Latest Ocean Economy Report highlights €6.5 Billion turnover – Marine Institute

The Marine Institute, in partnership with the University of Galway’s Socio-Economic Marine Research Unit (SEMRU), has published the latest report on the performance of Ireland’s ocean economy, providing a comprehensive analysis of the sector’s economic contributions and trends.

Key Findings

The report reveals that Ireland’s ocean economy achieved a turnover of €6.5 billion in 2023, contributing €2.7 billion in Gross Value Added (GVA) and supporting approximately 39,000 jobs. Over the five-year period from 2019 (pre-COVID) to 2023, turnover increased by 20%, GVA rose by 31%, and employment grew by 8%, demonstrating the resilience and steady expansion of the country’s marine industries.

While the overall turnover and GVA showed moderate declines between 2022 and 2023, eight out of 13 marine sectors experienced growth, reflecting a robust post-pandemic recovery. Sectors such as Shipping, Sea Fisheries, Aquaculture, Seafood Processing, and the Gas industry faced specific challenges contributing to declines, but the broader trends point to a period of adaptation and innovation.

Welcoming the report, Dr Rick Officer, CEO of the Marine Institute, stated:

“I am delighted that the Marine Institute, in partnership with the University of Galway, has published Ireland’s 2024 Ocean Economy Report. This report not only highlights the impressive economic contributions of Ireland’s marine industries but also underscores their strategic importance in shaping a sustainable future for our country.

Capturing detailed insights and trends, including measuring the economic value of our marine industries, is an important element of our work in supporting the Government with the best available evidence to inform policy. This collaboration, supported by the Central Statistics Office (CSO) and Bord Iascaigh Mhara (BIM), provides a robust analytical framework to inform marine and maritime planning and deliver equitable and sustainable ocean and coastal economies.”

Commenting on the findings, Professor Stephen Hynes, Director of SEMRU at the University of Galway, said:

“It is clear from the data and trends that there is a continuing post-pandemic recovery across most sectors. This remains a period of transition for Ireland’s ocean economy as marine industries innovate and respond to new policies and opportunities aimed at addressing the climate and biodiversity crises.”

Economic and Geographic Insights

Ireland’s ocean economy extends across 13 industries, each with distinct geographic concentrations. For example, international cruise activity is focused on ports and harbours, marine aquaculture is largely located on the West and South coasts, and the tourism sector—the most geographically widespread—supports enterprises and employment in all coastal counties. The latest demographic analysis from the CSO Census 2022 further underscores the importance of coastal economies, with over 60% of Ireland’s population (3.2 million people) living in coastal areas.

Future Outlook

The report highlights the ongoing resilience of Ireland’s marine industries in navigating global economic challenges and adapting to evolving policies on sustainability and climate action. It provides valuable data for policymakers, industry leaders, and community stakeholders to foster a sustainable and equitable future for coastal and ocean economies.

Published every year, the report provides an update on Ireland’s ocean economy across three main economic indicators: turnover, gross value added (GVA), and employment. The report also provides commentary on changes in Ireland’s marine industries over a five-year and ten-year timeframe and presents a comparable analysis and representation of Ireland’s ocean economy since 2010.

The full report, Ireland’s Ocean Economy, 2024, is now available on the Marine Institute’s website at Ireland’s Ocean Economy, 2024.

This year, the report is also accompanied by an interactive data dashboard, Ireland’s Ocean Economy Dashboard | Marine Institute.