has advised Government that “the latest figures indicate that Ireland’s ocean economy continues to see growth across both established and emerging marine industries. We expect the Government’s 2020 target will be exceeded next year, and the gap is narrowing in terms of the Government’s ambitious 2030 target”.

SEMRU categorises Ireland’s ocean economy into two broad categories:

Ireland’s Established Marine Industries – comprised of traditional marine sectors such as shipping, seafood, tourism in marine and coastal areas, offshore energy, marine manufacturing & engineering and marine retail services – have an estimated turnover of €5.8 billion, provide employment of 32,048 FTEs. These segments of the ocean economy represent 93% of the total turnover and 94% of total employment. The top three sectors in terms of value and employment continue to be shipping, marine tourism and seafood.

Ireland’s Emerging Marine Industries – comprised on marine renewables, marine biotechnology, advanced marine products and services, and maritime commerce – have an estimated turnover of €459 million and provide employment to 2,084 FTEs representing 7% of the turnover and 6% of employment in Ireland’s ocean economy. Of the emerging industries marine commerce and the marine biotechnology and bio-products industries experienced the largest increases in turnover and GVA in the 2016-2018 period.

This year’s report also includes a socio-demographic profile of Ireland’s coastal economy and presents the values of a range of marine ecosystem services to Irish society. As pointed out by Dr Hynes “tracking marine economic activities, monitoring developments in our coastal economy and estimating the marine ecosystem service benefit values to Irish society promotes more informed maritime planning and more effective marine policy formation”.

The latest ocean economy report is funded by the Marine Institute through its Marine Research Programme.  Dr. Peter Heffernan, CEO of the Marine Institute notes that “Ireland is one of the few countries that has access to this regularily updated marine economic data, with trends now spanning over 10 years. These independent data and trends published by NUI Galway underpin the Vision set out by the Government in Harnessing Our Ocean Wealth whereby Ireland’s vast marine territory is harnessed in a sustainable manner and is recognised as an integral element of Ireland’s overall economy, generating benefits for Irish citizens and supported by integrated policy, planning and regulation”.

Commenting on the report, Professor Alan Ahearne, Director of the Whitaker Institute at NUI Galway stated: “With the uncertainty being generated by Brexit, our Ocean Wealth has never been more important to our economic prosperity. The figures published by SEMRU clearly demonstrate the importance and impact of targeted investment and research in developing a sustainable ocean economy here in Ireland”.

The latest figures have been announced by Minister for Agriculture, Food & the Marine, Michael Creed, TD at the Annual Ocean Wealth Summit in Cork. The 2019 Summit will see national and global leaders discuss the health of our oceans. This includes senior Government and UN representatives from island states sharing experiences on oceans’ health and climate change.

An inforgraphic on Ireland's 2018 Ocean Economy can be viewed here.

In addition for further information on SEMRU, please visit www.nuigalway.ie/semru/

Published in Marine Science
Jehan Ashmore

About The Author

Jehan Ashmore

Email The Author

Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

We've got a favour to ask

More people are reading Afloat.ie than ever thanks to the power of the internet but we're in stormy seas because advertising revenues across the media are falling fast. Unlike many news sites, we haven’t put up a paywall because we want to keep our marine journalism open.

Afloat.ie is Ireland's only full–time marine journalism team and it takes time, money and hard work to produce our content.

So you can see why we need to ask for your help.

If everyone chipped in, we can enhance our coverage and our future would be more secure. You can help us through a small donation. Thank you.

Direct Donation to Afloat button

Marine Science Perhaps it is the work of the Irish research vessel RV Celtic Explorer out in the Atlantic Ocean that best highlights the essential nature of marine research, development and sustainable management, through which Ireland is developing a strong and well-deserved reputation as an emerging centre of excellence. From Wavebob Ocean energy technology to aquaculture to weather buoys and oil exploration these pages document the work of Irish marine science and how Irish scientists have secured prominent roles in many European and international marine science bodies.

 

At A Glance – Ocean Facts

  • 71% of the earth’s surface is covered by the ocean
  • The ocean is responsible for the water cycle, which affects our weather
  • The ocean absorbs 30% of the carbon dioxide added to the atmosphere by human activity
  • The real map of Ireland has a seabed territory ten times the size of its land area
  • The ocean is the support system of our planet.
  • Over half of the oxygen we breathe was produced in the ocean
  • The global market for seaweed is valued at approximately €5.4 billion
  • · Coral reefs are among the oldest ecosystems in the world — at 230 million years
  • 1.9 million people live within 5km of the coast in Ireland
  • Ocean waters hold nearly 20 million tons of gold. If we could mine all of the gold from the ocean, we would have enough to give every person on earth 9lbs of the precious metal!
  • Aquaculture is the fastest growing food sector in the world – Ireland is ranked 7th largest aquaculture producer in the EU
  • The Atlantic Ocean is the second largest ocean in the world, covering 20% of the earth’s surface. Out of all the oceans, the Atlantic Ocean is the saltiest
  • The Pacific Ocean is the largest ocean in the world. It’s bigger than all the continents put together
  • Ireland is surrounded by some of the most productive fishing grounds in Europe, with Irish commercial fish landings worth around €200 million annually
  • 97% of the earth’s water is in the ocean
  • The ocean provides the greatest amount of the world’s protein consumed by humans
  • Plastic affects 700 species in the oceans from plankton to whales.
  • Only 10% of the oceans have been explored.
  • 8 million tonnes of plastic enter the ocean each year, equal to dumping a garbage truck of plastic into the ocean every minute.
  • 12 humans have walked on the moon but only 3 humans have been to the deepest part of the ocean.

(Ref: Marine Institute)

At A Glance – Figaro Race

  • It starts in June or July from a French port.
  • The race is split into four stages varying from year to year, from the length of the French coast and making up a total of around 1,500 to 2,000 nautical miles (1,700 to 2,300 mi; 2,800 to 3,700 km) on average.
  • Over the years the race has lasted between 10 and 13 days at sea.
  • The competitor is alone in the boat, participation is mixed.
  • Since 1990, all boats are of one design.

Featured Sailing School

INSS sidebutton

Featured Clubs

dbsc mainbutton
Howth Yacht Club
Kinsale Yacht Club
National Yacht Club
Royal Cork Yacht Club
Royal Irish Yacht club
Royal Saint George Yacht Club

Featured Brokers

mgm sidebutton
bjmarine sidebutton
xyachts sidebutton

Featured Associations

ISA sidebutton
ICRA
isora sidebutton

Featured Events

tokyo sidebutton
sovscup sidebutton
vdlr sidebutton

Featured Chandleries

CHMarine Afloat logo
osm sidebutton
viking sidebutton

Featured Sailmakers

northsails sidebutton
uksails sidebutton

Featured Marinas

dlmarina sidebutton

Featured Blogs

W M Nixon - Sailing on Saturday
podcast sidebutton
BSB sidebutton
sellingboat sidebutton

Please show your support for Afloat by donating