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Overview  Overview of Irish Economy  Key Business Sectors  Skills requirements.

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Presentation on theme: "Overview  Overview of Irish Economy  Key Business Sectors  Skills requirements."— Presentation transcript:


2 Overview  Overview of Irish Economy  Key Business Sectors  Skills requirements

3 Fastest growth rates in the EU…

4 …lead to falling unemployment

5 …increasing tax revenue

6 Over reliance on building and construction left Ireland exposed to the property crash.

7 Resulting recession saw collapse of government revenue and increasing expenditure…

8 A rise in government bond yields above 8% lead to a request for financial assistance to the trokia

9 Ireland has already delivered over €20 billion in austerity - total adjustment amounts to over 20% of 2010 GDP

10 Gap between revenue and expenditure to close further

11 Dramatic improvement in unit labour costs

12 The 2012 World Bank Doing Business Report shows that Ireland has one of the best regulatory environments Start a business Investor protection Paying taxesTotal rank Ireland 135510 Germany 98978919 France 25795829 Portugal 26467830 Spain 133974844 Italy 776513487 Greece 13515583100 Source: World Bank.

13 Ireland: why the outlook is bright  Ireland has the capacity for export-led growth  Firms have responded to the downturn by cutting costs and improving productivity  Ireland’s fundamental strengths remain…  …the business environment is good…  …and Irish firms are confident in their outlook…  …which is why market confidence in Ireland is beginning to return

14 Ireland can have an export-led recovery because net exports make a substantial contribution to GDP

15 IBEC research shows that the vast majority of companies expect to grow turnover in the next five years Source: IBEC.

16 Employment still higher than a decade ago

17 Q4 2011 –First employment increase since Q4 2007

18 The base of indigenous companies is strong  Half of the medical technology companies are Irish-owned  There is a vibrant software sector exporting mainly to the UK and the US.  Ireland has a natural competitive advantage in the food and drinks sector.  Indigenous manufacturers are becoming increasingly sophisticated.  Thanks to competitive adjustment achieved to date, Ireland is pricing itself back into international markets.

19 Key Sectors for the Future Medical Devices Pharmaceutical Finance Food & Drink ICT

20 ICT - Industry Overview  All of the top 10 technology companies are present in Ireland  Current employment: 84,000+  Employment growth: 6% in 2009; 4% in 2010  Jobs announcements: 3,500 in 2010; over 4,000 in 2011  2,700+ jobs announced to date in 2012  5 of the top 10 exporters are technology companies

21 ICT

22 Medical Devices Sector  11 of top 13 Med Tech Companies have base in Ireland  200+ companies in Ireland (100 are irish owned)  Employs over 25,000 people  Irelands exports are €7.3 bn annually  Ireland exports medical technology to 95 of the top 100 countries world wide  Almost 60% of companies expect to increase their employment numbers in 2012.

23 Medical Devices Sector

24 Pharmaceutical Industry  8 of the top 10 companies are located here  12 out of the top 25 selling drugs are produced in Ireland  Exports €50.8 billion in 2010  Employment in the sector has grown from 5,200 in 1988 to over 25,000 in 2010.

25 Pharmaceutical Industry

26 Food and Drink Industry  46,000 direct and 60,000 indirect employees – 7.5% total employment  120,000 farmers output (€6.2 bn)  Exports in 2011 €9.0 bn

27 Food and Drink Industry

28 Financial Services Sector  Growth in international industry offsetting smaller domestic institutions  Targeting growth of 10,000 employees over next 5 years  Leading position across sectors  Building profile and capacity in new areas

29 Financial Services Sector

30 Skill Requirements  All occupations are becoming more knowledge based  Education, training, and skills development is crucial for the future of the Irish economy and society

31 The population is among the best educated in the world Source: OECD.

32 Changing Skills Requirements There is likely to be demand for an: Increasing Breadth of Knowledge Rising Qualification and Technical Skill Requirements Importance of Continuing Learning Interpersonal Skills Innovation / Creativity

33 Specific Skills S.T.E.M.  Science / Technology  Engineering  Mathematics  Languages

34 The business community’s ambition for Ireland

35 Ireland today

36 Our ambition for Ireland Growth of double EU average Top 20 for prosperity of EU’s 230 regions Top 5 OECD Better Life countries

37 Export share of indigenous companies 2 million people working by 2020 Balanced economic growth

38 Best country in the world to do business

39 Why we believe We have form We have the capacity There are no limits

40 Restoring domestic demand Keeping Ireland strong in Europe Supporting job creation Delivering world-class public services How we can

41 Challenges Global economy Ourselves Debt burden

42 What if we don’t? Stagnation Austerity Missed Opportunity Lost Generation Growth Prosperity Possibility New Beginning

43 Success is….

44 twitter: @ibec_econ linkedin: youtube: #ibecdir

45 The business community’s ambition for Ireland

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